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Student Properties - Size/Finance
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17-07-2012, 07:59 AM
 Post: #1 |
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Student Properties - Size/Finance
My first post on new site, some small feedback the site isn't very compatible with ipad browsing, and in fact it was impossible to post a new thread, Ive come on the computer for the first time in a while!
We have made an offer on a property which would be a very straightforward conversion to an 11 bed student property. It was previously sheltered accommodation for a housing association, and as such alot of the HMO regs have already been dealt with (fire doors, linked smokes etc). What is concerning us is a) is 11 bedrooms to big for a single student property (we have other student properties in the city, but a maximum of 5 beds) and b) what sort of finance options would be available on completion for this size/type of property. We would be able to purchase and renovate the building using our own funds assuming it could be refinanced fairly quickly. The rental income would be around 35k from students, or perhaps 40k from bedsit arrangement, but we would prefer the student route and the location lends itself to this. Any guidance greatly appreciated. 
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17-07-2012, 09:55 AM
Post: #2 |
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RE: Student Properties - Size/Finance
Are you expecting the students to put together 11 people to rent on a single AST or are you going to find each individual tenant?
If 11 people are sharing a home there is a great chance of problems. Cliques can form, one rotten apple can destroy the chemistry, etc. I am not sure there is an optimal number. I am just saying a larger group is harder to manage. Depending on how you arrange things it might be easier for sub groups or individuals to largely ignore others in the building. Will there be more than one kitchen and duplicate appliances? If there is more than one kitchen will they be on different floors or different ends of the property? Yes, I am thinking the layout can magnify problems or be a tool to reduce the problems. John Corey 
Follow me on Twitter-> www.twitter.com/john_corey
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17-07-2012, 08:50 PM
Post: #3 |
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RE: Student Properties - Size/Finance
You wont find a BTL lender to do this but commercial lenders will. You just need to be an experienced landlord. They have no 6 month rule either, so as soon as you have finished the refurb you can apply to refinance
Kevin Wright 07889 526979 kevinwright@thinkpositive.co.uk
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