Utilizing University Locations For Investment
Owning properties near universities tend to be a popular investment for several reasons.
• They are nearly always let all year round because of the need to live near to the university
• Property values increase because education is one thing that does not seem to change even during economic downturns because there never is enough spaces at universities anyway and therefore properties near universities are always in demand
• No other university is going to be built nearby so therefore your ‘client base’ won’t be drawn away to another area
Refurbishing to suit rental needs
A way to get increased rental when you own a property near a university is to set your investment property up in such a way that you can let it to several students who all have their own independence for study.
University accommodation needs study areas which could mean that you need bigger bedrooms. This could just mean reworking the property to suit. Perhaps by combining a couple of smaller rooms for a bedroom and study area per student would be the ideal set up. If the house is big enough you can often set it up to have four students per house.
The idea is to calculate your rent for the year then charge that rent over the 9 months university year. If the students want to stay on for the other 3 months of the year then their rent is paid for. Overseas students are generally very good because they are supported by their parents and they have an obligation to succeed, which means that generally speaking there are not so many parties, group meetings and the like.
Also another tip is to get students who are in their 3rd and 4th years because if they have got that far with their studies they are usually more committed to succeed than just attending university to have a good time as so many of the first year students tend to be.
Filed Under: Property Investment Tips • Renovations
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