Homes in Multiple Occupation

The HMO market could become the rental option of choice especially for the younger professional tenants, there are various benefits to starting out renting this way.

Initially the tenant will be paying less in rent and charges which will allow them to save for their deposit for their first home earlier, average first time buyer deposit is somewhere around £20,600, that amount could be saved 4 years earlier due to the economy of renting HMO over a flat or appartment.

The expenses incurred in moving are less, this can happen regularly as young professionals move around searching for better pay, working conditions and opportunity.

Many HMO tenants enjoy the social aspect of living with a group of new people, living alone is not for everyone.

A comparison made of the typical monthly cost for a room in a HMO including bills works out about £550, while a one bedroom flat can cost £975 per month with bills included. It would make sense therfore for those with an eye on the future and looking to save for their own home the way forward for renting would be HMO.

The Local Government Act NI provides the framework for the transfer of responsibility for the registration of houses in multiple occupation and unfitness from the Housing Executive to the new councils. The transfer will however await the implementation of the Housing Strategy Plan 2012/17.

 

 

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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