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Tips for Landlords in the Student Letting Market |
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Many landlords are first introduced to landlording as students. I remember in the 80’s watching from my bedroom window as the landlord turned up in his Porsche; collected the rent cheques and then went. I thought that’s the life for me! |
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| Author: Chris Horne |
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Tips for landlords buying and renting to students:
Landlords should manage their own buy-to-let property and save considerable sums of money.
Landlords should locate local contractors for repairs.
Landlords should search the Internet for free tenancy agreements and forms.
Landlords should use some of the money saved to purchase 24-hour emergency insurance cover for gas, plumbing and electricity.
Landlords should find an insurance company that covers dripping taps or alternatively make the tenant responsible for replacing tap washers.
Landlords should advertise properties on free Internet sites.
Landlords should send their advert for their buy-to-let investment property to the student union at the local universities.
Landlords don’t need to show students around the property; once the first group of student tenants are in place; get permission from the existing tenants, for you to give prospective tenants, their telephone numbers. They then manage the visit at their convenience. For responsible landlords, the existing tenants will be a landlord’s best advert for finding new tenants.
Landlords should obtain emails and telephone numbers when signing the contract. If someone's rent is late, email all the tenants, not just the one at fault, so the tenants can hassle each other to solve the situation. Better still; get the tenants to open their own household account, so they send only one rental payment.
Landlords should join a free accreditation scheme, often run by the Local Council. Accredited buy-to-let properties have a market advantage. Universities often recommend students view accredited properties. Guides to accreditation schemes can be found on council websites. This is an excellent way to discover how to furnish, maintain and develop a landlord’s buy-to-let investment property appropriately.
Landlords should purchase three bedroom properties and convert to four bedrooms. Partition a lounge with a stud wall. Students prefer a larger bedroom, rather than a larger lounge.
If the loft isn't fully boarded, landlords should lock the hatch and include an exclusion clause in the tenancy agreement, else landlords might find more than you bargained for in there, after the tenants have left.
Landlords with properties with more than two floors and five or more tenants need an expensive House in Multiple Occupation (HMO) licence, so buy properties to rent to four students, for maximum income.
Landlords should put double beds in bedrooms and, if they can squeeze it in, fit a three quarter bed in the smallest room. This will definitely give a landlord an advantage in the student market. As long as they pay their rent, landlords shouldn’t worry about who stays over night!
About Author
Chris writes for the site Property Hawk,aimed directly at UK Landlords. The site incorporates free property management software that enables a landlord to track all their financial data relating to their portfolio. It allows landlords to print tenancy agreements and other forms FREE FOREVER. The site generates a real time rent book for each property as well as calculating a landlords tax liabilty. Free at http://www.propertyhawk.co.uk
Article Source:
http://www.1888articles.com/author-chris-horne-4491.html
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