As the lettings industry had gone through some considerable changes in the last few years, making the traditional letting of property less profitable for landlords. Section 24, the reduction in mortgage tax relief and higher stamp duty, plus the tenant fee ban have affected landlord profitability.
Landlords have been looking at more lucrative letting models, HMOs have become increasingly popular as they are associated with higher yields. HMOs can provide an excellent investment and a great way to diversify a traditional Buy-to-Let portfolio.
However, it is essential to remember that as with any investment, that risk needs mitigating. When it comes to managing HMOs, compliance is paramount as mistakes can lead to severe consequences and fines.
We have put together 12 questions and answers, that every Plymouth HMO landlord should know and consider when investing in HMOs:-
- What is an HMO?
- What is a Household?
- What’s the difference between HMO Planning and HMO Licensing?
- Do you know what Article 4 in Plymouth is?
- What types of Licensing apply to HMOs?
- What is a Mandatory HMO Licensing?
- What is Additional Licensing?
- What is Selective Licensing?
- Apart from Planning and Licensing, is there anything else I need to consider before I become an HMO landlord?
- What is the cost of HMO Licence in Plymouth?
- What happens if I let property as an HMO without applying for a Licence?
- Who is responsible for HMO Compliance?
We will answer the 12 questions above over the next 12 blog posts.
