Tips for first-time student landlords

Being a global leader in higher education and home to some of the best universities in the world, investing in student accommodation in Britain has long been a lucrative way to make an income. Giving the nation’s growing popularity as a place to study, student accommodation as a real estate sub-sector continues to boom in Britain.

If you’re thinking about joining this lucrative sector, take a look at the following tips for first-time student landlords.

Location, location, location

It goes without saying, to be a successful student landlord you need to invest in property which is located in an area with a large student population. Some of the best student cities in Britain are Manchester, Edinburgh, Glasgow, London, Nottingham, Leeds and Birmingham.

As well as the city, consider the location of the house within the city. Generally speaking, the closer to a university campus the property is, the more attractive it will be to students.

Health and safety

Student landlords are responsible for ensuring all electrical and gas appliances in the property are in a safe working condition. A gas safety check will need to be carried out every year on gas appliances.

It is also the duty of the landlord to install smoke alarms on every floor of the property and to ensure the boiler is in good working condition and is regularly serviced and maintained.

Prior to purchasing a student property, it’s a good idea to factor in additional costs that may be required in order to let out a property that conforms to current legislation. For example, if the property has an old boiler, it may need replacing, which would be an additional expense on top of the purchase.

Think about furnishings

Unlike many residential tenants, student tenants don’t typically have furniture to bring to a property they are renting. Generally speaking, student tenants will expect to have a washing machine, fridge-freezer, cooker, carpets, curtains and lampshades, beds, wardrobes, desk and chair in each room, sofa, a vacuum cleaner and bins.

If you’re purchasing a student property on a tight budget, such essential items will need to be factored into the overall cost of the investment.

Purchasing student accommodation at an auction can be a great way to find the ideal property in the right location and for the right price. Check out the lots listed for our next property auction in London.