Measures to Reduce the Pitfalls of Letting Student Properties
In this article, certain measures are suggested to be adopted by you to reduce the disadvantages of letting your home as UK student accommodations. If you follow them, there are only little chances of failure.
When a potential student tenant wants to take on rent your home, ask him to provide you with the recommendation letter from the college or university. The effect of this measure is that student will avoid to create any nuisance or to make any default or damage to the student properties. He is now responsible to the university as well for his inadequacies.
When student tenants move in your property brief them with the details of their responsibilities as a tenant. Provide them information over the student properties and what they are required to do to maintain your property and not to cause damage to your house. Inform them about the services and facilities available to them. Instruct them to avoid creating nuisance in the neighborhood.
Most of the time, it is the parents who gives the guarantee of their children as student tenant. The student can not provide you with the reference to guarantee the payment of rent and performance of their legal duties as can be provided by any other tenant. Because the students are usually first time renters so they are also unavailable with the history of previous tenancies. However, it is better to ask them for provision of guarantor, so as to secure your property and money.
If UK student accommodation is shared by multiple numbers of students, then make sure your rent is payable in full even if one of them left the tenancy. You may insert a clause to this effect in your tenancy agreement. You can make responsible the student tenants to find another tenant in place of the student who left the tenancy or else the remaining student have to bear the burden of rental price payable by the student so left.
When the tenants move in the student properties, don’t forget to prepare inventory of all the things provided in the house from furniture and furnishings to electric and gas appliances. Also note down the condition of the property structure, its walls, etc. It is better to take the pictures and keep them with you and also supply the copy of these pictures to the tenants. Your tenants are under obligation to maintain the property in the same way as they find it on the day they move in. If any damage is done to the property due to the negligence of the tenants, the amount spent on repairs will be deducted from the deposit money.
Adopting these measures will lessen the chances of any danger to your property and rental incomes. On the whole renting out your property to students is a profitable business. They are trustworthy and sensible tenants not likely to cause any danger to your property. Since there are fewer options for them to live in, halls of residence are heavily occupied and their choice is an area that is near to the college or university. When they found such an area they tend to compromise over the facilities provided in your UK student accommodation.
Jessi Ashley - About Author:
Jessi Ashley is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on www.Greenlet.co.uk, please visit Greenlet Edinburgh.
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