If you’re from Colne like me, you’ll know that our town is great for students because of all the schools. This could be a good chance for you to make money by letting your property to students. However, it’s key to be aware of the specific challenges this involves. In this guide, we’ll help you find your way through it all and get the most from your property by renting it to students in Colne. We cover everything from legal points to what should go into your rental agreement, as well as how to make your property student-friendly and sort out any repairs. We’ve got everything you need to know.
First, you need to make sure the renting process follows the laws in the Housing Act 2004. For example, if you’re renting your property to five or more people from two or more different houses, they’re known as HMOs (Houses in Multiple Occupation). Also, don’t ignore the Gas Safety rule; all gas appliances have to be checked each year by a Gas Safe registered engineer. Just as important too are the Electrical Safety Standards, which say you need an electric check every five years. Getting renter’s insurance is a good idea to protect you from any issues with your student tenants.
Then come the details of your rental agreement. It needs to cover all parts of the renting process, things like when rent is paid, who’s responsible for repairs, what behavior is expected from tenants, clauses for ending the agreement early, and so on. A detailed agreement can help prevent misunderstandings or disagreements later on. Try to match contract length to the academic year, so consider contracts for 9-12 months. A deposit could be a good idea for security and to discourage tenants from misbehaving.
You also need to get your property ready for student tenants. Keep in mind that students value practicality over luxury. Good, sturdy furniture, a strong internet connection, plenty of space for studying, and lockable cabinets for personal storage are all good ideas. Strike a balance between comfort and practicality, while keeping it affordable.
Looking after your property is a bit that a lot of landlords forget about when renting to students. Some think it’s not necessary because students aren’t staying long. Remember, the better your property is looked after, the more it’ll attract and keep tenants, boosting your reputation and rental success.
Finally, good advertising is the best way to find the right students. Use online platforms, local papers, and local schools. The fact your property is near these schools and local shops etc. could be something to highlight.
So, renting your property to students in Colne may seem a bit scary at first. But, with care and attention, it gives you a great opportunity to make money. From my wide experience locally, following the laws, making a clear rental agreement, fitting your property out for students, sorting out any repairs quickly and advertising cleverly should put you on the right path to making a good return from your property.