A keen eye in the property market may lead one to purchase accommodations located near universities, given that there will be a huge appetite for students to rent resulting in consistent enquiries for potential tenants.
Depending on the locale, you also hold the strings for potentially lucrative rentals too and as with most student let properties it’s always best to let on a HMO basis.
However given this prudence a student HMO property does not come without its negatives. Obviously, most students are only going to be occupying in term time, so there may be periods where the property is completely unoccupied!
Depending on how lucky you are with the students you have, general up keep of the property may be minimal, so don’t be too extravagant with the furnishing!
Given the nature of students your property may be of course, prone to student parties! So possible cause of accidental damage claims on your insurance is something you will have to make relevant procedures to avoid!
We’re of course painting a bad picture of what to expect should things go wrong however in most cases student lets tend to run very well, with minimal problems.
An annual consideration of course is your insurance requirements for the property. Insuring a HMO requires a specialist given that most of the normal let property providers do not insure properties with multiple tenancy agreements (which are not flats) so considering a provider with the appetite and knowledge to place these types of risks will be on your agenda.
Then you have to make sure that not only can the provider in question insure a HMO property, but also offer you competitive terms! It’s all well and good having someone who can accommodate your needs, but less convenient when they quote you the earth! Well thankfully Goldcrest specialise in the arrangement of HMO insurance for all tenant types, inclusive of students and market leading rates with several insurers, including multinational A Rated insurers.
So when your student let HMO property insurance falls due, give the team at Goldcrest a call.
