Buying a Student Accomodation property

Can I ask what is the square m size of the place? Is it under 50?

Hi,

It sounds like you are taking a pre-existing house and then renting it to students (by the room), as opposed to buying a 1-Br purpose built student accom dwelling.

As such, here are some points I recommend you work though:

1. Leasing: are you buying or renting? If you are renting the property then you will be sub-letting to tenants. That's fine, but you want to make sure your lease allows for this. If you are owning, then be aware that there will be quite a few logistical management issues with having 4,5 or 6 sep. tenants.

2. Bathroom: clearly the 1 Ba will be a problem – but only in terms of the appeal and function of the property. I don't know of any legal impairment that prevents you from renting because of only 1 bathroom.

3. Boarding house: check with your local council about what their rules about boarding houses, as with 5 tenants you may be pushing the boundaries. Just check in advance…

4. Tenants: students tend to be transitory – especially if they are from overseas. Therefore, you need to be sensitive to timing and vacancies around the start of the Uni year, holidays etc. Also, tenancies are likely to turn-over quicker as people move in and out. Therefore, your property's fixtures and fittings are likely to depreciate faster.

5. Bond – you will need to collect a bond off each tenant.

6. Harmony – given so many people are co-habitating a small space, you will need to create a good place to live. Given the lack of internal space, I would try to make good use of external areas and converting them into open living spaces that also offer some privacy.

I could go on, but instead send me a PM and I'll put you in touch with someone I know who has done really well from renting a house to tenants by the room.

Hope this has given you some new ideas.

– Steve