As students across the country prepare to move into private rented accommodation, Lettingagent.com has released a list of top tips for student landlords as students have very different needs from normal tenants.
Advice for student landlords include choosing a reliable letting agency, making sure appropriate furniture is provided and to be aware of health and safety regulations.
Lettingagent.com’s top advice is for landlords to make sure they know the area where they are buying. Some towns have several universities and some universities have several campuses so landlords must make sure they buy property in an area students want to live in.
Number two on the list is finding a reliable letting agency to manage the property. Lettingagent.com says this is vital if the property is located in a different locale from the owner and is vital for landlords with full-time jobs.
Thirdly, Lettingagent.com advises landlords to register with the university accommodation service, which allows a property owner to advertise directly to the student audience for free.
Other advice includes ensuring full checks of property condition before and after a tenancy begins, getting solid references from previous landlords, providing hardy furnishings and making sure students apply for their council tax exemption.
Lee Grandin, managing director of Lettingagent.com, says: “Those considering letting to students should realise that as tenants they are often a lot more work.
“The furniture needs to be carefully considered as items suitable for a standard buy-to-let may be inappropriate for students. In addition, landlords may find their property in a less than ideal condition at the end of the tenancy!”
However, Grandin says high rental yields can make student property a very profitable investment, despite the extra considerations it entails.
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