The thought of buying a property to let to students can be daunting if you haven't done it before. However, following these 5 simple rules will ensure that you make the best use of your money if you do decide to take the leap into student property investment.
By Catherine Bancroft-Rimme
Students like to live near their friends. If you are thinking of buying a house to let to students, make sure you buy in an area where students already live. Ask the local university accommodation office about which areas are popular. Find out where public transport links to the campus are and walk round an area you are considering to see how 'student friendly' it is. Are there plenty of local shops, pubs and takeaways? What is it like at night? The busier an area feels, the more likely it is to appeal to students. Students will usually feel happier in a more central part of town, even if it is further from the campus than other more suburban areas.
It's a false economy buying cheap and flimsy furnishings for student properties. A house full of robust young people needs to be able to withstand a high level of wear and tear. If you need to watch your budget in this area, going for good quality second hand furniture is better than buying new poor-quality flat pack furniture (and at least you won't be up at 2am putting together desks and wardrobes with allen keys that don't work properly!). If you have to choose between a shower and a bath, choose a shower and make sure it is well-fitted and sealed - it will get a lot of use.
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