Paying for students!!

aurora_borealis_2

I have two daughters at uni - I have paid out for their accommodation to the tune of £750 per month for three years.

DD2 is now going to start a second degree (medicine) in Oct 2008. The course will be 4 years long and I'm happy too pay accommodation costs but sick of paying out dead money.

Do I have any reasonable options for the next 4 years?

aurora_borealis_2

She's got an offer for Manchester and expects one from Warwick.

... and DD3 has an interview for a World College next month, which means more fees

Strapped

I went to Warwick. There is lots of cheap student accomodation available in Coventry areas close to the university (eg Earlsdon/Hearsall Common). (Only those with parents supporting them can afford Leamington Spa lol - and it costs to get the bus every day. Or have mummy and daddy provided a car too). I think my rent was £108 pcm in a shared house, but this was back in the early 90s.

nearlyrich

My son went to Manchester 4 years ago, the price of property was high then and it's not come down any since, he paid rent for all three years, I can't remember exactly how much but the firat year in the student village it was about the same as the loan he was entitled to. He was thinking of Stoke where I would have bought a property but changed his mind...

You will feel like a millionaire when they all stop studying LOL

Strapped

Addy1 wrote: »

I don't think your experience of renting 15 years ago is particularly relevant.

Funnily enough, I just had a glance on rightmove at the property to rent in the areas I know well - so I could tell the OP what the rent was like nowadays - and my old house is available for the coming academic year

OP, it appears that it's possible to rent a 2 bed terrace in a decent area for around £500 pcm. (Most students use the front reception as a 3rd bedroom so that would be shared between 3. HTH).

Strapped

Addy1 wrote: »

Not sure about Warwick, although the few students I know there live in Leamington Spa which is also quite expensive!

What is wrong with pointing out that there are cheaper options then?

aurora_borealis_2

So renting and subletting might make sense?

CB1979_2

i too was like you but back in 2001 i bought a 3 bed end terraced in stoke for £22k with my then girlfriend, but didn't rent anything out, cost us £11k each but we ended up selling for £82k at the end of the 3rd year, think we worked out it would've cost us approx £12k if we had rented.

unfortunately don't think you'd be quite so lucky now.

however you need to work out what the true cost of renting would be against any mortgage payments, etc.

might not be best time to buy cos you could quite easily end up with negative equity in 4 years time.

how much do the properties go for in the area?
end of the day if you're talking about 48 payments @ £375pcm = £18k!! wow, is it likely the place you'd buy end up losing £18k in the 4 years???

hard decision, no idea if her 1st degree was related to medicine, assuming so, but i'd feel gutted to buy a place and then for her to drop out after 6 months or whatever if it's not up to her expectations.

if you're gonna buy, i'd personally get a max of 3 beds (use a reception room as bedroom) anymore and you're asking for nmore hassle imo.

aurora_borealis_2

Thanks,

Her first degree was a means to achieve a place in med school. She will last the course, I'm sure.

It's a tough call regarding the accommodation

bylromarha

Hey AB, she can live with me if she gets to Warwick! Congrats on getting to med school though...not an easy one!

As a Warwick grad, I lived in Cov my 2nd year and had to buy a bus pass. I lived in Leam my 3rd year and ended up buying a car as I got so fed up with the bus journey taking forever...mum gave me £0 a year and teaching placements meant no term time job either. Looks like I was a moneysaver long before this site appeared:rotfl:

Anyway, depending on what your budget is, and depending how far she's willing to travel, and depending on how much she wants to rough it and depending on how much she wants to live in the student areas depends on what your options are for buying.

this is typical leam student house

this is typical cov student house in central studentville

this is a typical cov student house in walking distance of uni, though not much of a student feel and not the best area

this is a cov house in not the best area in not the most convenient location.

Finding a decent house that's loved is a student dream as I'm sure DD will testify-I can't see much problem finding people to share with.

aurora_borealis_2

Thanks byl, very helpful

She's over the moon to get at least one offer of a place!

She will have a car because of placements ... I'm going to have to look at my mortgage options next ...