Thinking of letting to students? Make sure your property fits the bill!

by Greg on February 23, 2016

Renting out to students

There’s much hearsay when it comes to letting properties to students. The common misconception that ‘all’ students are messy, don’t keep up with payments and so on, is quickly becoming a thing of the past. If you’re planning on letting to students, there are a few things that must be considered in the preparation process.

First things first you need to consider safety. There are many rules and regulations around now when it comes to letting properties. Ensure that you have a working fire and burglary alarm, double check that all window and door locks are fully functional and secure and consider having curtains/blinds in each room, enabling extra privacy but also adding character to the rooms.

It’s always important, especially when letting to students, to fully furnish your property. You don’t have to spend much, just ensure that you have the basic items that will enable the students to live comfortably in the property. Once you’ve furnished the property, the tenants can add their own touches to make them feel more at home, your job is to ensure they have the correct items in order to do so. When it comes to the living areas such as living room and kitchen, try and take into consideration the space. Students will want a spacious social area in which they can relax and wind down. Position furniture around the room instead of centrally, they can always have a reshuffle once they settle in, but giving them a basic set up will certainly be beneficial.

Have a look at the kitchen, you’re best finding yourself a cheap set of units. There are so many cheap kitchens on the market – you don’t have to go over budget in order to install a decent one. Try looking for some discount kitchens, then if anything does happen to them it won’t be an issue to replace or repair parts. Fill the kitchen with essentials, make sure that you have supplied the kitchen with everything from a toaster, kettle, microwave etc. These items can also be purchased at a fair price and can be used over and over when letting to different groups of students.

If you want to really make your property desirable to students, the most useful thing to do is to install broadband or Wi-Fi. Students will have numerous pieces of work to do and by installing Wi-Fi you are enabling them to be able to work from home instead of having to work late every night in the University Library.

Smoking is a large factor when it comes to letting a property. Many real estate agents advise tenants that smoking isn’t allowed in the rental property. If you decide to make your property smoke-free, make sure you have stickers/posters around the house informing students of this. You can tell someone something numerous times, but having an item that clearly states the rules is the best way of ensuring you can show that everyone in the property is fully aware of the regulations.

Once you’ve taken the above tips on board, you’re ready to start letting out your property. Remember to always pay visits to ensure the property is well maintained and in good condition, also allowing tenants to come to you with any questions or requests.

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