Students in the UK and other parts of the world need accommodation whenever they start to attend college or university. Aside from choosing a good school, students should carefully consider the type of accommodation they’re going to have as this can affect their entire student life. If you want to fill this demand and earn a profit, consider investing in student accommodation. This is an excellent source of passive income while providing help to students.
Property investing can be rewarding, but certain strategies should be followed first. Here’s some UK student accommodation advice to help you out:
1. Location Is Everything
Once you decide to invest in student accommodation, you’ll be bombarded with countless options. The same remains true regardless if you’re eyeing to invest in the UK or other countries. To help you narrow down your search, consider the location. Most students would look at the location of the accommodation before deciding whether or not they should rent the space. Investing in a cheap apartment that’s located in the middle of nowhere without any access to public transportation won’t gain you any tenants and profit.
To ensure that your investment will not become stale in the real estate market, consider the tips below when choosing a location:
- Work with real estate agents who deal with student accommodation in your area. Ask which locations are ideal for students and which are not. Their experience and skills will make it easier for you to choose a location that suits your target audience.
- The location should also be accessible to colleges and universities. Most students report to class early, so an apartment or pad that will require less travel time is always a better option for them.
- If possible, the location you choose should also be accessible to malls, convenience stores, and libraries. Keep in mind that students will usually need to relieve themselves from stress.
2. Don’t Forget To Check The Safety Of The Area
For you to become a successful real estate investor, you shouldn’t only think about profit. Earning money is vital as this is probably one of the reasons why you’re interested in investing in student accommodation, but your decisions shouldn’t be motivated with the desire to earn only. For you to thrive in the real estate industry, you should also think about the safety of your future tenants. Aside from the location, safety is one of the most important deciding factors for students and parents in choosing accommodation. No one would like to rent a place that will require them to lose sleep every night because they are worried about the safety of their valuables and their own lives.
Make sure that your future tenants will not be stressed out by these issues by carefully checking the safety of the area you’re eyeing to invest in. You can do this by visiting the area at different times of the day to check the activities of the neighborhood. Take the time to visit the local police stations nearby to determine the crime rate of the area as well. The safer the property is, the easier it’ll be for you to attract tenants and earn a profit. You’ll be able to utilize your property longer if the area is safe, too. You don’t want your investment to be damaged by burglars or become the subject of vandalism, right?
3. Carefully Consider The Apartment Layout
Students will not only sleep in their apartments. Once they start to live on their own, their apartment can become their training ground to become independent. This is the time of their life when they have to prepare meals on their own, understand the importance of personal space, and foster healthy relationships with their peers. The layout of the apartment is vital as this can affect a student’s opportunity to do all of these things.
Contrary to popular belief, students won’t be able to afford to pay for pizzas or take-away food throughout the entire school year. These kinds of food might be convenient and fast, but ultimately, these can be very expensive in the long run. When investing in student accommodation, make sure that you provide a clean and reasonable-sized kitchen. It should allow all of your tenants to prepare and store food. If possible, this kitchen should also have basic appliances such as a stove and fridge.
Make Careful Decisions
Just like any other type of investment, property investment also comes with several risks. For you to attain success in the industry, weigh the pros and cons of every decision you make. You should never make any rash choives as this can only do more harm than good.