Selly Oak in south Brum is filled with restaurants and takeaway, fun bars, shops, and what’s more, it’s just a stone’s throw from the University of Birmingham campus down the Bristol Road. Whether it’s heading down the Dilshad for a curry, popping down to Aldi or Sainsbury’s to do some shopping, going for a drink at the Bristol Pear, watching cricket at Edgbaston, doing some studying at the university library or playing on the state-of-the-art on campus sports facilities, there’s plenty of things for students to do in and around Selly Oak.
Times are tough, but being a student landlord can be a robust long-term investment if you get it right and do your homework. Here we explore getting a buy to let in Selly Oak and the perks of becoming a landlord in this student corner of the second city.
How many students live in SO?
Approximately 10,000 students live in Selly Oak alone, with many living in shared HMOs. What does this mean? Well, it means that if you want to get a buy to let there, you will still face competition from other landlords and property investors.
How can you make your property student-friendly?
Be sure to get ahead and ensure the property is well adapted for students. Game consoles, magazines for young adults, comfy sofas, and installing useful household appliances like dishwashers and washing machines, including such additions for tenants could help your buy to let quickly become a magnet for students.
Why is S O such a thriving student community?
Alongside having a Nando’s and some top bars, Selly Oak is such a bustling student hub largely because of its convenient location. Just a 3 mile drive or a 10 minutes train journey, and you find yourself in Birmingham City Centre, where there’s always something to do and events taking place.
If your prospective tenants want to be at the heart of it all living the student life in Birmingham and your property is nicely presented and well maintained, they will snap it up and you should have a nice reliable rental income coming in.
Remember, it’s not just students from the University of Birmingham that will be drawn to living in Selly Oak. BCU and Aston University are just a few miles away in central Brum, and you will also attract student tenants from there. Birmingham as a whole is home to 80,000 students!
How much does property in the area cost on average?
The price of property nationally goes up and down year after year, and the same happens in Selly Oak. Of course, a lot depends on the size and condition of the property you decide to buy. Is it terraced? Semi-detached or detached? A studio flat? 2 or 3 bedrooms? 4+ bedrooms? A large number of the HMO student properties in Selly Oak are terraced houses. The average cost of a freehold terraced property in the Selly Oak area at the moment is £272,745.
Deciding whether investing in a buy to let in a student area such as Selly Oak is right or not for you will depend on your own personal financial situation. Have a think. Will you take out a standard mortgage or a buy to let one? Could it be a cushty nest egg that you could pass on to your family?
Renting to students isn’t all that bad
Becoming a student landlord can mean you have access to a constant stream of income from regular tenants. Looking to buy somewhere with a fair few bedrooms? Being a HMO landlord and renting to multiple student tenants can increase your yield if you get it right.
Student tenants aren’t all that terrible as renters. Many are respectful and leave your property in good condition. It may not be as pristine as it was when you first let it to them, but you have to be reasonable and allow for fair wear and tear as a student landlord.
Just remember that covering your back for all eventualities as a student landlord is always important. If your buy to let property in Selly Oak is your main financial asset and fallback, do all you can to protect it. A way you can ensure this is by taking out a landlord insurance policy which is comprehensive and specialised.
Looking to grow your property portfolio and have something as a backup for when you are a bit older? Investing in a property in Selly Oak that you can let to students year upon year is a wise move.
