Would you rent your property out to students?

Yorkie1

As a first step you should check whether there's a council Article 4 direction in force - this requires additional planning permission for prospective new HMOs in order to prevent there being too many in one location.

silvercar

Glover1862 wrote: »

I was thinking of doing this with a BTL in Luton, it's such a a pain, anything over three students and its a HMO, need to pay a fee to the council, £500 I think, change to fire doors, fire lighting and the rooms need to be a certain size, one of mine was just a bit smaller and would mean knocking walls down etc. Don't know where you're think of doing it but Luton is a pain and a think most places are. Oh, mortgages for HMO are a different animal.

Problem number 1 is that there is not much demand for student accommodation in Luton, nearest university is Bedford, which has a campus in Luton but that doesn't make Luton a magnet for students.

kinger101

silvercar wrote: »

Problem number 1 is that there is not much demand for student accommodation in Luton, nearest university is Bedford, which has a campus in Luton but that doesn't make Luton a magnet for students.

De Montfort University has a campus in Luton.

Glover1862

silvercar wrote: »

Problem number 1 is that there is not much demand for student accommodation in Luton, nearest university is Bedford, which has a campus in Luton but that doesn't make Luton a magnet for students.

Bedfordshire university main campus is Luton and Bedford site is smaller. Also demand is much higher for student property in Luton than Bedford as general rental demand for Luton is higher. I've asked the university and other LL in the area and half decent property let out with no problem, it's just the regulation which is the issue.

Do you have any experience of the Luton rental market? Any info would be appreciated.

dimbo61

Demand may be high now but are the local universities building new student halls of residence ?
Are they working with the council and the big guys to build 300/400/500 purpose built rooms in halls with ensuite accommodation close to the university.
Buying a BTL is a long term decision and needs research about your target market.
Student properties now need to be of a good if not excellent standard and run down properties with out proper HMO standards could cost you very dear.

Backleet

I think, it is best to rent out a room to student.

duchy

My local uni halls are horribly expensive. Most second years do the sums and rent 2 or 3 bedroom private lets instead as it's cheaper.

It might be useful to see what your local charges as a starting point.

My brother decided after a week in halls that it wasn't for him and bought a three bedroom house instead and let all the rooms out (bar one for himself obviously) when he finished at uni 4 years later the rooms let themselves to friends of existing students for a couple of years and when that dried up he sold it.

He found he needed to spend at least a week each summer redecorating but that was pretty much it- quick emulsion of walls and ceilings and gloss some woodwork nothing major.

dimbo61

The good old days of damp, old student digs with peeling wallpaper
Think THE YOUNG ONES and FRESH MEAT
Today think HMO, ARTICLE 4, Local Council Housing Plans, Multi Million pound investments by Universities and Huge Student Builders ( Unite, Campus, McLaren and many others )
Buying a property is only the start and you have many hurdles to get over in renting to students

AdrianC

This really is one of those "If you need to ask, the answer is no" questions.