Setting up & running
We are specialists in setting up and managing shared houses and can offer invaluable advice to prospective landlords including registration, planning, licensing, cost implications and health & safety requirements.
Setting up a House Share
What is an HMO?
HMO or ‘Houses of Multiple Occupation’ applies to properties rented by 3 or more unrelated people sharing bathrooms, toilets and kitchens. These properties have to be licensed by the Local Authority and, in some cases, planning consent sought. There are other requirements for fire doors, smoke alarms, ratio of renters to facilities, and so on. We have assisted a number of landlords to set up HMO’s and can help you too.
Why set up an HMO?
There are many reasons for setting up an HMO rather than a standard buy-to-let:
- Rental yields can be as much as three times higher
- There are potentially less (impactful) rental void periods, if one tenant moves out, you still have other rooms tenanted
- There is less exposure to arrears. With multiple tenants, you are less exposed if a tenant falls behind on their rent as there are other tenants that are still paying.
Our HMO expertise
Concord has been involved in HMO’s since 2007. We have developed expertise in setting up and managing HMO’s. It has become a specialist area for us. Over the last decade there have been many legislative changes. We have not simply kept abreast of these changes but have developed expertise in this area and built a reliable network of contractors who support us in managing our landlord’s investments.
How we can help you
If you are looking to invest in an HMO (licensed or unlicensed) we can advise on the best way to get the most from your purchase. We are specialists in setting up and managing shared houses and can offer invaluable advice to prospective landlords including registration, cost implications and health & safety requirements.
We can undertake all aspects of marketing and management on the landlord’s behalf, including payment of utility bills, arranging cleaning of communal areas, security of the building, tenant liaison, house rules, collection of rent, deposit protection, void management to maximise rental, etc. We pride ourselves in giving landlords peace of mind when managing their investment.
If you would like to explore the idea of investing in or developing an HMO for rental, we can advise on the best way to get the most from your investment.