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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, 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.
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 TDS Charitable Foundation awards funding to organisations that meet the Foundation’s aims of promoting knowledge of landlords’ obligations and tenants’ rights & responsibilities. In 2017/18 it awarded over £135,000 to 13 different organisations.
Since it was founded in 2014, the TDS Charitable Foundation has awarded over £460,000 to organisations across England, Wales and Northern Ireland. The Foundation is funded by donations from The Dispute Service (TDS), the leading Tenancy Deposit Protection scheme which operates on a not-for-profit basis across the UK.
While the TDS Charitable Foundation funds the reports, Kate retains editorial control and the opinions expressed in the report do not necessarily reflect the views of TDS or the TDS Charitable Foundation. The report is available to read online here: http://tdsfoundation.org.uk/wp-content/uploads/2019/04/Student-Accom-Report-11-Final.pdf
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