Letting to students

maidincornwall

I have a 3 bed property in our local university town, at present I get £780 per month let to a family, however my daughter is about to go into her second year at the uni and would like to move into the house (smallest bedroom of course much to her horror!) that leaves 3 bedrooms to be let out and a living room and kitchen to be shared, has anyone rented to students before and what do I need to consider, I know about HMO licensing and furniture safety etc Im thinking more of financial things like paying bills etc, thanks MIC

G_M

If it's an HMO landlord is responsible for council tax, though student exemptions apply.

Bills are as any tenancy - tenants are responsible - make sure the TA is joint and several.

Think hard about referencing/guarantors - and if you use guarantors DO IT RIGHT. about 75% of guarantee agreements even arranged by agents are unenforcible.

Werdnal

Remember too you will likely have voids out of term time - students will have gone home now for Christmas, and your July/August period will be light too. Many student LLs take a retainer to hold the property over the holidays, but you will also have to check insurance cover is valid whilst property is empty.

split_second

there are a few things that will make a house suitable for students

1. cheap
2. safe (for the sake of the law (and their parents, who will inevitably their guaranteurs)
3. cheap
4. clean (but dont spend a huge amount on decor)
5. cheap
6. cheap
7. cheap

dimbo61

If renting to 3 or more people who are unrelated then you need HMO
Check with local council and local university about what you need to get property upto HMO standard.
IE mains wired smoke alarms, electrical safety check, landlord insurance to cover for students ( some insurance companies dont do students!!) Gas safety checks, fire doors if 3 storey? CO2 alarm near boiler, furniture !!! new or old ( fire risk) security lighting around property, alarm system,( keypad) emergency lighting inside property ( in case of fire) escape windows.
Pat testing on all electrical appliances Fridge/freezer, washing machine, TV!
Energy saving lighting , cavity wall insulation, fire escape exit doors ( turn locks)
You may find you need a licence to rent out to students off council and many councils are applying for ARTICLE 4 to stop more student houses in certain areas
Lots more such as broadband, SKY tv, students not wanting to take on bills, tenancy agreements, guarantor forms, University student accommadation office good place to start.
Bedrooms should have wardrobes, double bed, chest of drawers, desk+ chair, laminate flooring, 3 double sockets in each bedroom.
10 months of full rent and if lucky 1/2 rent for july and august

Dave_the_Ginger_Cat

As a landlord, you'll no doubt already have gas safety certificates and and EPC (energy certificate). You may need to continue to secure any deposit held in the http://www.depositprotection.com/.

You'll also need consent from your lender if you have one, and your buildings insurance. Some lenders and insurers specifically disallow students or add extra premiums for them.

Picking up on the previous HMO point, there seems to be commentary here about planning permission too:

http://www.hmo.org.uk/do-i-have-an-hmo.html

I've a feeling that is about fire regs and exits, though not my specialism.

You may be able to make some savings on tax assuming you'd be subsidising her stay and also have some peace of mind that she'd be staying somewhere that was warm and safe.

Mojisola

Werdnal wrote: »

Remember too you will likely have voids out of term time - students will have gone home now for Christmas, and your July/August period will be light too. Many student LLs take a retainer to hold the property over the holidays, but you will also have to check insurance cover is valid whilst property is empty.

Does anyone rent out just for term time? All the places my son rented were for the year.

dawyldthing

mine were for the year but i got someone to take over the 3 months i wasn't there and they paid for while they were there to save me money as it was a waste of a grand in rent and bills which pretty much paid for my summer

jamesd

Yes, some will rent under license just for term time. The rates are set accordingly.

roses

Get a cleaner as well or the house will deteriorate with a group of sharers as none will want to clean up after the other. The cleaner can also keep a regular eye on the place and tell you about any problems that the students haven't told you about.

kiki*_2

When I was a student we paid all year round but it was a reduced rent for the summer period. We looked after our house really well so they arent all horror stories! Does your daughter have friends to move in rather than all new random people?