Today we have started to market a HMO Investment property for sale in Chelmsford. A HMO is a House in Multiple Occupancy and usually consists of anyhting from 4 – 6 or 7 people. Properties can be larger than that however most standard family homes that are then converted into HMO’s usually have this number of people. The main reason being is that these properties generally have to meet certain national and local standards including room sizes, ratio of people to bathrooms, kitchen amenities, space standards etc.
From a tenants point of view, all their bills will be included in their monthly rental figure and from the landlords point of view it gives between 2 & 4 times as much gross rental income compared to a normal family let and therefore should generate a much higher net profit and better investment return.
This property we have launched is on Loftin Way in Chelmsford and comprises of 5 rooms. There is a 6th room which could be utilised in a much better way to help increase the income return and there is certainly potentially for rent increases based on current market conditions in the area for individual room lets.
The property is being sold with the tenants in situ and includes all the furniture, fixtures and fittings and so should make for an attractive investment opportunity for a buyer who may already have HMO properties as part of their investment portfolio.
The asking price is £450,000. https://mcgovernandco.co.uk/property/loftin-way-chelmsford/
If you would like to find out more, please contact our office on 01245 830003 or pop in and see us at 57 Moulsham Street, Chelmsford, CM2 0JA.