Stoke On Trent offers significant opportunities for buy-to-let landlords, especially with the potential of investing in a HMO property. With Two universities, the largest hospital in Staffordshire and a number or distribution centres, Stoke on Trent needs high quality rooms to rent.
With the increase in the cost of living we are expecting room rentals to become even more popular.
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A HMO – or ‘House of Multiple Occupants’ – is a property rented by at least three people from separate households who share facilities (e.g. bathrooms and kitchens).
The benefits:
As a rule, HMOs continuously outperform other types of buy-to-let properties. Profit and increased income from HMOs, makes for a higher return on your investment.
With multiple occupants renting rooms at any given time, void periods are less of a threat to your cash flow and rental income. What is more, your student tenants will all have guarantors as a rent safety net for extra peace of mind.
Portfolio diversityIf you are a property investor looking to diversify your portfolio, investing in an HMO property is another string to your bow.
Although there are many advantages to investing in HMO property, you need to know exactly what you are getting into before making a commitment:
Property maintenance & management
You will either target the student or professional market. The student market runs 10 months of the year and the marketing for these properties will need to be completed in January to secure tenants for September. The professional market will run throughout the year and tends to be more volatile, but the wear and tear is generally less.
It’s also important to factor in the increased time and resources necessary for managing a HMO property, as opposed to a standard single let.
You will also need to consider the cost of utility bills and how this is set out in the tenancy agreement.
Appropriate tenants
Our popular tenant finder service gives you the ultimate peace of mind when it comes to finding suitable tenants to live in your property. We will always complete the tenant references and credit checks for your approval to ensure you are happy.
HMO licences
Some properties may require a licence before being able to let the rooms. Property inspections for HMO applicants are carried out by the council. Find out more about HMO licence applications in Stoke.
We offer property management services to suit your needs. Our Fully Managed service gives you the assurance you need that your property is in good hands, while reducing disruption to your lifestyle.
We also have a variety of other letting services for landlords, all specifically designed to make your life easier.
We can help you:
What’s more, our experienced and reliable letting staff know the Stoke On Trent rental market like the backs of their hands and will always go the extra mile to offer you guidance and support.
Call us now for an informal chat on 01782 636 100
