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Would you rent your property out to students?

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  • Would you rent your property out to students?

    Hello,

    I am about to buy my first buy to let and i was thinking that it will be good to rent out to students by the room as it might end up paying me well, no council tax to pay and renting by the room sometimes mean that the house is never empty (always having a tenant) and i might never have to renovate the entire house at one time.

    Its a three bedroom with a living room, i could even convert the living room into a big room and rent that out as well. It has two toilets so it will be two to one.

    Please, what are the ups and downs of renting to students?

    Many thanks for your help!

  • #2
    Re: Would you rent your property out to students?

    Hi

    As estate agents dealing with sales and lettings we do come across student lets.

    We do not deal with them as most landlords like to do this themselves.

    Things to remember

    1. They are students! - they will leave it in a mess, they might not understand fat down drains etc, consideration to neighbours ...

    2. High turn around - they may only stay 9 months, some will not pay over the summer as not there so move out and find new "Digs" when back.

    3.Council tax is payable if empty

    4. Its alot of hard work! - lost keys, neighbours, issues with heating, drains, chasing rent, parents, all times 3 or 4 as you will have 3 or 4 students.

    All in all if you have the time go for it. Personally i would rather rent to a settled family which will cause me minor issues.

    Good luck!
    Jacks and Jones Estate Agents
    http://www.jacksandjones.co.uk

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    • #3
      Re: Would you rent your property out to students?

      I've owned 5 BTL's over the last few years and having made contact with various people ranging from builders to insurers to financial adviser and cleaners, the main tip most have passed on to me is, be very wary of student accomodation.

      If you are serious about looking at this, and if it is your first BTL venture, I'd suggest making contact with some local students agencies and get their feedback. Depending on their reputation, they should give you honest advice and it wouldn't surprise me if some of them were to try to talk you out of this idea in the short term.

      But, in addition to the above, if you were to find a decent sized 3/4 bed house then a House in Multiple Occupation (HMO) may be a worthwhile option but aim it at working professionals. I live near Cambridge and see a lot of these in the surrounding towns/ villages and if you have the right property and advertise through the right sources or using the right agents, you shouldn't have an issue finding the right tenants happy to share. Just ensure you do the research and the demand is actually there for it, after all if you were to rent 2 of 3 beds then yes, that may pay your mortgage but without room 3, you may not make much from it.

      Good luck with all though and look forward to seeing how you proceed.

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      • #4
        Re: Would you rent your property out to students?

        If your going to rent to students just buy student dorms and let them out one by one. You will have all sorts of trouble with students from puke on the carpets to wrecked rooms. Just buy a flat and let it out to a family where you will have more peace of mind

        Ged
        http://www.premierexpatmortgages.com
        [email protected]

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