The value of research before you buy a HMO as an investment
Ours is an agency with employees who possess over three decades’ worth of amalgamated experience in both property management and the lettings industry. Using their knowledge, our team members are able to manage single and multi-let properties all over Portsmouth. We have become one of the most dedicated businesses specialising in HMO management Portsmouth has, allowing us to provide you with the best service possible.
The return on investment for HMOs can be illustrious, but the fact remains that not all of them are guaranteed gold mines. There are a series of critical errors landlords make that prevent them from reaping the rewards of their efforts. So that you don’t end up wasting your own time and resources, we are going to discuss one of the most common mistakes landlords with HMOs.
One thing some landlords fail to do is check the demand for rooms and houses in an area. To be specific, they don’t examine whether there is a high enough volume of potential tenants to make the HMO investment worthwhile. This is a dangerous oversight and can result in long void periods and extensive income loss for the landlord.
Typically, HMOs are exhibited as being wonderful income generators. We constantly hear about their supreme cash flows and rental yields (this is all factual), however, you can’t simply assume you will be successful without putting in the due diligence beforehand to check. Most importantly, you need to look at demand and the type of tenants who would be interested in the property.
At T1property, our friendly and helpful service ensures that everyone’s needs are properly attended to. When we work with landlords, we take the steps necessary to protect their investments. This includes exploring feasibility from the outset and looking at legal requirements.
If you want to work with the most dedicated team for HMO management Portsmouth has, we are here for you. Contact us today to find out how we can help you make your property dreams a reality.