Acting as a landlord can be a tough job. Despite employing a vetting process, bad tenants can often seep through the cracks and give you a tough time, perhaps causing you financial damage. This won’t happen often, but it’s something every landlord fears. That’s why the ultimate goal of most landlords is to develop relationships with tenants that have staying power, perhaps for years, as this allows a trusting connection to bloom.
However, renting to students could be considered even more difficult than this. Why? Well, of course students are often very young, together, have an interest in partying and alcohol, and will at most stay in your property for around two years. Also, coming from dorm culture, they may not have trained too well in the art of property maintenance before they arrive at your doors. Also, it’s important to consider that these students often aren’t on any vetting list. This means you cannot distinguish between a good and bad tenant in advance.
There are a few methods of ensuring you can limit any potential difficulty here, however. This allows you to potentially cover yourself financially and legally to the best of your ability. The advice for achieving such aims is as follows:
When setting up a rental home for students, you likely invest in some quality home maintenance services. You may hire a removal service to remove litter from your garden, or call professional kitchen fitters to ensure the new rentals enjoy a freshly refurbished environment. While you may not update your home as dramatically as this from week to week, it’s not difficult to assume that from letting to letting, a landlord will invest a little in his property. All this hard work, planning and financial investment should not be impeded against for little reason. In fact, it’s essential for a landlord to EXPECT these issues to crop up, because they’ll be more prepared for it in advance.
But what issues are possible? Well, multiple. We all know just how messy students can be. This is often proven by the fact we were once students. Some are fantastic, but some cannot understand how to wash dishes, or simply do not want to. Some students have been coddled by their parents for some time, and so coming fresh out of the dorm at a tender nineteen years of age may still mean they’re inept at looking after their environment. We all know what parties and vast amounts of alcohol can bring in the younger generations. Damage.
Now, this is quite a damning way to look at students. Again, this isn’t to paint everyone with a bad brush. But when writing up a contract with your property agents, it’s important to keep in mind this possibility. Taking photographs before and after your letting can help you prove damage that’s taken place, helping you make a claim against a security deposit taken at the start of a year. Infrequent inspections can also ensure you keep an eye on your property, but remember to inform them with at least twenty-four hours notice beforehand, depending on the rental law of your country.
Unfortunately, issues do occur. You might notice a horrific stain in the living room, something you’re not sure if you want to identify. You may find your stair banister broken from an impromptu drunk cartwheel at the top of the stairs. It might be a harmless leak that may have happened anyway in your second floor bathroom. Cleaning up trouble is often an inconvenience, so it pays to associate yourself with excellent services you can rely on, and build a relationship with. For example, using Carpet Expert services for deep cleaning, using local electricians and tradesmen you can trust for quick and reliable services, and associating yourself with twenty four hour services such as locksmiths or plumbers can help you attend to an emergency if needed.
Meet those hoping to let your properties. It’s not hard to do, and it can really give you a glimpse into the sort of personalities you’re letting to. While your property agent will help you do most of the work, they often aren’t in the business of giving value judgements to your clients as long as they pay. While you may ascertain the use of a parental guarantor, or perhaps they have good references, there’s nothing quite as effective as using your landlord instinct when letting to new people. It may help you push for certain tenants, or discourage an accepted application here or there. Either way, you can make a more informed decision if you simply show up, even for five minutes during the property viewing.
With these simple steps and precautions, renting to students is sure to remain a positive experience for you.