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5 Signs It’s Time to Sell Your Soho HMO

HMO properties are becoming an increasingly popular investment, particularly in parts of London such as Soho where professionals will often look to live in shared accommodation to save on the cost of living and enjoy a better social life while living and working in the capital. If you own an HMO, it might be worth considering selling it if you are looking to invest in something else or are finding the property maintenance overwhelming, since with multiple tenants and more licenses required, HMO properties can undoubtedly be difficult to run. You may consider selling your HMO on to another investment buyer. You can even do this with tenants in situ; this can facilitate a faster sale to an interested buy-to-let landlord who wants to begin making rental income from the property as quickly as possible.

Soho Sell Property: Signs It’s Worth Selling Your HMO

HMOs are quite a big deal right now in the property market, and most investors seem to want to have an HMO in their portfolio right now, making it one of the most popular investments for buy to let landlords. HMO properties can often bring in more rental income as you’re charging rent per room rather than for the entire property, and this can also make it easier for landlords in terms of income received since even if one tenant decides to move out, the others will continue paying. However, there are some signs that it might be time to sell your HMO, including:

1.     More Trouble Than It’s Worth:

Even when working with a property management company, being an HMO landlord can be a lot of responsibility. If you are finding it overwhelming and are thinking about retiring from buy to let properties, selling your HMO could be a wise move.

2.     The Property is Worth More:

If you’ve owned the HMO for a long time, chances are that with the demand rising for HMO properties so much in recent years, it’s going to be worth a lot more now compared to when you bought it. And considering the rental income that you have made on it over time, selling now could be a great way to make a large profit.

3.     Negative Cash Flow:

If you’re struggling to fill your HMO with tenants and not getting the full rental income from the property each month, it might be worth thinking about selling. Bear in mind that even if your HMO isn’t working as this type of rental property, that doesn’t mean that another investment buyer will not be interested in purchasing it for some other purpose.

4.     You Want a Change:

Some landlords simply want to move on to something new. Perhaps it’s time to move to a different area or you have seen another investment opportunity that you can’t pass up on, but will need to sell on your current HMO before you can take advantage of it. Maybe you’ve decided to make changes in your personal life such as moving abroad, which could make being an HMO landlord difficult.

5.     Maintenance Problems:

Many HMOs are large, old houses. This can be a great way to bring in a lot of rental income with several rooms, but the fact is that these houses will often require more maintenance. If you’re finding that you are always paying for repairs to be made and maintenance to be carried out, this can take a huge chunk out of your rental income and it might be time to consider selling and investing somewhere else.

Soho Advertise House for Sale

Advertising your HMO for sale will depend on the type of buyers you want to attract. You can post ads on property search sites and apps, social media and other areas online to put it in front of interested buyers. Finding sites that are dedicated to investment buyers might be the best option to consider if you want to sell your HMO to another landlord, especially if you’re selling with tenants in situ.

Soho Advertise Property Effectively

Advertising your HMO effectively will take some time. You will want to get as many photos of the property as possible taken so that interested buyers have a good idea of what to expect, especially if they are buying to rent out the property themselves in the future.

Why Work with a Soho Estate Agent

A good Soho estate agent will be able to help you throughout the entire process of selling your HMO. The estate agent will be able to value your property and offer advice for making improvements to potentially increase the asking price. It’s always worth working with a Soho estate agent as they are dedicated professionals who have a lot of knowledge and experience of the property market. They will be able to offer recommendations or put you in touch with other property professionals that you may need while selling your home such as solicitors, contractors and surveyors.

What to Look for in Soho Estate Agents

When selling your HMO, it’s important to look for an estate agent that is experienced with selling this type of property. Ideally, you will want to find an estate agent that is knowledgeable about or even specialises in selling investment properties to buy to let landlords. An estate agent that is experienced with selling HMOs and other types of investment properties will understand the best ways to find interested buyers and will know what landlords are looking for today in terms of investment properties.

Qualities of a Soho Property Agent

When choosing the right property agent to help with selling your Soho HMO, there are several qualities and skills that are worth looking out for. The right estate agent should have a lot of experience in this business and be somebody who specialises or at least has a lot of experience in working with HMOs. They should be knowledgeable about the local area, especially as it pertains to buy to let investors and what they are looking for. Communication skills are also a big one to look out for, since the process of selling your HMO means that you are going to have to be regularly communicating with the estate agent regarding viewings, offers and more. If you’re planning to sell your HMO with the tenants in situ, be sure to choose an estate agent that is experienced with this type of sale.

How Soho Property Agents Can Help

A good Soho estate agent with experience selling buy to let properties will have a keen understanding of what landlords are looking for when buying a new HMO or investment property. They will be able to offer a lot of advice throughout the process including making sure that the property is in good repair and that expectations are met. If you’re already renting your HMO out to tenants or have recently rented it out, this can be an advantage as it’s likely that the property will already meet safety standards and regulations, and be ready to put on the market immediately.

Soho Sell Flat

HMOs aren’t just large houses – a flat or apartment can also be an HMO if there are more than two people or households living within it. Most of the time, larger flats make ideal HMOs. There are some things to consider before selling your flat HMO. Make sure that any potential buyers are aware of any extra fees and charges such as maintenance charges for the block. It might be worth preparing information about other rental flats in the block and how much they are earning each month to give potential buy to let investors a better idea of what they could expect to charge future tenants.

Soho Sell House

Houses are the most popular type of HMO as they will often have more rooms that can all be rented out individually. One of the main things to consider when selling your HMO is the condition of the common areas, since this can be a major selling point for tenants, so naturally buy to let investors will want to get a property that is going to attract a lot of interest. In can be worth investing some money into renovating common areas such as kitchens and bathrooms. If you are in a position to do so, investing in a private bathroom area for each room can be well worth it since these are often one of the top requirements for tenants and are likely to generate more interest in your HMO from landlords who want to make sure that the rooms are filled as quickly as possible.

HMOs are a massive investment opportunity right now and experiencing a lot of demand. There are several reasons why you might want to sell your HMO and now is one of the best times to consider putting it on the market. For more advice and information on selling an HMO, Greater London Properties is always available to talk. Give us a call or get in touch on our website for a free, no-obligation chat about your HMO.

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