Property expert Dominic Arnold on student lets

In a world of low-borrowing costs and high-rental yields for those lucky enough to have spare cash for deposits to purchase property (and good income history to secure buy-to-let mortgages) now is a good time to buy houses for rental income.

Traditionally, the most lucrative income of the rental markets is in student lets, particularly in Brighton where throughout term time you can be almost guaranteed a keen audience; moreover, as we’re fortunate enough to live in such a desirable area students often choose to stay here throughout the Christmas, summer and Easter holidays rather than give up their rented rooms or houses; which means few void periods for landlords.

We’re often asked to prepare houses for letting to students. This can sometimes mean a very quick lick of paint and the provision of basic amenities to, more often recently, full refurbishments of dilapidated houses, bought at auction by discerning entrepreneurs keen to maximise the return on their investment.

“These refurbishments usually require very basic, functional fittings, designed to stand up to frequent use”

These refurbishments usually require very basic, functional fittings that are designed to stand up to frequent use but not necessarily be the most pretty or stylish. There isn’t much point in specifying a Grohe-equipped bathroom for a student house, the cost of which will eat into the all-too-important bottom line.

There are a wide selection of firms who can supply good quality but economic kitchens, bathrooms and storage solutions that will stand up to years of use but won’t necessarily be the most aesthetically pleasing.

Here are a few basic tips to ensure you’re maximising your profit while providing adequate fixtures and fittings:
• Avoid real timber worktops: you’ll never get a house full of students to prevent unwiped water from staining them let alone expecting your tenants to oil it four times a year. There are some really excellent composite or laminate versions at less than £20 a linear metre that are easily replaced if anything untoward should happen.

• Try to avoid installing showers with concealed valves or pans (toilets) with concealed cisterns. These items are a nightmare to repair when they go wrong and can lead to ripping out tiles just to see where the pipes and gubbins might be leaking. Concealed valves, even the expensive ones, are notorious for failing shortly after their warranty runs out. Close-couple pans and surface-mounted valves are perfectly acceptable and will ensure any required maintenance can be carried out very quickly.

• Try to provide as much built-in alcove storage as you can afford to have made. Also a basic kit of vacuum cleaner, mop and bucket, broom and dustpan etc will ensure at least the most conscientious member of the household will be able to keep the place clean. And don’t forget to provide a place to store that kit too. Under the stairs (if you’ve not already provided an under stairs loo) is a great place to store such items.

For advice on preparing a house for students lets get in touch with a reputable local refurbishment firm or a builder of similar standing and remember that your goal is not trying to make a house beautiful to impress but to ensure the property provides a long-term income stream with as few void periods as possible.

Dominic Arnold
Dad to three, husband to one, MD of Cocoon Property Ltd, Brighton:
specialising in full-house refurbishments, eco-retrofit, loft conversions, kitchen extensions (side returns), interior design and condensation control.
01273 556800
www.cocoonproperty.co.uk