Selling an HMO
Selling a property with an HMO license is very different from selling a regular property. Buyers will still look at the same basics such as location, condition of the building, the safety of the neighbourhood, proximity to the railway station, universities, schools, hospitals, bars, cafes, restaurants, and more. But it will be a different type of negotiation and sales opportunity. Find out more using our guide, if you’re interested in selling your HMO, get in touch today to receive your free valuation.
What is HMO?
An HMO, or House in Multiple Occupation, is a rented out property where a minimum of 3 people live who are not from 1 household (for example a family). The tenants often share household facilities including the bathroom and kitchen.
Types of HMOs
HMOs can be divided according to the number of tenants constituting separate households:
House in Multiple Occupation
If there are at least 3 tenants living in the house and they make up more than 1 household, it’s just a regular HMO.
Large House in Multiple Occupation
If there are 5 and more tenants living in the house and they form more than 1 household, then the HMO is considered large.
Can I sell HMO?
Selling HMOs is generally complex, but of course, you can do it. Admittedly, it will not be a standard sale with a full target market and lots of buyers, but there are HMO buyers out there.
HMO property for sale - What should you know about selling an HMO:
- It will involve more time and effort than selling a regular property.
- It can be difficult to find buyers – the target market is small.
- Mortgage rates tend to be higher on HMO mortgages than on traditional ones. So, your target market maybe even smaller.
- Selling an HMO may be complicated, especially if there are any inconveniences such as problem tenants, structural damage and more.
- You need to know all about potential issues with the property.
- Selling an HMO without tenants is much easier than with them.
- You should solve any licensing problems before sale unless you are dealing with a professional property purchaser like Sell House Quick Now, who has the expertise to handle the issues after the sale.
HMO for sale - How do I sell HMO?
When selling an HMO, like any other type of property, cash buyers can still offer you a quick and direct sale. Whether you have tenants or not, whether there is damage or not, whether it is a large HMO or small. You can sell your HMO as quickly as possible for cash in a timeframe of your choosing, we guarantee to save you time, work and stress.
If you are looking for cash property buyers, who can guarantee you a fast and easy house sale, we can help you.
Advantages of Selling your HMO to Sell House Quick Now
- Because we use our own funds, we can complete a sale as quickly as necessary.
- We will purchase with sitting tenants.
- We will help you clarify the matter to the tenants.
- You don’t have to worry about finding buyers over a long sales process.
- Our market knowledge means we offer with confidence, often higher than our competitors.
- No risk of mortgage issues, we have funds ready.
- You don’t have to pay any commission to agents or fees to lawyers, we cover it all.
- You don’t have to repair the damage caused by the tenancy before selling.