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If you’re thinking of investing in HMO or converting your current single-let property you need to know this.
New council tax banding could be affecting your HMO profitability. If you’re investing in HMO’s or looking to increase your profit margins by converting your single-let, be sure to listen to this episode of The Progressive first. Kevin dives into detail on how local councils are charging tax by the room on some HMO’s, why it’s happening and how you can avoid it. If you want to stay up to date with the most recent property laws and increase your profitibability this episode is for you.
KEY TAKEAWAYS.
BEST MOMENTS.
“Councils are not just charging tax by the room, they’re giving it the highest band (A)”
“Councils are trying to charge landlords by the room to get more money in.”
“Some landlords have had council’s charge them council tax by the room, just because they have locks on the doors, even when the room doesn’t have it’s own bathroom or kitchenette.“
“We’re stuck in the middle of only some HMO’s being charged council tax per room”
“You can’t just put your rent up and make the tenant pay. They’ll just leave and go to the competition down the road”
VALUABLE RESOURCES:
gov.uk/council-tax-appeals
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
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December 12, 2024
December 11, 2024
For anyone looking to expand their real estate horizons beyond borders, this podcast offers a treasure trove of insights from top agents around the globe. Whether you’re looking to showcase your expertise as a real estate professional or uncover the next great investment opportunity as a buyer, Global Real Estate Insider provides the expert advice and market analysis you need to make informed decisions in the global real estate arena.
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