If your son or daughter is heading off to university, you may be thinking about their accommodation. With student rents averaging nearly £7,000 a year, you may also want to help financially. For some parents, the solution is to buy a property for their child to live in while studying and possibly to rent spare rooms to fellow students. But is this a good idea?
‘It really depends on your personal circumstances, and what you want to achieve,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘Investing in a property in a university town could free your child from any accommodation worries while they are studying. However, you will find there is a lot to consider before you buy, and while you have students as tenants.’
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