Student accommodation opinion

[Delvin3964]

Hi,

I currently invest in a 7 bedroom house with two toilets and two bathroom.

My plan is to rent out individual room to student with electricity, gas, water and broadband included at around $130-150 fully furnished. All rooms are decent size.

The property is located near to uni and tafe, the train is just at door step.

This is in SA.

I am going to manage it myself as I live two streets away.

Has anyone got any thoughts on these or anyone done this?

I need some advice.

Thanks in advance!

 

[Tulamalula]

I can't help much but I think a starting point would be to get familiar with the tenancy laws in SA.

 

[Elliotte]

How many people in SA before it is a boarding house or rooming house? Better check - do you want to do it legally or not? Legally you'll need insurances, fire safety, registration blah blah.

 

[Jen_PFR]

I would find a very good house cleaner - maybe a local lady who is looking for some hours on a casual basis - and get her in on a weekly (or no less than fortnightly) basis. If you increase your rental rate by $10-$20 per student this will pay for it, and she should manage to keep the filth to acceptable levels. You can also say that housekeeping is included in the rental cost in your advertising.

 

[Delvin3964]

Thanks for the advice Jen

This is a good point as well at least it is clean every week.

 

[wylie]

Jen's point is good, but Elliotte's point is the crucial one...

 

[Delvin3964]

I actually thinking to divide the house into two unit where I can rent out individual unit which makes it easier to manage.

The downfall of doing this is the cost and also it might not be legal if I do it like this.

I am not sure if the council allow me to divide a house into two under one title.

This is in Marion Council, anyone out there have done something similar or got some advice that you can contribute?

Delvin

 

[marg4000]

Sounds as if your best course of action would be to have a meeting with the relevant council department to find out exactly what you can and cannot do legally.
Marg

 

[Scott No Mates]

Regardless of which LGA, two units will require complete fire separation.

 

[Delvin3964]

Thanks Scott,

I know about that as well, that's why the cost is high which makes me very hard to make a decision.

 

[Stackhat14]

Hi Elliot,

Great hearing of your success! I am in the process of looking into purchasing a boarding house and am in need to speak to a good finance guy. Who did you get finance through? if you could post their details i'd love to pick their brain?