HMO properties seem to tempt all the property investors out there. All thanks to their increased demand and higher revenue-generating feature. But an investor/landlord role does not end when a lease gets signed, but it is only the beginning.
A house of multiple occupation (HMO) landlords has more legal responsibilities than a single-let property owner. Four or more renters live in a single household while having separate bedrooms makes an HMO. Therefore, landlords are liable for their safety. Not fulfilling these responsibilities may cause lower renter’s pool or even legal action.
Responsibilities Of HMO Landlord
Those landlords who fulfill their duties and responsibilities efficiently are likely to have a good reputation in the market and vice versa. According to the law, an HMO landlord must carry out the following responsibilities no matter what the written agreement says.
1. Complying With Safety Measures
Before letting the property renters do an initial safety check. It includes; checking fire-safety measures, gas pipes, heating systems, and electric wiring. Apart from it, the apartment must be pest-free to ensure the well-being of the tenants. Remember, the government officials also do regular visits to HMO properties, so if your property does not comply with safety measures, get ready for hefty fines.
Therefore, hiring a professional who can guide you through all the requirements can be helpful. HMO Property Designs is one such option for young and new investors.
2. Making The Repairs Timely
A small leakage in the bathroom or kitchen can result in flooding the apartment. It will not only take more repairing costs but also cause inconvenience to the tenants. Make sure; if there are any small repairs required at any part of the apartment, you address that issue timely. Delaying maintenance needs can result in higher tenant turnover and a bad market reputation.
3. Not Over-Crowding The Property
If there are three bedrooms, it is better to let the apartment to one couple and two singles. It will be best practice not to over-crowding the HMO property. Moreover, in the current situation of a global pandemic, the government has strict orders to maintain social distancing. Therefore, if you are getting new tenants for your apartment, look for individuals (single person) for each room.
4. Complying With State Laws
The government has some strict laws for HMO properties; all these ensure the safety of the tenants. All rooms must be naturally ventilated and not be less than six and half square meters. If you have five or more tenants living in a three-floor apartment, getting the license becomes mandatory. All heating, wirings, gas system, communal facilities must be checked regularly to avoid any hazardous situation.
5. Paying Utility Bills Timely
In most HMOs, it is the landlord’s responsibility to pay the utility bills, which of course, they add in the rent of the tenants. However, not paying the gas, electricity, and other bills may bring notice to your apartment. It can be a frustrating situation for the tenants. Therefore, carry out your responsibility to avoid any inconvenience to tenants.
HMO Property Designs concludes that investors/landlords can enjoy the perks of having multiple tenants and tenancy only if they carry out their responsibilities well. Moreover, if there are any shortcomings, it may result in a low market reputation. Any investor can avoid it by hiring professional assistance for guidance and help.