There are still some challenges with HMOs; not all properties provide the right communal and individual spaces to make a co-living space work and, once you’ve found a property, you will need to navigate legislation and specific planning requirements which apply to this kind of property.
Finding HMO mortgages can also be harder and more expensive.
Even when your property is ready for its first guests, the overheads and demand on your time can be greater, and you will be dealing with the administration and care of multiple tenants rather than just one.
My decision to focus on creating beautiful co-living spaces has enabled JIMENY to develop a specialist knowledge, and our experience enables us to foresee and manage many of these difficult challenges.
My time living in an HMO, my experience as a property developer, and the assistance I receive from my network of industry professionals all help to inform the decision-making process, but I am still learning all the time.