Professional HMO Buyer Beware!!!
It is so unbelievable that so called property investors of Professional HMOs dont know or understand Article 4. I had a call today from a gent who purchased a property to convert into a Professional HMO in Manchester. He asked us if we would consider project managing his professional HMO during the refurb. I explained this is not our work as we provide ready made turn key Professional HMOs an Social HMOs. In the course of the conversation I asked the location of the HMO simply out of curiosity. He gave me the area and immediately I realised it was an article 4 area in which a professional HMO would need planning permission. Unfortunately for him, the so called honest sourcer or estate agent did not bother to tell him. Whoops…He was rather in shock. I gave him an architect whom we have confidence in to assist him….
This is just another example of so called property investors who try to do it on their own. We were having discussions with a couple from Hong Kong who wanted to JV with us. We viewed some properties…presented the good points as well as estimated costs. They told us XYZ area is not good and to find in XYZ postal code and look to pay some silly number. Admittedly we are always learning however after 45 Professional and Social HMOs we tend to know some things plus our colleagues spent their entire life in Manchester.
It is rather comical….but knowledge in property especially Professional HMOs….is paramount…
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