Property Management
The universities in the UK have been preparing for the start of the new academic year in September. Several university students are expected as more students opt to study rather than take a gap year due the Covid-19.
Letting to students can be financially rewarding but it comes with a lot of pressure especially when you’re trying to rent out several properties at the same time. So here are some tips to make your life a little easier as a student landlord.
1. Ask for a Guarantor
When renting out to students, you may want to consider requesting a guarantor to co-sign the tenancy agreement. The usual guarantor is usually a parent or a guardian. This means that the guarantor will be liable for the overdue rent or damage caused by other tenants. But guarantors can also limit their liability.
Having a guarantor is an added security.
2. Don’t buy expensive furniture
Usually, when renting to students, they prefer furnished rental property. If you decide to rent the place furnished or semi-furnished, it is worth investing in less expensive furniture to save yourself from costly replacement when there are any damages at the end of the tenancy of student.
Some students have a lack of control of how they handle equipment and things in the property, therefore the probability of having damages to the property is high. Students can be tougher on apartments or flats compared with the ‘normal’ tenants. Thus, Landlord renting out to students should not waste your money on expensive furniture.
Moreover, it is always a good idea to have a good property inventory at the start of the tenancy to save any potential disputes down the road.
3. Specify rules
It may be unusual to set specific rules but placing specific rules is probably necessary. Rules such as banning the burning of candles, fire, fireworks, or playing any kind of weapons of any kind on the property.
4. Lessen repair requests
If you are a student landlord one of the most time-consuming things can be property repair requests. So, make sure that your property is in a good state before you let your tenants move in to lessen repair requests down the road.
5. Always make the property clean
While the task in keeping the communal areas clean and tidy is for the tenants - kitchen, bathroom, living room, and corridors. Usually, student tenants rarely take responsibility for these areas, and this can create dissatisfaction. In the end, as a student landlord, it is your responsibility to keep the communal areas well-maintained.
Thus, it is a good idea to hire a cleaner at least once a week.
BLUESTONE PROPERTIES
Bluestone Properties is a property management and letting agency in south London. We provide services in south London and surrounding areas. Get it touch with us by calling us on 0208 355 3405 and we’ll help you take out the stress of the process in buying or selling your property.
