When buying a house to rent, a potential buyer should never rush into any decision they are not 100% happy with. The idea of snapping up a bargain, cheaply yet efficiently refurbishing it and filling it with eager students paying considerable amounts of rent is not as easy as it sounds. Firstly there are reports of the UK housing market set to follow the trend of the US market which is now in recession, however this shouldn’t put you off completely, the market is still currently thieving, especially in less exploited towns and cities. Additionally renting to students can be more lucrative than the standard buy to let market.
Where to Start?
Research is key, if you are looking to buy in an area or city unknown to you, then it is essential to understand which parts are right for you and your prospective students. Many cities have more than one major college or uni, some providing campuses solely for students; this is generally a good place to start. Students want to live near other students, close to uni and have easy access to the centre of town. Avoid areas where the locals have a bad reputation with students!
What to Look For?
Before looking it is good to have an idea of what you are looking for, depending on your experience, budget, time scale and confidence. Larger properties usually have greater potential for profit but also carry a greater risk. Luckily planning regulations are set to change to make it easier for owners to make home improvements. For example: adding bathrooms or bedrooms, small extensions and tackling climate change, which should help you develop your student house to maximize profit and desirability.
A successful student house is situated near an academic landmark, such as a university, library or hospital. It has two or more bedrooms, ideally around 4 or 5, since the more students living there, the more rent is generated. Also communal areas will always be appreciated and could be the clincher that keeps your property in demand. If your property does not meet the above requirements, it might be more suitable targeting professionals instead of students, who are generally looking for fewer bedrooms, good size open plan kitchens, off street parking and a garden. It is essential to know the right target audience for your property.
Things to remember
Choosing a reliable letting agent is crucial, make sure they are registered with the ARLA (Association of Residential Letting Agents) to avoid being scammed and a good letting agent should make your student letting as stress free as possible. Registering the house with the local university or academic establishment will also help attract as many students as possible. Be careful to make sure your property complies with the latest health and safety regulations, including things like having a valid gas safety certificate. Finally it’s a good idea to insert a damage clause into the tenancy agreement, to cover and protect your possessions / furnishings within the house.
In summary, use your common sense when choosing your property, according to recent research Brits spend more time booking a holiday than looking around a potential property, so take your time to thoroughly check it out first. Develop it efficiently without getting too attached to it, since you won’t be living there. A prosperous student house should be very sought after, therefore you can screen which students you want living there, it’s always a good idea to obtain previous references. Finally students will always have an occasional party, therefore it’s worth opting for good quality sturdy furnishings, Buy-To-Let-Furnishings http://www.buytolet-furnishings.co.uk offer a complete rental furniture service, providing the highest standards and best furnishings.
Source: http://www.ArticlePros.com/author.php?Newsreader21
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