Are you renting out your property for the first time to students? If so, we want to help you make sure your property is prepared to be rented out to students. In this article we will look at what a landlord who is renting to students needs to know, while if you have previously let out a property you may already be aware of most of this some parts may differ when you are renting to students. Want to contact the team at Coversure Sheffield to talk about your landlord insurance? Give us a call on 0114 438 3282 or click here to send us an email.

Get The Right Property

If you already have your property skip this part, if you haven’t there are a few things you need to consider when purchasing a property that is going to be let out to students. Of course, location is a big factor as it will need to be near enough to the university for the students to walk or bike to, but what else is there to consider?



Price – you don’t want a property you will lose money on and you need to be able to make money whilst maintaining a price range a student can afford, so think carefully how much you will want to spend on your property and how much rent you’ll charge.

Transport routes – while your property may be in the perfect location for students to get to the university, you will also need to consider family members from out of town and how easy it is for the tenants to get to a train station or a bus station to travel to their family’s home. Having limited travel routes to return to any family they have outside of Sheffield can be a put off for students, who may look for more convenient locations.

Local amenities – an important aspect of student life is the local area; does it have a nearby supermarket or a shop they can buy food? You will want a property that is in walking distance of a supermarket and maybe even within walking distance of pubs and nightclubs, but not too near that they will get all the noise. Finding that perfect balance could be the difference between being a student’s first-choice property or their consolation.



Furnishings

When renting to students you will want to furnish your property, most students will not want to spend money on sofas and the such, only for them to end up in their parent’s garage after their education. Therefore they’ll look for a property that already has the basics, here are a few things you may want to include:



Chairs/Sofas

Beds

Kitchen Appliances

White Goods

Fully Equipped Bathroom

Desks/Tables

Storage Units

Vacuum Cleaner/Iron Boards/Cleaning Items

Bedroom Locks

Wireless Router



While there may be other items you want to include to entice tenants, such as a television, the above are just some of the things you may want to consider, of course you may not want to include some of these, but whatever you include make sure it is clear to any possible tenants what is included in their rental agreement.

External Storage

For some students some external storage could be critical, especially if they use a bicycle to get around Sheffield. So, having some kind of external storage could prove to be important for students and to help protect their bicycles or other possessions.

Insurance

While all of the above helps you with tenants, you need to also make sure you have the correct insurance in place. Being away from the property for a length of time and letting students into your property can have their own risks, from your building needing a repair or your contents needing to be replaced, the correct landlords’ insurance policy will keep you protected.

To help you get the right insurance feel free to contact the team at Coversure Sheffield and we can discuss what insurance cover you need, we will tailor the cover around you to make sure you are not paying for any cover you don’t require.

Get In Touch

We hope you have found the above useful, if you have any questions regarding your property owners’ insurance, or if you want a free no-obligation quote, you can contact the Coversure Sheffield team on 0114 438 3282 or click here to send us an email.