Preparing your student let for occupants

When it comes to generating the buy-to-let returns every landlord desires, the UK’s student population presents a lucrative market. Recent research reveals that of the 2.2 million full-time and sandwich students currently being educated across the UK, 598,000 occupied privately rented accommodation.

As well as the influx of students looking to rent private properties, there are several other reasons why students make excellent tenants as haart details:

“Student areas provide strong and consistent demand and competition for available properties. A student tenancy typically lasts for a minimum of 12 months, meaning less stress for you finding new tenants. They maximise your property’s earning potential – a two or three bedroom-property can house up to three students. Students tend to mind less about older furniture or outdated bathroom suites – it’s not a long-term home for them.”

Contrary to popular belief however, students have their standards, which makes getting your property ready for its occupants a vital to-do ahead of the start of another academic year. Read on to discover our top tips for preparing your student let…

Cover all the basics

Preparing a student let comes with its fair share of paperwork. As with any buy-to-let property, you’ll need to obtain the necessary permissions from your mortgage provider if you don’t currently have a specialist buy-to-let mortgage product. Once permission has been granted, you’ll need to decide how your property will be managed going forward. There are several benefits to using a letting agent to manage your student property for example.

Your student let should be covered by the right insurance too. Specialist policies that cover buildings, contents and tenants’ liability are must-explores for new landlords.

Another area that you may need to seek advice on is council tax. In the UK, full-time students are exempt from paying council tax. There are different rules if your buy-to-let is classed as a house in multiple occupation (HMO).

Hit refresh on the space

While students are traditionally known for having lower standards than tenants from other walks of life, today’s student population knows exactly what they want and need from their home away from home.

First and foremost, they are looking for a clean, bright and modernised space. Make sure you deliver this by freshening up your student let ahead of property viewings and that all-important move in date. A lick of paint and neutral scheme will go a long way.

Tailor your furnishings

Give your buy-to-let property the edge over the competition by furnishing with students in mind. Incorporate areas for study, relaxation, socialisation and general student life to appeal to prospective tenants and cater to their ongoing needs.

When furnishing your student let, practicality makes perfect. Furniture should be built to last, zero maintenance and easy to clean. Multipurpose items with built-in storage are also attractive to students. Providing appliances and white goods is another must for student landlords.

Keep it secure

Another priority for student tenants (and their parents) is security. Equipping your property with a good quality alarm system, and upgrading door and window locks will keep student tenants safe and provide extra peace of mind for their families. Your property should also have working fire alarms, extinguishers and fire blankets as standard.

Looking to start or expand your property portfolio? Discover more about your buy-to-let mortgage options by contacting our team today.