university Accomodation for daughter

[Dave A]

Considering buying a property for our daughter to use whilst at University for four years. Want to avoid HMO situation, so thinking of buying something with one spare bedroom which can be rented to another student. Is there any issue we should really be thinking about, still have plenty of time to make decision as she still has made choice of University yet.

Dave

[Carryon Regardless]

In a similar situation I would treat your daughter as a T through an A or another not visually connected 3rd party.

If any other T is aware of her relationship with the LL it will be too easy for them to expect credit and then your daughter could be living in an unfriendly situation when that's abused and you need to act.

A bit tricky when it comes to her pretend rents as then you would be paying a % to the A so the 3rd party seems better.

[Richlist]

I went through this same process some years back, from memory.....before you even start looking at property:

* Ensure you have the university property / room spec. They will have requirements for minimum room size, features, furnishings, fixtures & fittings, rents etc.

* Try to ensure its within reasonable travelling distance from where you live.

* Expect nothing to be looked after and everything to be abused.

* Don't buy property with a high maintenance requirement.

* Gardens won't be tended, grass won't be cut......so ensure there isn't any. Hard landscaping is best.

* Be careful with regard to utilities & council tax.

[Dave A]

Good points, have just taken the rose tinted specs off. I was considering something that we might like to use later in life, but the two scenarios don't match.

Thanks

Dave

[Richlist]

At the time, we were looking to buy a large 4 bed house for exactly the same reasons as you. We intended to install one son in one room & let the other three rooms in order to finance the uni costs.....I am going back about 15 years and before the latest HMO rules.

The properties in the area were predominantly Victorian/ Edwardian and we spent an enjoyable weekend property hunting to see what was available.

We quickly came to the conclusion that buying a 100 year old property, 150 miles from home and filling it with students didn't fill us with much confidence. I could see myself continuously travelling backwards & forwards fixing things or spending lots of money paying others to do the same.

The solution turned out to be quite straightforward. Instead of buying a 4 bed house near the uni we spent the same amount on a few smaller properties local to us. The income from those properties paid the uni costs, it grew our portfolio, they were far easier to manage because they were local and the result was the same. Our son found a suitable property to rent through the uni and all ended well.

[Mortitia]

One of my friends bought a 3 bed semi in the university town where her son was due to go from a dad whose daughter had just graduated. They let the 2 other bedrooms to his mates.

All this was done via a local agent so my tip would be to check out agents in the uni area or even advertise to buy in the uni itself and avoid agent's fees .