What is an HMO property?
A House in Multiple Occupation (HMO) is a property rented out by at least three people who are not from one ‘household’ (e.g., a family) but share facilities like the bathroom and kitchen. It often refers to properties such as shared houses, bedsits, or some flats. HMOs have specific legal requirements and regulations regarding safety, maintenance, and management due to the increased occupancy and potential impact on local communities, financial obligations and communal facilities such as a kitchen or bathroom.
Why invest in HMO Property?
Investing in HMOs (Houses in Multiple Occupation) in Liverpool can be attractive for several reasons. Firstly, Liverpool has a high demand for rental properties, especially among working professionals moving to the city, students due to its multiple universities and corporate tenants looking to place their workforce. HMOs can cater well to this demographic.
Additionally, property prices in Liverpool are relatively affordable compared to other UK cities, offering the potential for good returns on investment. Finally, Liverpool’s ongoing regeneration projects and vibrant cultural scene make it an appealing location for property investment.
Do I need planning permission?
Whether planning permission is required for a House in Multiple Occupation (HMO) depends on various factors, including local regulations and the specific circumstances of the property.
In some areas, converting a property into an HMO may require planning permission, especially if significant changes are made to the property’s layout or if local regulations mandate it. It’s essential to check with the local planning authority to determine the requirements for converting a property into an HMO in a specific area.
Liverpool City Council has very strict requirements regarding HMOs. Please see the helpful link for more information.
If you’d like to find out more about HMO investment and the services we offer, contact us today.
