Houses of multiple occupation are growing in popularity. Astute buy to let landlords are reaping the benefits of investing in large properties that can be let to various tenants simultaneously. However, owner a HMO comes with more responsibility than owning a couple of standard homes. Fire safety is one of these. Take for example a house you let out to students. Student lets were probably the first type of HMO to become popular. Each bedroom will need its own fire door, smoke alarm, and extinguishers should be present on each corridor and floor.
Property Maintenance and Management Tips
When you own a HMO, you are dealing with a lot of different tenants under one roof. Let’s go back to the classic example of student lets. Students are notorious for not looking after their properties, and in the past, low grade properties were reserved for them. But in today’s world of rules and regulations, all properties whether for students, DHS, or astute businessmen, need to be properly maintained and regulated. In a student house you may have as little as 3 separate tenants or perhaps 10 or 12. Each one of these tenants may make complaints about their own rooma. As a whole, a household may make complaints about communal areas.
So, how do you keep on top of this? The best way is to use a property management team for the job. When you employ a property manager all complaints will be dealt with for you. All maintenance carried out by vetted tradesmen. This means that for a small monthly fee you can sit back and relax and reap the benefits of the rental income without the stress of having to deal with tenants.
What to Include in your Property Management Contract
When you make the wise decision to let a professional team take care of your property maintenance and management needs, you will need to decide what you want to include in your contract. Management of the property can include collection of rent, chasing late payments, finding tenants, and evictions. If you choose an integral management service, you will have nothing to worry about. You will always receive your rent every month from the property management company.
When it comes to maintenance, it is best to avoid trying to carry out repairs yourself. Unless you know a reliable painter, electrician, decorator, plumber, and builder yourself, you should allow your property manager to take care of all your maintenance needs to. Your property manager will have a portfolio of vetted tradesmen he works with in the area, ensuring that only reputable builders and tradesmen will be sent to your home.
Professional property management and maintenance doesn’t have to cost the earth. Management packages are flexible and will grow with your portfolio. For a small monthly fee you will have complete peace of mind that even if the worst does happen to one of your properties, everything will be dealt with for you.