HMO Investment in Wigan
Often voted the happiest town in Greater Manchester, Wigan has many HMO investment opportunities for buy-to-let landlords like you.
What is a HMO?
HMO stands for ‘House in Multiple Occupation’. For a property to be classed as a HMO, it must be rented by at least three people from separate households, and the tenants must share communal facilities like the bathroom or kitchen.
Why invest in a HMO?
For buy-to-let landlords, investing in a HMO property comes with many appealing advantages:
· HMOs tend to be more lucrative than other properties because rental yields can be up to three times higher.
· Void periods will have less of a financial impact on you, as you’re likely to always have other tenants in the property if one leaves or falls behind on their rent.
· HMOs are in high demand and often attract young professionals who are looking for a place to rent that is not only flexible, but affordable too.
Important considerations for HMO landlords
Before investing in a HMO, it’s important to understand what may be required of you.
Most HMOs require a licence. You will need to obtain a HMO licence if the property in question falls under the following stipulations:
· At least five people from more than one household will live there
· The property is three or more stories high
· Tenants will share facilities (like the kitchen and bathroom)
Read HMO licencing advice from Wigan Council.
To convert a property into a HMO, you may be required to obtain planning permission.
Read about planning permission in Wigan.
If you’re going to set up a HMO, it’s important to have an idea of what the future may look like for Wigan and surrounding areas. This includes researching infrastructural and environmental plans.
Read about Wigan’s 2030 plan.
How can Northwood help?
Here at Northwood, we offer a range of lettings services for landlords in Wigan.
From our popular Guaranteed Rent Service, to our handy Tenant Finder Service, you can count on us to find a solution that perfectly suits your needs and lifestyle.
If you’re considering letting a HMO in Wigan, we can help to:
· Guide you through process
· Find tenants on your behalf
· Manage your HMO property
If you’d like to find out more about HMO investment, contact us today on 01942 321305.