Contrary to popular belief, university towns aren’t just for students. These student hotspots attract people who do not desire to affiliate with the institute themselves for various reasons, some of the most popular being the nightlife, the diversity, the educational opportunities, and the demand for property.
With the latter being one of the most popular reasons, many homeowners have converted their houses into student accommodation due to the high demand, more extended rental periods, and high yields.
Yet, with over 30,000 purpose-built student housing opportunities built in the previous year, how do you make your property stand out? Especially if it’s located in a heavily populated student town like Portsmouth, where the competition can be fierce. To help you answer this question, we outline some tips in our guide below:
Get Licensed
Typically, students will live in bunches of three to five people; due to this, if you’re planning on converting your house into a uni house, it might be considered a House in Multiple Occupations (HMO). If this is the case, you might find that you’ll need to obtain a license before you can start accepting tenants.
If you require a license, you might be subject to checks to ensure your property meets specific standards before renting. This may include anything from fire security checks and regulations about locks on bedroom doors and many more. Find out if you will be subjected to these checks and if a license will be required by contacting your local authority, who can advise you further.
Look At Student Housing In Your Area
One of the best ways to ensure that your property is turned into a desirable uni house is by comparing other student housing options in the area to yours. Consider what might influence a student to pick another property over yours, yet don’t forget what makes your property stand out, as this will be your main selling point.
One way you can do this is by contacting or visiting the websites of leading student accommodation providers like Student Cribs. Not only can you see and compare other student houses in Portsmouth, but you can see refurb examples and even gain insightful advice that could help you in your conversion journey. Consider visiting their website to find out more today.
Give The Property A Facelift
One of the many mistakes student landlords make is assuming that students aren’t overly fussy and that they won’t care about the property not being state-of-the-art. While in some cases this is partially true, students are entitled to a certain quality of living, so despite what you may have been told previously, yes, they will care if the hallway light switch doesn’t work or if the paint is peeling.
So long as the property is clean, well-presented and liveable, you’ll find that interest will be generated much quicker, and you’ll be more likely to make a good return on your investment.
Although this might eat into your budget a little more, ensuring your tenants are satisfied is worth the hassle.
[AR1]What does this mean? Don’t think this makes sense
[AR2]Should be “one way” not “another” as no previous suggestion has been made
[AR3]Remove sentence as we do spec out properties highly