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Blog >> Benefits Of Buy To Let?
Benefits Of Buy To Let? Benefits Of Buy To Let?
Benefits of Buy-to-let

Looking to jump on the buy-to-let bandwagon? Why not consider purchasing a property suitable for HMO, fill it with students and watch the money flood in and the property gain value!

This year the number of applications to university made through UCAS was a record 592,290. Manchester alone has over 85,000 students, with University of Manchester having the highest student population in the UK at 37,925! As you can see from our blog ‘Halls vs Private’, students still prefer to live in private accommodation rather than take the risk of student hall. Here’s what you need to know if you want to maximise your chances of attracting students.

Research the area

There are 3 universities in the Manchester area, University of Manchester, Manchester Metropolitan University and Salford University, so you need to look for properties that are reasonably close to one or all of these. Popular areas in Manchester for student living are: Levenshulme, Rusholme, Withenshaw, Withington, Salford, Victoria Park, Fallowfield and Chorlton.

Check Local Authority Housing Restrictions

Due to the potential noise pollution and littering that students can bring to an area, some Local Authorities have imposed restrictions on the number of HMOs allowed in an area. By enacting Article 4 Direction under the General Development Order, landlords are restricted from converting some properties into HMOs. It is essential, therefore, that you thoroughly research the area and any legislation affecting that area before you purchase property.

Do Your HMO Homework

In order to be a landlord of a House in Multiple Occupancy, you must obtain a HMO licence from the Local Authority. The Housing Act 2004 introduced the licensing of Houses in Multiple Occupation. The purpose of the licence is to ensure that Landlords and/or their managing agents are ‘good and proper’ and that the property is fit for occupation. Failure to obtain a HMO licence carries a fine of up to £20,000.

If you’re interested in buying a property with a view to renting it, do your research. Buy-to-let can be very profitable if you avoid the pitfalls and there’s plenty of property available through auction which would be perfect for student accommodation.

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