Any student Landlords on here? Advice needed...
Discussion
Hi guys,
I was hoping for some advice and people's experiences of dealing with students from the Landlords point of view.
I am in the fortunate position where I can acquire a property with the view to converting it into a student dwelling. I left student-life over a year ago I understand what they want and how they expect to be treated, I have also carried out some market research and results show they would prefer to deal with an individual then a company as they feel they can get a better deal.
Anway, back to the point. I was wondering if anyone has experiences of this market that they can share with me? I am aware that it's going to be a bit of a ball ache, I'm probably going to have lots of sleepless nights etc but this hasn't put me off the idea yet. Any help, experiences, advice, opinions, do & don'ts would be welcomed... From students or business professionals.
Thanks in advance,
Cheers
Adam
I was hoping for some advice and people's experiences of dealing with students from the Landlords point of view.
I am in the fortunate position where I can acquire a property with the view to converting it into a student dwelling. I left student-life over a year ago I understand what they want and how they expect to be treated, I have also carried out some market research and results show they would prefer to deal with an individual then a company as they feel they can get a better deal.
Anway, back to the point. I was wondering if anyone has experiences of this market that they can share with me? I am aware that it's going to be a bit of a ball ache, I'm probably going to have lots of sleepless nights etc but this hasn't put me off the idea yet. Any help, experiences, advice, opinions, do & don'ts would be welcomed... From students or business professionals.
Thanks in advance,
Cheers
Adam
assuming you are going to need a mortgage, be very careful about the lender, not all of them will do student lets.
Equally be careful if you end up setting up the place as an HMO, they come under different rules form normal lets as well.
Isurance:- make sure that the buildings insurer are aware that it is let, and to whom. If there is the glimmer of a chance that they can swerve a claim because you've been economical with the truth the insurer will.
Good luck.
Equally be careful if you end up setting up the place as an HMO, they come under different rules form normal lets as well.
Isurance:- make sure that the buildings insurer are aware that it is let, and to whom. If there is the glimmer of a chance that they can swerve a claim because you've been economical with the truth the insurer will.
Good luck.
scotal said:
assuming you are going to need a mortgage, be very careful about the lender, not all of them will do student lets.
Equally be careful if you end up setting up the place as an HMO, they come under different rules form normal lets as well.
Isurance:- make sure that the buildings insurer are aware that it is let, and to whom. If there is the glimmer of a chance that they can swerve a claim because you've been economical with the truth the insurer will.
Good luck.
Thanks very much, that's the kind of advice I am after, the type of advice money can't buy, people's experiences etc.Equally be careful if you end up setting up the place as an HMO, they come under different rules form normal lets as well.
Isurance:- make sure that the buildings insurer are aware that it is let, and to whom. If there is the glimmer of a chance that they can swerve a claim because you've been economical with the truth the insurer will.
Good luck.
Thankfully I won't be needing a mortgage this time around as I've had some help to get me started (which i am extremely grateful of)!
Thanks for the heads up ref insurance though - much appreciated.
So many people I have spoken with say it is a bad idea however that's why I have posted on here, to get more points of view/advice.
Thanks again,
The Moose said:
athorby said:
So many people I have spoken with say it is a bad idea
very much more profitable than any other type of lets!!The Moose
Does anybody know much about Capital gains profit is and income tax relief etc?
Cheers
at the end of every term....
yup..there can be lots of wear & tear, then again some groups of students look after the place really well.
Having the lease in just a couple of names helps - they pay up for the damages no matter what. There appear to be a few different ways to cut the leases - have a look on residentiallandlord.co.uk for advise there.
Up sides are, if you market at the right time, you'll get a whacking deposit, sometimes a year in advance & know they are going to pay for the full year (at least in Durham).
Having the lease in just a couple of names helps - they pay up for the damages no matter what. There appear to be a few different ways to cut the leases - have a look on residentiallandlord.co.uk for advise there.
Up sides are, if you market at the right time, you'll get a whacking deposit, sometimes a year in advance & know they are going to pay for the full year (at least in Durham).
Residential Landlords Association is good source of information. I am a member of RLA, and have used the help desk on a number of occasions. Well worth the cost £75 pa, which can be off set against profit from your rental income?
I don’t have experience of student lets, but have a number of residential lets of my own. But generally a lot of the regulations regarding lettings is applied across the board.
Be careful with the deposits, as of April 07, you will need to protect it, either by insurance scheme or by the governments deposit protection scheme.
You will also require a HMO (house of multiple occupations) license from the local council, depending how many rooms your are letting out.
As of October 2008, you will require an energy certificate, which must been shown to all prospective tenants.
Although an electrical safety certificate is not necessary, it would best to get one done, best practice and it protects you from any possible claim.
Gas safety certificates are also required for each gas appliance, including boilers etc.
You will find the RLA site very informative.
If you require any other help you are welcome to email me.
http://www.rla.org.uk/
I don’t have experience of student lets, but have a number of residential lets of my own. But generally a lot of the regulations regarding lettings is applied across the board.
Be careful with the deposits, as of April 07, you will need to protect it, either by insurance scheme or by the governments deposit protection scheme.
You will also require a HMO (house of multiple occupations) license from the local council, depending how many rooms your are letting out.
As of October 2008, you will require an energy certificate, which must been shown to all prospective tenants.
Although an electrical safety certificate is not necessary, it would best to get one done, best practice and it protects you from any possible claim.
Gas safety certificates are also required for each gas appliance, including boilers etc.
You will find the RLA site very informative.
If you require any other help you are welcome to email me.
http://www.rla.org.uk/
JB996 said:
Residential Landlords Association is good source of information. I am a member of RLA, and have used the help desk on a number of occasions. Well worth the cost £75 pa, which can be off set against profit from your rental income?
I don’t have experience of student lets, but have a number of residential lets of my own. But generally a lot of the regulations regarding lettings is applied across the board.
Be careful with the deposits, as of April 07, you will need to protect it, either by insurance scheme or by the governments deposit protection scheme.
You will also require a HMO (house of multiple occupations) license from the local council, depending how many rooms your are letting out.
As of October 2008, you will require an energy certificate, which must been shown to all prospective tenants.
Although an electrical safety certificate is not necessary, it would best to get one done, best practice and it protects you from any possible claim.
Gas safety certificates are also required for each gas appliance, including boilers etc.
You will find the RLA site very informative.
If you require any other help you are welcome to email me.
http://www.rla.org.uk/
Thanks very much indeed for the advice, it's much appreciated. I had a quick look at the RLA website and looks good value, definitely worth the £75. I don’t have experience of student lets, but have a number of residential lets of my own. But generally a lot of the regulations regarding lettings is applied across the board.
Be careful with the deposits, as of April 07, you will need to protect it, either by insurance scheme or by the governments deposit protection scheme.
You will also require a HMO (house of multiple occupations) license from the local council, depending how many rooms your are letting out.
As of October 2008, you will require an energy certificate, which must been shown to all prospective tenants.
Although an electrical safety certificate is not necessary, it would best to get one done, best practice and it protects you from any possible claim.
Gas safety certificates are also required for each gas appliance, including boilers etc.
You will find the RLA site very informative.
If you require any other help you are welcome to email me.
http://www.rla.org.uk/
I manage and let industrial property at present so I'm familiar with the property market however I feel that now is a good time to make an investment in the residential market. Do you think I am mad if I manage and let it myself (while in FT work) or would you advise using a managing agent. Personally I'd prefer to do it myself though but wondered if it's a wise idea?
Thanks again to everyone for advice,
Adam
have had/have quite a few student lets. Without exception they have been the LEAST troublesome. Professional lets are often much worse (expectations usually)
The main profit does tend to come from property growth (quelle shocker) so make sure if you buy now you get as good a deal as possible.
chose right part of the country and be absolutely DAMN certain that the uni doesnt run exclusive rental deals (I had properties in Leicester which I've now sold over a few years cos dealing with the uni and it's developer cronies became a pain)
you will need to make sure you have put sufficient revenue aside for buying a new boiler (it always seems to go - dont ask me!) modern students do sometimes seem to have odd ideas ("does it come with wirless broadband?") so need to make sure expectations managed!
and dont forget that you arent and cant charge full rent for the whole year (maybe you can nowadays).....summer holiday etc usually on half/nowt. and more rooms = bigger profit, faster....but profits still modest relatively speaking
have contracts and stuff you can have if useful
cheers
Night
The main profit does tend to come from property growth (quelle shocker) so make sure if you buy now you get as good a deal as possible.
chose right part of the country and be absolutely DAMN certain that the uni doesnt run exclusive rental deals (I had properties in Leicester which I've now sold over a few years cos dealing with the uni and it's developer cronies became a pain)
you will need to make sure you have put sufficient revenue aside for buying a new boiler (it always seems to go - dont ask me!) modern students do sometimes seem to have odd ideas ("does it come with wirless broadband?") so need to make sure expectations managed!
and dont forget that you arent and cant charge full rent for the whole year (maybe you can nowadays).....summer holiday etc usually on half/nowt. and more rooms = bigger profit, faster....but profits still modest relatively speaking
have contracts and stuff you can have if useful
cheers
Night
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