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Letting rooms to student - is it too late now??
3 Answers
Hi all,
We have just placed our deposit down for the property we're hoping to rent out to students,a nd waiting for the contract to complete.
However, we still waiting the exchange / completion date to be confimed. We're really concerned that we have missed the boat to let to the student market. The property is formerly rented to students, which means the decoration is below average.
We're hoping to get the house ready by mid of September and rent ot University students. But now its going to be difficult to meet this date. Basically, if we have the completion by 2 wks time, we won't have enough time do the fixes around the house.
We're anticipated that it will take 2 wks of put it right. The defects or need additional work which are known to us so far are: partially blocked toilet, water tap need fixing, need new kitchen flooring, possible adding 2 more kitchen units, get gas/electric checked and certificated, partition the living room to bedroom./living room.
Not sure how we managed the time?
The main reason we want to post here is because we have got no experience of letting before. Assuming we're late for letting to students as "Joint Tenants", would it be beneficial to rent to individual tenants (student or semi-professional).
Anyone knows the dates for students who starts to look for rooms? I have got the feeling it's Sep and Jan/Feb. Is this correct?
Thanks for any advice given.
We have just placed our deposit down for the property we're hoping to rent out to students,a nd waiting for the contract to complete.
However, we still waiting the exchange / completion date to be confimed. We're really concerned that we have missed the boat to let to the student market. The property is formerly rented to students, which means the decoration is below average.
We're hoping to get the house ready by mid of September and rent ot University students. But now its going to be difficult to meet this date. Basically, if we have the completion by 2 wks time, we won't have enough time do the fixes around the house.
We're anticipated that it will take 2 wks of put it right. The defects or need additional work which are known to us so far are: partially blocked toilet, water tap need fixing, need new kitchen flooring, possible adding 2 more kitchen units, get gas/electric checked and certificated, partition the living room to bedroom./living room.
Not sure how we managed the time?
The main reason we want to post here is because we have got no experience of letting before. Assuming we're late for letting to students as "Joint Tenants", would it be beneficial to rent to individual tenants (student or semi-professional).
Anyone knows the dates for students who starts to look for rooms? I have got the feeling it's Sep and Jan/Feb. Is this correct?
Thanks for any advice given.
Answers
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Funny I should see this post today of all days!
I live near a local (but renowned) acting school, and for the last ten years or so on and off, I let to students. My last sudent actually stayed on after his course, but he left in June, so I asked to be put on their accomodation list for the new intake which will be in September. They said I was, but, not having had a sniff of a phone call, I called them to check. It turns out I was not included on their list at all, and, going from past experience, now is too late. Well, put correctly, it is not too late to go on the list, but it is too late in the sense that any students looking will have already found a place seeing as they start in September.
So anyway the thing to do is see if colleges etc, round your way have an accomodation officer, and get in touch with them. Be aware many require certain safety requirements now (ie, corgi cert for gas appliances, smoke alarms, fire retardent furniture etc). Now it may be too late, but getting on the list would be a good step.
Also consider things such as nurses etc - maybe you have a hospital nearby and maybe these too need accomadation for staff.
I live near a local (but renowned) acting school, and for the last ten years or so on and off, I let to students. My last sudent actually stayed on after his course, but he left in June, so I asked to be put on their accomodation list for the new intake which will be in September. They said I was, but, not having had a sniff of a phone call, I called them to check. It turns out I was not included on their list at all, and, going from past experience, now is too late. Well, put correctly, it is not too late to go on the list, but it is too late in the sense that any students looking will have already found a place seeing as they start in September.
So anyway the thing to do is see if colleges etc, round your way have an accomodation officer, and get in touch with them. Be aware many require certain safety requirements now (ie, corgi cert for gas appliances, smoke alarms, fire retardent furniture etc). Now it may be too late, but getting on the list would be a good step.
Also consider things such as nurses etc - maybe you have a hospital nearby and maybe these too need accomadation for staff.
Thanks for the message. We will get in touch with the Uni accomodation officer soon. I don't think we can do anything yet until the property is in our names so that we can get the workmen to inspect and do the repairs to the property.
Timing is crucial for student accomodation. We know this is going to happen since when we found the property it was begining of Aug. We're lucky that the property is in joint name so th emortgage is shared, otherwise we ill be in trouble to repay the mortgage without any tenants.
If we can't get students, we will consider any tenants, hoping this will have some income at least. Anyone see any problem with renting to mix tenants, i.e the property will have 3 double bedrooms and a single bed room.
And also, what is the prefered way of furnishing the bedrooms, i.e is it best to put in double bed for double bedrooms? What if student sub-let to their friends?
Anymore comments from experience letting landlords will be appreciated.
Timing is crucial for student accomodation. We know this is going to happen since when we found the property it was begining of Aug. We're lucky that the property is in joint name so th emortgage is shared, otherwise we ill be in trouble to repay the mortgage without any tenants.
If we can't get students, we will consider any tenants, hoping this will have some income at least. Anyone see any problem with renting to mix tenants, i.e the property will have 3 double bedrooms and a single bed room.
And also, what is the prefered way of furnishing the bedrooms, i.e is it best to put in double bed for double bedrooms? What if student sub-let to their friends?
Anymore comments from experience letting landlords will be appreciated.
Yeah, I would say you have missed the boat for this Sept. Where I went to Uni first years usually go into halls, and the others will have signed their contracts for this Sept much earlier. Accom list in Aberystwyth comes out in December I think. I dont think you will have any problem getting mixed tenants in though. Some will loathe halls and want to move out asap, others will fall out with their mates and want to live somewhere else. So there is no harm in letting accom office know as soon as you are available. your own ads up around town and on notice noards in uni will help too. I've rented house out ever since I left and never had any major problems. Be prepared for holy mess when the slovenly creatures move out every summer though!
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