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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

AIBU to consider buying a student flat on the seaside to use for holidays in Aug?

65 replies

tashka · 22/01/2018 12:25

Hi everyone

I am a single mum with a toddler, I have a decent job and saved a bit of money and I am considering the idea of buying a 2-bedroom flat somewhere on the English seaside near a university, so that I can rent it to students during the year (to cover mortgage) and then use it as a holiday flat for myself and my DD in August.

What do people think about the idea in general? So far I can only see the positives - provided I can get something within walking distance to the beach and rent it to students during the year, I can save all that money on summer holiday rent! I have been going on holidays in June and September previously, but my DD will start school nursery soon and the prices in August seem extraordinary - twice as much!

OP posts:

Didntcomeheretofuckspiders · 22/01/2018 12:27

My experience of student flats is that you might not want to take a small child anywhere near them so you’d have to be VERY careful about who you rented to but it could work out really well?

FlawlessFuckup · 22/01/2018 12:29

Things that spring to my mind:

Which seaside towns have a lot of students?
Can you afford to pay the mortgage if it doesn't let?
How will you cover the maintenance?

listsandbudgets · 22/01/2018 12:31

This could work but you'd need to make your contracts very clear. Some students want to stay all year round. My neice for example, has a part time job to keep up with her costs so basically spends what is effectively annual leave with her parents and the rest of the time in her university town working so as to keep her job.

Post grads will also tend to want somewhere they can use all year round.

However not a bad idea in theory, you just need to ensure you're very clear about the agreement

whatalicedidnext · 22/01/2018 12:31

Most student lets start from July 1st so if you start later you might find you are in demand as it saves them cash but also less popular because they can't stay there if they have a summer job in their uni town.

44PumpLane · 22/01/2018 12:33

Other than first years at uni halls you typically find uni students take full year lets.

If you are expecting them out over the holidays you'd have to provide 10 month leases (which would be irritating to most as who wants to move after 10 months and I can't imagine you'd get much interest)!

Christmastree43 · 22/01/2018 12:35

I think you quite often need to spend July/ August mucking out: repairing/ at least repainting student accom. Would you have time to do that and still get a holiday?

littlepeas · 22/01/2018 12:35

My friend has a student house she lets out - she spends most of August sorting it out for the next bunch of students, plus she is often called in to sort out minor issues throughout the year (I once went with her when the tenants thought there was something terribly wrong with the electrics - they needed to flip a switch in the fuse box, we had to show them how to do it......).

stickytoffeevodka · 22/01/2018 12:35

What if you can't rent it out? Can you afford to cover the mortgage? And if you can rent it out, can you afford the letting agent fees, all the maintenance, and to recoup the costs of potential damage that goes beyond the deposit?

I don't really think buying a property to let out is a good idea unless you have the money to cover the mortgage (and more) without the rent money, and you know all your legal responsibilities as landlord.

Lots of people fall into being accidental landlords and going by the threads on here, they don't know what their rights and responsibilities are, and often get caught out. Fine if you know what you're doing and it's your "profession" to an extent, but otherwise...are you sure it's worth the risk?

t00manytears · 22/01/2018 12:36

You're assuming all students go home in the summer holidays. I think that's certainly more likely for the younger ones/first years but not as they get older.

A long time ago, but I remember having a blast in the summer holidays staying in rented student digs with friends. I certainly didn't want to go home!

stickytoffeevodka · 22/01/2018 12:37

And yes, what about cleaning and sorting out between lets? If you want the property available in August, are you happy to spend most of your summer break doing things like painting, cleaning carpets and any basic DIY so it's ready to re-let in September?

user1471454440 · 22/01/2018 12:37

When I was a student people would have loved a 10 month rent if they were planning on going home for the summer holidays, most people I knew hated that we had to pay for a place we weren't actually using for 2 months!

Original poster

tashka · 22/01/2018 12:38

thanks so much everyone! lots of things to think about...

OP posts:

GinIsIn · 22/01/2018 12:38

Most students take a full year lease and would most probably want to renew consecutively for their years at the university.

littlepeas · 22/01/2018 12:41

I think it's a fairly high maintenance group to let to - I just remembered another incident where a student accidentally locked himself in his room and my friend's dh had to go and break the door down! The house I went into with her was absolutely filthy, really really disgusting - they will not treat your property well. That's ok in my friend's situation, but if you actually want to use it as a home in the summer, these things may bother you.

Beeinthecity · 22/01/2018 12:43

You need to bear in mind that you won't be able to just hire and leave it.
Anything breaks or needs fixing or replacing or the roof leaks or the boiler goes you will have to sort it out.

Then you have to face the reality that it might be a shit tip in August and you might have to spend time cleaning and repairing.

Hippee · 22/01/2018 12:52

My aunt and uncle did this in Bangor, North Wales. We had lots of lovely summer holidays within easy reach of Anglesey and Snowdonia. We did have to deal with a maggot infested fridge once, after the students switched off the fridge without checking the freezer compartment was empty (chicken).

grannytomine · 22/01/2018 12:54

I think lets vary round the country, where my DD went to uni it was standard to do 11 month lets, so September to July and August was for any maintenance.

Sounds like a good idea to me.

grannytomine · 22/01/2018 12:55

Just thinking about it and my 4 kids always left places clean and tidy as they wanted their deposits back. Their friends were the same. Hopefully you would have tenants that left it clean.

whiskyowl · 22/01/2018 12:56

It's true that some students will want to stay year-round, but like everything else it's a market. Reduce the rent a bit, and you may find it's easier to get a 9-month let.

I think a larger issue will be maintenance. Students can be a messy bunch (not all, but some).

BitOutOfPractice · 22/01/2018 12:58

I think it sounds like a GREAT idea! I'd have a chat with some letting agents in the town to see what the lie of the land is. It might be worth using one of them to manage the let if you're not going to be nearby

Bluelady · 22/01/2018 13:00

Having just taken back possession of a tenanted property I wouldn't even think about it.

Viviennemary · 22/01/2018 13:00

There's a few things to take into consideration. Will you need to pay a letting agent. Any profit will be taxed. You may be liable for the Council Tax when the students aren't actually occupying it and you are. I don't think I'd be keen to let to students. But lots of people do.

blueskyinmarch · 22/01/2018 13:01

My DD1 stayed in her student flat for 3 years. She would not have taken a flat she needed to move out of every summer. DD2 is staying on in her student flat for her last year. I don't think many students would take on a flat if they had to move out after term ended. Most like their flat to do them until they leave unless they have issues with it.

Eliza9917 · 22/01/2018 13:02

FlawlessFuckup Mon 22-Jan-18 12:29:11
Things that spring to my mind:

1. Which seaside towns have a lot of students?
2. Can you afford to pay the mortgage if it doesn't let?
3. How will you cover the maintenance?

Margate/Broadstairs might work for Canterbury.

PickleFish · 22/01/2018 13:02

and will you want your holidays in the same place forever? Since you probably will have to go there to do the maintenance, cleaning, redecoration every August. And you might resent not being able to go somewhere else for a change because of that, even if you do get free rent that month.

Maybe you can look into renting student accommodation for yourself (though i don't know if that works with a child), as some universities let out student rooms in the summer holidays - how many in seaside towns, I don't know, but might be some! And it could be cheaper than private accommodation.

Or house swaps - do you live anywhere (or at least nearish to somewhere) that people might want to come for a holiday? That could be another less expensive way of going somewhere in August.

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