Landlords insurance may be used to cover renovated buildings in university towns if buy to let investors take the advice of one expert.
Stephanie Sowerby, marketing director at FreshStart Living, argued disused buildings are ideal for student accommodation, for which there is great demand.
She explained developing these properties is cost effective and could be easier than conducting construction work elsewhere, as councils may be more inclined to provide planning permission for brownfield sites.
“There is a huge demand [for such properties] from investors because of the return on investment potential that is offered,” the specialist stated, noting there is a shortage of housing for students in city centres.
Ms Sowerby added this situation is being intensified by universities selling their living spaces to save cash after their funding was cut by the government, meaning private investors are seeing even greater numbers of scholars needing a place to stay.
Landlords leasing real estate to this demographic may be interesting in joining a new scheme set up by Accommodation for Students and Unipol, for which accredits property that is up to a certain standard.
Get a buy-to-let property insurance quote today from Simple Landlords Insurance.
Posted by Luella Ravelin