Becoming a student landlord can be both a positive and a profitable venture, but only if you do it properly. When you're planning on renting to students, it pays to be prepared. If you're a landlord new to student lets, and you want to ensure that your newest endeavour is a success, here is some essential advice to help you on your journey, from tips on purchasing a suitable property to advice for finding your first tenants.
Do Your Research First
It's important to contemplate the complexity and hard work involved in managing a property business. Like any commercial endeavour, the general rules of running and marketing an enterprise apply. You will be required to invest time and capital in coming to understand your customers and then providing them with the products and services they desire at a viable price. Managing a profitable student letting business is a yellow brick road to riches: uncertain; fraught with dangers; and a lot harder to travel than it might first look. After hours, you'll need to familiarise yourself over and over with the ever mutable laws on tenancies and letting, and complete your accounts and tax returns.
