There’s more possibilities then the single let option. Another question to ask is how many tenants will be able to occupy your property at one time. It may be possible to partition rooms for House Sharing and add additional bathrooms if there is potential or if that’s what you require. The HMO (Home with Multiple Occupancy) primarily is about finding the right property and managing an additional budget. Be sure to review your landlord responsibilities to ensure that any property modifications are fit for purpose and safe for multiple tenants. If you’ve got these points covered then you’ll be able to reap additional cash flow from a single property. Obviously, a downside is you’ll need to keep more than one tenant happy and this throws up entirely new issues than single lets.
Areas with major universities and colleges typically have HMO accommodation on tap for students. If this is something an investor is considering, the rental yields would be steady and predictable as tenants come in during set university term times. Bear in mind that property in areas where student amenities are close at hand are more attractive than a property that requires a 30 minute bus journey into campus.
Buy to let property is a great entry point for any new investor. It can be a relatively simple way to get up and running quickly in property investment. It can give you a solid foundation accumulating wealth and building up that all important property portfolio. Be aware that property markets and trends are in constant flux, going through plenty changes, so it’s best to keep up to date with all things buy to let during your research. Look into landlord rules and regulations where available. Do your due diligence, look at any potential investment prospects from all angles and you could be on your way to making a healthy return on investment.
