Student buy to let property - where to start?

Andypandyboy

We want to buy a property to be ready for our student offspring to move into in September 2016.

We know roughly the area we want to buy in but thought we would do the following to make sure we get it right.

Ask student where they want to live
Do a drive around looking for the best student houses in that area.
Visit estate agents with a list of requirements
Ask the University housing office for advice.

Is there anything else we should be doing?

When should we do all of this to ensure the house is ready for Sept 2016?

Would we be wise to employ a letting agent or, if the other tenants are friends of our child just do it ourselves?

How do we decide on a market rent?
How do we use a deposit scheme?

I would really appreciate the advice of any old hands at this!

dimbo61

You are scaring me with this !
How do you know your son/daughter will get into the University YOU want ?
Most students move into halls in the first year to make friends !
What type of property are you looking for ? 10bed HMO costing £750,000 after refurbishment to bring up to date with HMO regulations, fire regs, mains wired interlinked smoke alarms, fire doors, escape Windows, CO alarm, gas safe certificate,
Maybe a nice city centre two bed flat !
Please Run a mile from Student Pods.
Join a landlords association and do your own research.
You might need a licence from the council if you have 3 UN related living in same property.

Lord_Baltimore

There is much you need to know. I would start by reading this and ask the forum specific questions when you're clued up .

Innys1

Andypandyboy wrote: »

We want to buy a property to be ready for our student offspring to move into in September 2016.

We know roughly the area we want to buy in but thought we would do the following to make sure we get it right.

Ask student where they want to live
Do a drive around looking for the best student houses in that area.
Visit estate agents with a list of requirements
Ask the University housing office for advice.

Is there anything else we should be doing?

When should we do all of this to ensure the house is ready for Sept 2016?

Would we be wise to employ a letting agent or, if the other tenants are friends of our child just do it ourselves?

How do we decide on a market rent?
How do we use a deposit scheme?

I would really appreciate the advice of any old hands at this!

If you don't know the basics, get in touch with a local letting agent. You'll pay through the nose for it, but you can use that knowledge in future.

Andypandyboy

dimbo61 wrote: »

You are scaring me with this !
How do you know your son/daughter will get into the University YOU want ?
Most students move into halls in the first year to make friends !
What type of property are you looking for ? 10bed HMO costing £750,000 after refurbishment to bring up to date with HMO regulations, fire regs, mains wired interlinked smoke alarms, fire doors, escape Windows, CO alarm, gas safe certificate,
Maybe a nice city centre two bed flat !
Please Run a mile from Student Pods.
Join a landlords association and do your own research.
You might need a licence from the council if you have 3 UN related living in same property.

September 16 because offspring will live in halls in the university of their choice;) for the first twelve months.

This is not our first student offspring either we have done this several times before so we do have a good idea of what the student population look for. Nor is it our first buy to let, the only difference is the target market and the yield.

We would be looking at a simple 3 bed terrace, and might utilise the additional downstairs living space as another bedroom, so as it will be under 5 beds no HMO is licence needed as I understand it.

I am aware of the safety requirements and would want to provide nothing less.

silvercar

HMO requirements differ by area.

If your offspring is going to be one of the occupants it may be easier, however be aware that students tend to sign up for properties many months before hand. So they will want to know as early as December where they are living. Have to be very trusting if you can't show them the property by then. Also, if you buy a student house now it will either be occupied (and so the students may want to stay another year) or empty and likely to be empty (so no income) for another year.

ViolaLass

If you've done this before, wouldn't you know the answers to most of your questions?

silvercar

All depends on area, but there is a trend that student areas are shrinking because (a) more students live at home to avoid debt and (b) there are many more private student halls around that attract students, so the private housing area is shrinking and unless you get right in the centre of it you risk voids.

Pixie5740

You might still need a licence depending on the requirements of the local council.

Andypandyboy

silvercar wrote: »

HMO requirements differ by area.

If your offspring is going to be one of the occupants it may be easier, however be aware that students tend to sign up for properties many months before hand. So they will want to know as early as December where they are living. Have to be very trusting if you can't show them the property by then. Also, if you buy a student house now it will either be occupied (and so the students may want to stay another year) or empty and likely to be empty (so no income) for another year.

Yes, that is why I am trying to sort out the timing.

I think from experience of our other kids they started to look at property around Easter time. I think that if my child gets a in friendship group then hopefully we can make them understand that we will provide a house so they can be confident of accomodation.

HAMISH_MCTAVISH

I would set up offspring as the sole tenant and let him manage recruiting friends to be his lodgers.

Probably a lot less hassle than dealing with multiple (and sometimes short term) tenants on the same lease.

Not to mention less onerous from a deposit and eviction perspective should any of them fall out, become anti-social, or fail to pay the rent.