Student Lets

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    Student Lets

    I have been letting properties for about 6 years and whilst I only have 2 properties at present I am not totally green about letting, having been through an eviction using bailiffs and the recovery of rent from a guarantor, not to mention some flooding. Whilst not being green, I would still never claim to be an expert.

    I had found that I was not able to get the returns I needed on one property and sold up. This has left me with a rather nice pot of cash for which I have been looking for investments. I have made a lot in the way of cash from equity in properties, but would now like to change strategies to receive a higher income.

    Four houses have become available that are at present student lets. The income looks good, but there is that niggle in the back of the mind about student lets and so I'm standing half way not knowing whether to take the plunge or not.

    With this in mind I would be grateful to anybody willing to share their experiences, good or bad, or for any advice they may care to offer.

    Thanks

    #2
    which city are you looking at?

    i am an expert in newcastle (if you call 1,000 student lets an expert) and know a little about other cities but my advice would depend a little on where you are looking to buy.

    personally i think letting to students offers many advantages, including:

    full year lets with reduced void periods.

    getting parents to guarantor rent and having a number of liable shrarers reduces lost rent.

    better returns on properties.

    but their are a few cities that now don't look too good to me, places like manchester, liverpool and leeds have issues with an excessive number of halls rooms and letting is very heavily controlled by the universities.

    i think succesful letting to students involves a very good knowledge of what they want from a property and where they want to live, i see many people come to me with unsuitable properties, in the wrong areas with very strange ideas about what students want from a property. people says things to me like:

    "well they don't need a living room do they? so i can rent this room as a bedroom too" - wrong

    and

    "well they are going to trash it anyway so i'll just buy this crap furntiure from a charity shop/pull it out of a skip" - wrong

    in my experience students are quite particular about what they want and they don't live like the 'young ones' any more!

    in general i would say take a good look at what is around, which areas they like, speak to good agents who will give the best advice for local conditions.

    if you want to buy in newcastle i am more than happy to help.

    Comment


      #3
      - Students have a rather unfair bad press. Yes they are noisy, and dirty, but they do not usually damage for the sake of damaging.
      - When decorating, get modern decor at a cheap price. Basically Ikea it, and the students will usually keep it pretty much up to scratch. If you are still worried about damages, take a higher than average damage deposit.
      - My suggestion for areas would be "decent" universities that aren't going to be charging top up fees. Then obviously look more in depth at the universities.

      The rest I totally agree with Jonboy. And yes, you can't go wrong area wise in Newcastle! Ideal place for student letting :P
      Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

      Comment


        #4
        Thanks to both Jonboy and MrShed for your comments which I have taken on board. I am pretty certain that I am now sold on the idea, it’s just a case of trying to convince she who must be obeyed, that spending £500,000 on part of somebody else’s up and running portfolio is a good idea.

        Comment


          #5
          where in the uk are you looking, just out of interest?

          Comment


            #6
            and just tell the wife you met a couple of blokes on the internet who said it was a good idea, that should sell her lol

            Comment


              #7
              We're in Bedfordshire, so a little way off from yourself. As for telling her about two blokes on the internet, I made her sit down and read your replies. Thanks again.

              Comment

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