Becoming a student landlord

Becoming a student landlord

5th Oct, 2018

October is here, which means that the new term has officially begun, and many students will have already found a property to let for the academic year.

But don’t worry, if you’re thinking of buying a house to let to undergraduates, now is the perfect time to prepare for next year.

Being a landlord can be a very stressful task, and you may find yourself chasing payments and doing a lot of repairs. This is why we have put together some simple tips to help make your time as a landlord as rewarding as possible…

Tenancy agreement

Before letting your property, it is important that you are choosing the right agreement, which will clearly set out the legal terms and conditions. This is where you must decide whether you will be offering single or joint tenancy, how long it will last and whether the students will be jointly liable for any unpaid rent.

It should also include details of how damages to the house will be dealt with, and whose responsibility it is to fix them. By doing this, it should reduce any problems and complications at the end of the contract.

Furniture

Stick to clean colours throughout, and laminate flooring where you can to limit any potential stains and damage. Try to source cost effective but quality products, so that things will hopefully last a long time, and are not expensive to replace if needed.

Interview

Now we don’t literally mean sit the potential tenants down and interrogate them, but it is a good idea to ask them a few questions to get an idea of the type of people they are. Just as a student is looking for the right home for them, you are also looking for the perfect people to let your property.

Deposits

These are extremely important in resolving damage to your home. You must make aware from the outset that cleaning and damage fees need to be fixed before they move out, or deductions will be taken from their deposits.

As a landlord you are also required to put all of the cash amounts provided to you into an authorised scheme – and you must be able to provide proof of this if asked.

Electric and gas safety

Before any tenants move in, it is the owner’s responsibility to ensure that the gas and electric adheres to regulations. If you are unsure, it is best to call in an expert and have everything serviced thoroughly.

Inventory

Prior to the moving in day, it is a good idea to create an inventory report on everything in your property – and the condition of it – which will protect you if anything is damaged.

We hope that this has proved useful in helping you to prepare to become a student landlord. Remember, when they move in your job hasn’t stopped – it’s important to keep them happy by staying organised and fixing any problems quickly!

If you’re on the lookout to buy a house, feel free to get in contact with one of our reliable sales team here.

View all posts by Gwen Kaye


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