If you have a second home or property that you don’t use, you’ve likely considered selling it. While there’s nothing to say you can’t sell up whenever you want, you can in fact make more money by renting your property out.
If you live in a city with a large student population, you’ve got a potentially lucrative market at your fingertips. As students move into the city for the start of a new academic year, hundreds of them will be looking for places to stay. Check out this guide and learn how you can turn your property into student accommodation.
Pick the Right Flooring
Students have a bit of a reputation for being messy and a little too fond of parties. For this reason, the floor in your student accommodation is going to need to be simultaneously affordable, durable, and easy to clean.
If you think that sounds like an impossible combination, think again. Vinyl click flooring is the perfect choice for student accommodation. It’s affordable, robust, easily installed and maintained, and, as an added bonus, looks absolutely fantastic.
The Property Will Need Furnished
Many students famously live on a threadbare budget. As a result, you cannot expect them to have the funds necessary to fully furnish a home. You’re going to need to provide the basics if you want to convert your home into suitable student accommodation.
You’re going to need to provide white goods like a fridge, a freezer, and a washing machine. As well as tables, chairs, beds, and a sofa. There’s no need to go all out and splash the cash, but don’t get the cheapest possible products, as these could break easily and leave you covering the cost of a repair or replacement.
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Create an Inventory and Take Pictures
Once you have converted your property, you should take a detailed inventory before you open the doors to students. Take note of everything you have and include this list as part of the tenancy agreement. This will prevent any disputes further down the line.
Remember to take lots of photographs too. Snap a picture of everything, including all furniture, walls, doors, and floors. This way, should any damage occur, you’ll have proof that the damage wasn’t there to begin with.
Ensure Your Property is Safe
Renting your property out to anyone is a big responsibility. If someone were to get injured, you could be liable for the damage should it be the result of negligence on your part.
Before renting your property out to students, it’s absolutely crucial that you ensure it is safe and that it will not pose a threat or hazard to the occupants.
Your property should be fire safe and should have a fire extinguisher and fire blanket on the premises. There should also be several accessible fire escape routes that allow occupants to exit the property quickly and safely.
All gas and electrical systems should be in good working order too. Have these checked over and certified by a professional before you rent out your property.
Get the Correct Authorisation
Converting your property and renting it out as student accommodation can be a potentially lucrative venture. However, it’s not simply a case of advertising your property to new students and moving them in straight away.
You’re going to need to go through the proper channels and get the correct authorisation to rent out student accommodation. This can involve holding a licence and undergoing background checks, depending on the protocols followed by your local authority, so always check this ahead of time.
Turning your property into student accommodation can be a fantastic decision. However, there are a number of things to think about first. Use this guide to learn everything you need to know before you proceed.