Advice Please, Daughter Off To Uni Buy or Rent?

impy78

voucher_fairy wrote:

Thanks to all so Far. Leeds looks like where they will end up. Any areas to avoid or try for price wise?

Price wise, roundhey Park is dear...
But on the other hand, avoid Gipton, Bramley, Harehills and Chapeltown like the plague...they are just not safe

littlesaint

If you are going to buy, consider doing it just ahead of the second year. It would be a shame to miss out a year in Halls/Flats. You could always keep the house to rent out to other students afterwards, if she and her boyf decide to move on.

PosterBoy77

I think there are two fundamental questions to ask with this. Firstly will your daughter want to stay living in one place, or even stay at the same uni?

Secondly, buying from a financial point of view only makes sense if you are going to expect a significant capital gain and/or you are really going to want to be a landlord for ten or twenty years.

Paying rent is no more a waste of money than paying mortgage interest. The other costs of buying such as stamp duty, solicitors fees, and subsequent property maintenance can all add up, and cause aggravation. In many cases you will need to make a good capital gain just to break even.

I have owned several BTL properties, but have sold them all as the returns were becoming so low, it was better not to be bothering with them.

morg_monster

I totally agree with the other posters. Don't let your daughter miss out on a year in Halls, it is so much fun and you form so many friendships. I don't think there will be too many other students who want to rent privately in their 1st year, and your daughter and her boyfriend may become quite isolated which would be a shame. Also as wisbech_lad says, sadly probability is against them in terms of their relationship lasting through their first year, even with being at the same university. I would leave it until the second year, definitely. Also by then you will know which areas students tend to live in, I know when I was at Nottingham literally all the undergrad students lived in Lenton, but my friend's sister bought a house for her to live in/rent to other students in Beeston, which was a few miles away and pretty much empty of students except for the odd postgrad. She was pretty unhappy there and it didn't work out well for her.

abaxas

AGHAGAHGAH

Uni is not for being sensible.

She should be frequently getting !!!!ed, shag the occasional random bloke (with condom), dye her hair pink, wear mad clothes, eat beans for a month as she's spent all her money etc etc. Opps and getting a degree too

Tying her down with a house may spoil the uni experience and may do her harm in the long run. She should let her hair down and learn in the real world.

liz545

If you do decide to buy a property, and let it out to your daughter and her friends, you should be aware of the new legislation concerning Houses in Multiple Occupation (HMO's), which may apply depending on the size of the property and number of occupants. Also, if you have a separate tenancy agreements for each tenant, you will be liable for the council tax if any of the tenants cease to be students. My boyfriend was living in a house share with friends, the parents of one of the guys owned the property. They all had separate tenancy agreements, so at the end of their degrees, the parents were liable to pay the council tax for all the guys - maybe not very fair, but something you should be aware of!

PoorDave

Have you spoken to your daughter about this? Maybe she wants independence, not to feel tied to the investment house you bought! Having said that, if you buy the right place (i.e. very "rent-able") then you can get new tenants if she moves out.

How far is her university going to be from your current home? Pain in the wotsits to find tenants yourself if it's far, and a management agency would eat into the cash you want to make. And your daughter might not want to be lumbered with doing this for you!

Personally, i preferred being in hallls in year 1

Mrs_pbradley936

This looked feasible for us when my son was going to Nottingham. He ended up in the South and then the maths just made no sense at all and renting for £270 seemed best.

brasso

I agree with the posters who suggest allowing her the first year in halls.

Apart from all the good reasons mentioned, this will give you and her 12 months to research the city and you'll also be 1 year closer to your own mortgage freedom. Also (and I know not everyone agrees with this) I think we must be surely be approaching the top of the housing bubble, Every chance of a stiff correction in the next year or so, so you could be buying cheaper in Year 2 than Year 1.

Headingley is the place to be as a Leeds student though some prefer to live a little closer in Hyde Park. A bit seedier but not bad. Decent terraces were £25K when I lived there 10 years ago. Not the case now, I suspect.

voucher_fairy

abaxas wrote:

AGHAGAHGAH

Uni is not for being sensible.

She should be frequently getting !!!!ed, shag the occasional random bloke (with condom), dye her hair pink, wear mad clothes, eat beans for a month as she's spent all her money etc etc. Opps and getting a degree too

Tying her down with a house may spoil the uni experience and may do her harm in the long run. She should let her hair down and learn in the real world.

thanks for the adivice, this is the daughter in question!! and i have just dyed my hair pink, and my boyfriend could definately be considered a random bloke. However...i dont understand why you'd want to live in the halls, a pokey room with a group of people who'd probably do your head in at times! also...mum makes me eat beans all the time, so perhaps ill be a bit carefull when it comes to money!! Also, i think that having the responsibility of your own house and paying rent/bills etc. is much more like exepiancing the "real world" than having it all done for you in halls. thanks for your replies