Setting up a lead generator for HMO (Houses in Multiple Occupation) permitted development conversions in Property Filter is a strategic way to find potential investment opportunities, especially in areas not restricted by Article 4 directions. Here's how to do it:
Create a New Lead Generator:
Click on 'Add New Lead Generator'.
Enter a postcode for your target area, like 'L14' for Liverpool.
Select the radius for your search area and include relevant postcodes by clicking on 'Add Postcodes Crossing the Circle in Selection'.
Choose a Strategy Template:
Select the 'HMO Permitted Development Conversion' strategy template. This template is specifically designed for properties that can be converted into HMOs without requiring planning permission due to being outside Article 4 areas.
Name your lead generator, e.g., 'LVP_HMO_PD' (Liverpool HMO Permitted Development), and click 'Save'.
Refine Your Criteria:
Edit your lead generator to refine your search. For instance, set a maximum price limit (e.g., £300,000) to exclude more expensive properties.
Focus on houses by deselecting other property types like bungalows and flats.
Exclude auctions if you prefer straightforward purchases.
Advanced Filters:
Be cautious with advanced filters to avoid overly restricting your search.
Consider setting a minimum surface area (e.g., 100 square meters) to ensure the property is suitable for HMO conversion.
Optionally, adjust the minimum number of bedrooms or include specific features relevant to HMOs.
Reviewing Leads:
Once your lead generator is set up, review the properties it finds. Look for properties marked as 'Back and Reduced' as these are often the most motivated sellers.
For each property, examine details like price history, floor plans, and location in relation to Article 4 areas.
Property Analysis:
Analyse each property to assess its potential for HMO conversion. Check if the property is outside Article 4 areas to ensure permitted development rights apply.
Evaluate the property's condition and location to determine its suitability for HMO conversion and tenant demand.
By following these steps, you can efficiently identify properties suitable for HMO conversion without the need for planning permission. Focus on motivated sellers to potentially secure better deals, and always conduct thorough due diligence before proceeding with any investment. Remember, understanding local market conditions and regulations is crucial for successful HMO investments.