"It’s important to seek the right advice to decide what is best for you but buying a student home for your child may be a win-win, providing them with pleasant, stress-free accommodation for the duration of their studies and you with a good investment and peace of mind knowing they are safe and secure"
- Emma Millington - Beswicks Legal
A new study, which used housing portals to analyse average house prices over the last year across over 70 university towns and cities, has revealed that Aberdeen is the most affordable university area to buy a home, with Dundee, Paisley, Stoke-on-Trent and Middlesborough making up the top five.
Emma Millington, Conveyancing and Property partner at Beswicks Legal had this to say: “As conveyancers, this is certainly something that we are seeing more of, perhaps triggered by a combination of rocketing rental costs and more competitive mortgage rates becoming available.
“There is a chance the property value could increase during your ownership or it could be used to help your child get his or her foot on the first rung of the housing ladder.
“It’s important to seek the right advice to decide what is best for you but buying a student home for your child may be a win-win, providing them with pleasant, stress-free accommodation for the duration of their studies and you with a good investment and peace of mind knowing they are safe and secure."
Below, Emma provides key tips for parents considering purchasing a student property for their children:
For parents considering purchasing property for their children during university, there are several factors to keep in mind to ensure a smooth process and sound investment.
Look out for properties close to campus or well-connected to the university via reliable public transportation. Proximity to amenities like supermarkets, gyms and healthcare facilities is always good, particularly if you plan to put the property back on the market at a later date.
Think about how the property might serve your family in the future. Could it be repurposed or rented out? Buying a property with this flexibility in mind can make it a more valuable asset in the long term.
If your intention is to keep the property after your child graduates, prioritise areas with strong rental demand. This way, the property can be easily let to other students or professionals, creating a potential income stream for the future.
Opt for properties that are relatively low-maintenance. Apartments or smaller homes with manageable outdoor spaces can reduce the time and costs needed for upkeep. Making sure that the property is already in good condition can save unexpected repair costs down the line.
