HMOs are typically more expensive to run and usually require more effort and time. HMOs have different safety and security requirements than regular renters. For example, every room will require locks. HMO setup costs will therefore be more expensive than regular buys to let.
Students: They can have their rent guaranteed by their parents, and often have a limit to their study time.
But what is often called an HMO by many is actually a large HMO. This refers to a rental property that houses five or more tenants. The tenants share a bathroom, toilet and kitchen. You may also need to have a set number of stories. For a Large HMO to be operated, the license must be held by the landlord. The licence will last five years and can also be called Licsenced HMOs.
HMO licenses are subject to different conditions by individual councils. However, you should be aware of these requirements before you apply. HMO licences can only be obtained if required by the local authority. A fine of up to PS20,000 is possible for renting an HMO licensable without a licence.
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.
HMO licences may be issued by local councils. These licenses are valid for five-years if they are approved. HMO licences will be issued to each property, and not to each landlord. In other words, a landlord will need a license for each HMO property if each HMO requires one.
A House in Multiple Occupation, also known as HMO, is a property rented to more than one tenant. In this case, the tenants share some of the rooms with each other, such as a bathroom or kitchen. The kitchen, bathroom, lounge and living room. People use the terms "flat share" or "house share" to refer to an HMO.