Nikephorus
Registered User
- Messages
- 42
Why not run it as a HMO yourself? Will they return the house at the end of 5 years in its current state? Who pays for maintenance / breakages during the 5 years? Who furnishes it to operate as a HMO? Have they any property owners they can offer as references?
HMO = House of Multiple Occupancy
P.S. It does seem to be reputable company. Their website seems to indicate that they have experience and credibility in this area.
You believe websites do you?
Can you explain to me how they are going to make any money on this please.]
The way it works is they pay me less than the going rent for the property as a whole. Then they rent out individual rooms which, while messy, will bag them a premium in rental income.
The fact that the rent they pay me remains constant throughout the X number of years the tenancy lasts means that the later years will be more profitable for the property company.
The plus side for me is a reliable, void-free tenancy which should(!) be less stressful and less work. Remember I'm based down south, while the investment property is in Northern Ireland.
Can you name the company please so we might take a look and see how this is a good idea.
Just by way of an update...Hi guys, thanks for your inputs.
I'd rather not name the company. I have met two of their representatives and called into their offices. I've also checked them out online (obviously not just their own website).
I have decided to go with them for an initial period of 3 years. My hope is that it reduces the work which I need to put in and gives me a steady, if not spectacular, income. I can revisit this in 3 years time.
Again, thanks for your time and inputs.
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