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Insurance Adviser At Landlord Shield Insurance
Insurance Professional with over 13 years experience in the Landlords Insurance Industry. Hayley is an expert in her field and is a regular writer for Landlord Shield Insurance
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The property location is Key. Students like to be near other students, and close to their University/College. The area can be in the less posh parts of the town, but needs a wide selection of bars and eateries – usually fast food options are most popular! There should also be good bus and rail networks allowing the student to travel around at low cost.
If you let your property to 5 or more students, you will need to apply for a special license from your council – as you will be classed as a HMO – House with Multiple Occupants.
The Local Authority is required to ensure that the property meets Fire Safety standards before issuing you with a license, and this could incur costs in order to adapt what would be a normal large family home into a suitable HMO. The inspecting Fire Officer may make several advisory’s in order for your property to meet the standards.
With 5 or more students at the property, you may require some renovations to add a bathroom for example, or add an extension to the property to create a second lounge. Some landlords adapt kitchens to include more than 1 washing machine, and more than 1 oven. This will make your property desirable to students, thus ensuring you are always ‘full’.
Universities can also add your property to a preferred list of student accommodation in the area – however to get on the preferred list you will have to meet the university’s standards – this is not only safety standards, but other things like….
Hygiene standards - good clean plumbed bathrooms for example and properly plumbed washing machines.
Property maintenance standards - maintained garden, no broken windows, a working boiler and heating system for example. A
Adequate shared facilities for the number of people living in the house - enough toilets, adequate cooking facilities etc.
Access to broadband
You will need to approach the University for an Application Pack to be added to this list, if this is something you are interested in.
To avoid the need for an HMO license you can only let to up to 4 students – a 3 or a 4 bed property is ideal for this, and 1 communal kitchen and bathroom is bearable with less students at the property.
What Are The Best Types Of Property For Students
Apr 10th 2017
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