If you are thinking of buying a property with the idea of renting it out to students it is first essential that you buy near a local university, but you don’t need to be a real intellectual to figure that out. However, how close to the university do you need to be?
1. Ask the local university accommodation office about the most popular areas. Students tend to want to live near their friends so find out where other student accommodation tends to be centred.
2. Ask a reputable lettings agent what areas are currently in favour with students. (Tip: when looking for a “reputable” letting agent look out for industry awards. If the letting agency has a sales department they may also be able to show you properties currently available for sale in that area so you can get an idea of prices and availability.
3. Look at local transport links particularly in regards to quick and easy public transport that connects to the campus or campuses.
4. Look for “student friendly” amenities. Students will want quick and easy access to local shops, takeaways and pubs. Unlike family tenants, students will be more attracted to busier areas.
5. Find an easy maintenance property that won’t require as much upkeep between tenants. Although student tenants tend to be less fussy than families, remember that many students will need a guarantor (often their parents) to secure a rental agreement and the parents may want to view the property with their progeny. So the property does need to look tidy and safe.
6. Decide on whether you want to buy a larger property that may require a ‘house in mulitple occupation’ (HMO) license or a smaller or series of smaller properties that will avoid this legislation. Click the following link to find out more about what an HMO license is and whether or not you will need one.
Need help finding the best area to buy property to rent to students? Learn what areas and properties will get top marks with students by making use of Northfields 27 years of experience – call our award winning team on 020 8740 6622 for some free advice. Or ask your questions via Twitter @Northfieldslive or via our Facebook page or leave a comment below.