Letting to students

Werdnal

Mojisola wrote: »

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

Not sure about term time only, but I was inferring that OP check insurance for cover when property is empty during hols, and ensure property is secure etc.

Many LLs use the July/August void to refurb this property, but if students are returning following year, or looking for property early for their September start, they charge a retainer to keep the property for them over the summer break.

poppysarah

Do the family want to leave?

tbs624

If you will be wanting to advertise the property via the Uni accomms office your best best is to start your queries there. Unis often have a higher standard than is required in general for PRS houses if your property is to be listed with them, even where property is not a licensable HMO. Some also require LLs to sign up to a code of practice, which will usually have been drawn up in consultation with the local Council and the local LL association.

Many students expect rooms to have double beds.

Ensure that there is an ample number of plug sockets in bedrooms otherwise your student Ts will simply install numerous extension cables/adaptor plugs for all their "vital" equipment

Don't be tempted to include gas/elec bills with the rent figure as the student Ts then have no incentive to keep the costs down.

Many LLs of student properties pay the water rates - is your property metered?

If an HMO you will need to gather the students exemptions certs from the Uni as C Tax will be your responsibility.

Provide a folder for the property with clear instructions for any white goods, the heating system, smoke/burglar alarms and a "what to do if.........." guidance sheet with relevant email contact/phone numbers. Print off guidance on condensation and how to avoid it from say Haringey or Bath Council websites

Your daughter needs to be able to deal with other students who may show this family owned property less respect than she/you would like and be able to deal with any huffiness from an errant T if you find yourselves needing to pursue unpaid rent.

Make sure that Ts don't feel that they have to go through your daughter to access you as the LLs.

Your inventory needs to be comprehensive with photographs and issue copies to all the Ts, making sure that they all sign to acknowledge the property's condition ( and that of the furnishings).

Presumably you are au fait with the tenancy deposit regs?

Any guarantor agreements should be executed as Deeds.

As someone else has said, check that your insurer knows that your Ts will be students, ditto your mortgagor if applicable.

Weekly or fortnightly cleaner for bathroom/kitchen/other communal areas plus a gardener at least once a month if applicable. Most students view an outside area simply as somewhere to kick a football and have BBQs, not somewhere that they need to spend time mowing & weeding. (Such costs can of course be set down on your tax return.)

kiki*_2

We paid all bills in our student house, including water.

tbs624

kiki* wrote: »

We paid all bills in our student house, including water.

Hence why my post said "many" rather than "all":)

The main point is that a LL wanting to compete for student Ts has to look at what the other LLs in their area do.

Mojisola

tbs624 wrote: »

The main point is that a LL wanting to compete for student Ts has to look at what the other LLs in their area do.

It must vary from area to area. All my son's rentals were for 12 months. The LLs didn't have any down time without rent.

Utilities were always paid by the renters.

kiki*_2

Could definitely be different in different areas. I would go to the local uni to ask! Realistically it won't be long before students ate looking for places. Our tenancy started in either the June or July.

tbs624

Mojisola wrote: »

It must vary from area to area. All my son's rentals were for 12 months. The LLs didn't have any down time without rent.

Utilities were always paid by the renters.

I agree with you on the 12 month tenancy - they most often run from July 1st to the end of June, with a summer retainer.This is partly to do with the Lls personal liability for CTax which would occur if a furnished student property gets left unlet.

There is always the Jan/Feb rush to get signed up for the next academic year but some students are prepared to take the risk and leave signing up until August/Sept so saving themselves a couple of months' rent. In some cities that may mean you end up with the crappier properties but in others it may even mean that you get a decent property at a slightly reduced rent for the rest of the year as LLs vie to fill their remaining properties.

Different cities have different student housing options - some of the larger cities have competition from the large providers - UNITE and so on - and this affects how the other PRS LLs will operate. Cities that have summer language schools /are in a tourist area sometimes offer 9 month student lets and then shorter lets across the summer months.

maidincornwall

Thanks everyone for your advice, most things I had thought of, my main concern is wether to do a 12 or 10 month let, Ive explained to m daughter that I cant be worse off renting to students than I would be with a family especially as she can live at home just 6 miles away! she seems to think the rents that I want to charge are far higher than her freinds are already paying however looking at other houses in the area I dont think they are, it is literally 5 mins walk from the uni so no need for public transport or the huge parking permit fees (£70 per term i think!) has a new fitted kitchen, new full central heating, carpets etc and is in good order Im thinking £350 per month for the 2 very big dual aspect room and £300 for the other reasonable sized room, plus bills, internet will be included as dd gets an allowance for it due to dyslexia, the new heating is very economical and efficient so shouldnt be too expensive for them, Im quite prepared for heavy wear and tear, daughter will be responsible for garden and doing a weekly clean of communal areas and i WILL chek this is done!

Emmzi

I'm thinking if you live 6 miles away buying her an old car will be cheaper...

Also a landlady checking cleaning weekly will NOT be popular!

Honestly, I would think again about the wisdom on this. Part of the uni experience is living independently.