Those seeking student accommodation 'should have references'
Those seeking student accommodation 'should have references'
When people are seeking student accommodation in Bristol and elsewhere, they should be asked for references, it has been claimed.
Writing in the Daily Telegraph, James Vaughan suggested that buy-to-let investors may be making a mistake if they fail to get such evidence before agreeing to rent out a room or flat.
The expert recommended that bank statements of prospective tenants should also be checked.
When landlords do not get such assurances, problems can mount up
He also noted that when people buy property with the purpose of letting it out, they do not have to go for a residence in the area in which they live.
For example, an investor based in London could put money into student accommodation in Bristol if this had better potential.
He remarked: "It is more important to identify an area where there is demand for the kind of property you can afford to buy and where the kind of rent you can charge will make the project financially viable. If you are going to employ a letting agent to do the day-to-day running of the property, it doesn't matter if you live one mile away or 100 miles away."
Also it pays to "make friends" Mr Vaughan noted. He claimed that the best research for those buying student accommodation in Bristol or any other form of buy-to-let real estate is done on the phone.
While not everyone will be helpful, some will and this can have a huge impact on the success of such a venture.
Buy-to-let investments have been rising in popularity in the UK for many years and now there are a considerable number of people who own more than one property for the purposes of generating income.
Given the controversy surrounding pensions at present, some see it as a preferable means of saving for their retirement.