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In a new report commissioned by the TDS Charitable Foundation, property expert Kate Faulkner provides advice for parents of students weighing up their accommodation options.Kate, who runs Propertychecklists.com and consultancy Designs on Property, and also hosts Property Tribes' First Time Buyer Tribe, analyses the costs and benefits of a range of accommodation options available to parents of students, including buying to rent and renting bespoke student accommodation.In the report, Kate warns parents not to take the decision to become a landlord lightly, highlighting the financial implications and more than 400 rules and regulations they could be subject to.The report is part of a 12-part series commissioned by the TDS Charitable Foundation, designed to educate and raise standards within the private rented sector.Kate said:“With tuition fees for some universities topping £9,000 per year before living costs, higher education can leave graduates with average debts of £49,800, according to the Institute for Fiscal Studies.“Parents naturally want the best for their children, and often try to support them by minimising the burden of accommodation costs, but the options available to do so can be unclear. The cost of specialist student accommodation has rocketed in recent years, but the price rises do not necessarily reflect an improvement in living conditions.“Parents who have the financial means may consider purchasing a property for at least the duration of their child’s undergraduate studies, renting out any spare bedrooms to fund the mortgage. Those who do take this option, however, need to be aware of the responsibility they are taking on. “Not only in terms of financial and tax considerations, but would-be landlords need to understand the complex legal framework in which they are operating, if they are to rent out spare rooms legally.“Even for those with the financial ability to purchase a property for their child to use while studying, it isn’t always the right choice. This guide aims to help equip parents with the tools to make the right decision for them and their child.” The report is available to read online >>> here. SEE ALSO - Beware! Pitfalls of Student Property InvestmentUP NEXT - To what standard are you doing student lets?DON'T MISS - Student market decline?NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
In the report, Kate warns parents not to take the decision to become a landlord lightly, highlighting the financial implications and more than 400 rules and regulations they could be subject to.
> Would it be possible to link to the website that lists these 400+ rules and regulations?
Still waiting on those 400+ rules and regulations that very few are aware of?
Just like driving on the roads, there are probably many more than 400+ rules yet how many know of them, yet millions are driving on the roads?
Please stop the scare tactics in future reports!
I am not sure who you are asking for this information? Kate or Property Tribes?I am only aware of circa 180 government statutes and regulations myself.
Well it's Kates report and you posted it up, but having stated you only know of 180, perhaps Kate could link us to the other 220+ as I'm sure I'm not the only one unaware of this?
I don't believe that there is any one place where they are all curated.
So there's no way of Kate proving her claim then.
Ok, I'm out on this one, I think I've made my point. I've got 400 things I need to go and do now!
That's not really fair. Kate is on holiday and I'm not going to disturb her over this. I for one don't appreciate you questioning her credibility over such a minor matter when she does so much for the private rented sector! I will forward this to her on her return from holiday or you can contact TDS yourself and ask for verification if it is a matter of such importance to you.
Very interesting read Vanessa! Interesting to see that this is an option for parents of students, very well made points from Kate.
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