Tips For Student Accommodation Investment
There are a lot of people who are considering student accommodation investment as their top option for property investment. If you are thinking of investing in student property, there are a number of tips that you need to know about. These tips will help you ensure that your student accommodation investment is a success and not a drain on your finances.
Location Is Everything
When you are looking to invest in student accommodation, you need to understand that location is very important. This is one of the most important aspects of the property that you need to consider. If your property is in the wrong location, students are not going to think that it is a good option for them.
When looking at the location of your potential investment property, you have to ensure that there are good connections to town and the universities. You should also consider talking to agents who deal with students and find out what the popular areas are. Getting a student accommodation investment property in a popular area will increase the chances of success.
The Number Of Bedrooms
If you are going to buy a house to rent to students, you need to know how many bedrooms you should get. Houses with 3 to 4 bedrooms will be the best option and you should look for a separate toilet as well. Single bedroom houses will generally not be the best investment while 2 bedrooms will be better, but not bring in the same profit.
While looking at the number of rooms, you should also consider the garden space. A small patch of outside space is best, but it does not have to be a landscaped garden. Large gardens should be avoided because this requires maintenance that you will have to pay for and monitor. Small areas which are low maintenance will be better for these properties.
Look At Newer Properties
You should avoid looking at period properties when you want to buy for student accommodation. This is due to the fact that these older properties will have a lot of maintenance requirements and need attention that will eat into your profits. Newer properties should be looked at instead as they will generally be in better condition.
If you can, you should look at a property which has been modernised or renovated. While these properties will be more expensive to purchase, they will require less work to turn them into the investment property that you want. You will also not have to worry as much about serious repairs that might need to be carried out.
Modern But Basic
When you look at furnishing the property, you should look at modern items which are still basic. This is particularly important in regards to the kitchen and bathroom. The equipment which is supplied should be robust and not very easy to break. Flooring should also be hard wearing and you need to leave the paintwork a plain colour. This will reduce the need to replace the item in the property and ensure that you’re getting the most from the property.