You may have a property already or be considering a Buy To Let investment – Have you considered who you are going to let the property out to?
If you are considering letting to students the most obvious consideration is location. Is your property in a prime spot to attract students? Does it have close by transport connections, within walking distance of colleges or universities.
If you get this sector right you can get great yields!!!!
Have you adapted the building to accommodate as many students in their own rooms with sufficient communal areas too? Are all the rooms of a similar size, would they all bring in the same rental value?
You will need to prepare for the longer university holidays. Tenants will need to know where they stand when leaving the property empty for longer periods, for example ensure electrical goods are switched off, windows and doors are closed and locked and alarms set.
If possible ask the students parents to act as a guarantor. This wil protect you from losing money if not all the students you rent to are bringing in a steady and relaible income whilst they study.
Whomever you are renting to it is always advisable to produce a full and comprehensive inventory. This can be made up of lists and numbers, photographs and video which can be signed off by both parties at the beginning of your agreement.
Ensure you can provide copies of all relevent paperwork including your gas/Energy Performance Certificate as many tenants will want to see if there are ways of keeping their bills as low as possible.
If you are an existing landlord or potentially a first time landlord get in touch with Belvoir Sheffield today to take advantage of our vast expertise and experience to ensure you are getting the best advice. Contact us today on 08452 60 40 90 or email us sheffield@belvoirlettings.com
