Traditional rental properties can be found in almost any location. We have worked with many letting agents all over the country and they have rented properties at almost any location. They've been rented anywhere, in rural or urban areas.
Multi lets work in the same way as HMOs, except that they are rented to non-related tenants and they share the common areas. The main difference is that multi lets are not licensed.
As the price of a home is rising, young buyers still have a strong desire for affordable rented accommodation. Look at local listing websites (Gumtree. Zoopla. Rightmove ) to determine the strength and demand from prospective tenants.
Traditional buy-to-let properties are typically suitable for one or more people. A single rental payment from the household would be due on a weekly, or monthly basis. The utility bills would be paid by the household. These are often referred to simply as "single-lets".
Which tenants can my HMO target? - Low-cost housing / affordable housing / Housing benefit tenants: Some landlords opt to rent out their entire property to local authorities in order to receive a low-cost, steady income. - Working professionals: Increasing numbers of people rent into their 30s and 40s. These tenants are looking for properties that have higher standards, such as more bathrooms and more stability, in order to live a less stressful life. -
When assessing the worth of your HMO, lenders may consider the rental income. This is especially advantageous if you intend to withdraw equity from the property.
You can usually make more from an HMO as a landlord than by renting to a family. You will be able to charge each room separately, which can lead to higher overall charges. A specialist mortgage is required to achieve this.