Buy-to-let Guide For Parents
The cost of going to university these days is astronomical, which leaves many parents with a difficult dilemma to tackle. Either they allow their children to be saddled with the debt of tuition and living fees, or they put their hands in their own pockets and pay up on their child’s behalf.
But what if there was a better way? A growing trend in parents taking on buy-to-let properties suggests there is. By taking on flats and apartments, parents provide somewhere safe and warm for their children to live, but also create a source of revenue for themselves. Parents then don’t have to fork out on accommodation costs for their child and they get peace of mind regarding the safety of their student digs.
So what are some key things to consider if you want to go into this niche area?
Close To Campus
Students aren’t going to want to travel far, so to compete with the university halls you need to purchase a property as close to the main campus buildings as possible. Failing this, you should do your research and find out where the best transport links lie. Is there a tram, a bus or a cycle route? If so, you could take on a property along this route as it’s more likely to attract students. Don’t go too far out though, a long trip to lectures is not desirable.
Furniture & Fittings
It’s not just an empty box you’re buying, you need to furnish and fit the place to ensure it is habitable for your child or any other students who will be residing there. Many purpose-built places come with a great deal of fixtures and fittings, so simply work out what other essentials you need to provide. These things usually come in the form of appliances and practical pieces of furniture. If you intend to continue letting the place out for students, you should expect to have to replace some of these things over the years, as students will be getting heavy use out of them
If your child will be moving back home over the summer or winter break, think about how you can still keep the property bringing money to cover costs. International students may require a short lease, or, if you have multiple bedrooms, you can ensure there are other students sharing the space.
After They Graduate
What you choose to do with the property once your child graduates is up to you. Perhaps you have a second child who is going to then attend the same university, or perhaps you only ever needed the property for that short window of time and want to sell on. Some people, on the other hand, realise they are actually making money from their investment and continue to let to students, but again, this requires a little investment from time to time to keep the place in a good condition.
Here at Simply Storage, we provide fantastic storage solutions for students who are going home over the summer or winter break. If your child doesn’t have anywhere to store their possessions, you can get peace of mind from knowing they are secure and ready to access once needed again. Contact us today for more details about storing student possessions and we’ll be happy to help.