GJMSurrey
10-12-2010, 21:38 PM
Hello,
Clearly a living room is a good idea in an HMO, and I have one and a large kitchen and 2 bathrooms in my existing 4 room HMO.
However, I am number crunching another opportunity in my area.
Is it (a) legally possible, and (b) reasonable to let a fairly spacious property as a 4 room HMO, if it only has 1 fairly spacious kitchen but no living room?
I think I read somewhere that it was allowed so long as the kitchen was of a certain size?
The property would be for professionals, local to shops and rail in to London, it would have good quality fixtures and fittings/Wifi etc, and the price would reflect the fact that there is no living room. The price would undercut the competition in the area, and I suspect it might appeal to those requiring a cheap room in the area but who do not really mind missing out on the social apects of an HMO - some like privacy! Rental by the room is fairly popular in the area.
Is this a bad or reasonable idea?
(No HMO licence required, although generic regulations will apply. Area popular for by the room letting. Local my myself and i will not use an agent - confident in finding tenants. Purchase value £175k, Income £1500/month (fully let), Running costs around £400/month, 15% down payment and mortage currently at 2.6% interest)
Thanks for any opinions
Regards
Clearly a living room is a good idea in an HMO, and I have one and a large kitchen and 2 bathrooms in my existing 4 room HMO.
However, I am number crunching another opportunity in my area.
Is it (a) legally possible, and (b) reasonable to let a fairly spacious property as a 4 room HMO, if it only has 1 fairly spacious kitchen but no living room?
I think I read somewhere that it was allowed so long as the kitchen was of a certain size?
The property would be for professionals, local to shops and rail in to London, it would have good quality fixtures and fittings/Wifi etc, and the price would reflect the fact that there is no living room. The price would undercut the competition in the area, and I suspect it might appeal to those requiring a cheap room in the area but who do not really mind missing out on the social apects of an HMO - some like privacy! Rental by the room is fairly popular in the area.
Is this a bad or reasonable idea?
(No HMO licence required, although generic regulations will apply. Area popular for by the room letting. Local my myself and i will not use an agent - confident in finding tenants. Purchase value £175k, Income £1500/month (fully let), Running costs around £400/month, 15% down payment and mortage currently at 2.6% interest)
Thanks for any opinions
Regards