Author: Mistoria House Share

As a student there are many different pulls on your finances, and it can sometimes seem difficult to know how to manage your money so that you get through to the end of the academic year without falling in to debt.

Provided by: http://studenttimes.org/.

Learning to manage your money as a student can support you in managing your finances for the rest of your life, so it’s something worth thinking about. What follows is a brief guide covering some of the things to consider as a student, and beyond.

Student Income

For the majority of full-time undergraduate students the main income is likely to be your maintenance loan. Depending on your household income you may also qualify for a maintenance grant and possibly a bursary from your university or college. For part-time students and postgraduate students your income is more likely to be coming from earnings, scholarships or savings. It’s fair to say that most students find they need to take part-time work to meet their financial commitments. Think about whether regular part-time work during term time is necessary for you, and plan ahead to find work. Many universities and students’ unions employ students, and there are also likely to be jobs in the local area, particularly if you are prepared to be flexible in what you do. Have a chat with the Careers Advisers, they might be able to point you towards employment opportunities. If you are going to work during term-time give some consideration to how many hours you can commit to. For some courses 16 hours part-time work is manageable, for some 10 hours would be too many to still allow time for completion of academic work. If you do work, check you are not paying too much tax. Your payslip will give details of your tax code and the advisers at your university or college will be able to help if you have questions. For some students, your parents might be in a position to support you during your studies. Speak to them before you find that you are struggling with your finances. For undergraduate students you might also find that your student loan and grant calculation has been reduced due to your household income. No-one else is going to mention this to your parents, so discuss your finances with them when you receive your loan information.

Student Expenditure

Whether you are in university accommodation, private rented accommodation or living in your own home it is likely your main expenditure will be your rent/mortgage payments and utility bills. Budgeting for this when you first move in can be tricky, but it might be worth speaking to the landlord or previous tenants about likely costs. This will help you to budget more accurately so that you don’t get a shock when the first bill comes through. Try to make a note of what you are spending money on. Don’t worry if you can’t account for every penny, but having a good idea of where your money goes will help you in making cutbacks if you find that is necessary on your student income. Think about one-off and seasonal expenditure as well. Birthdays for family and friends might not involve an expensive gift, but you might plan to go out for a meal/drinks. There are a number of simple things you can do to reduce your expenditure. Many universities are affiliated to the National Union of Students (NUS), and signing up for an NUS Extra card can result in significant savings for you across the year, with many retailers now providing considerable discounts for students. It is also worth checking out events on campus at the start of the year, as there are often discount vouchers and free loyalty cards offered by local businesses. You could also check student publications during the year for vouchers or deals.

Planning

What you need to be aiming for is a situation where the money you have coming in exceeds your expenditure. This will help you to avoid ending up with a large debt that you might struggle to repay. Many universities provide budget planners for students, and also organise budgeting workshops. It might sound boring now to spend an hour thinking about managing your money, but it’s much better than spending sleepless nights worrying about your lack of money if things go wrong. If you don’t want to go to a workshop, why not try keeping a record of your spending across a week. You might be surprised when you look back at where your money is going. Once you have an idea of where your money is going, remember that with a bit of research and planning you can often make considerable savings on everyday items. Look at deals and make a list before doing your shopping, and think about when you will need to travel by public transport so that you can take advantage of advance saver deals. If you know you will need to take cash from a cash machine, plan for this and use a free machine, rather than relying on one in a bar or shop where the charge to withdraw money can be more than £1.50.

Good Vs Bad Debt

There are different kinds of debt, some of which are worse than others. As a student it is often difficult to avoid some forms of debt. These include student loans for maintenance and tuition fees, and interest free bank overdrafts. Speak to the majority of students on your course and it is likely they will have a loan and also a student overdraft through their bank. These debts are often not seen as ‘bad’ debt, and with careful management you can use these funds without finding yourself with unmanageable repayments during your studies or after graduation. There are others forms of debt that you should try to avoid. Taking a credit card or store card when offered to you might seem tempting, but some day you will have to make repayments on anything you spend on the card. Look at the interest rate that will be charged on any purchases. Also avoid unauthorised overdrafts as these too are likely to carry a high interest rate for borrowing. And there are some types of debt that you should avoid no matter what. Seek advice if you are at the stage where you are considering payday loans or using doorstop lenders to enable you to meet your costs to the end of term. The interest rates are often well over 1000% and the repayment terms can be very difficult to manage. Is it worth paying the extra money rather than saving and making your purchase at a later date? Living as a student can be difficult, but trying to stay within your means will certainly make things easier later on.

Seeking Help

If you find that you are struggling with your finances then make an appointment to see a student finance adviser at your institution. You can find the contact details here. Wherever you seek help, remember that there is no need to make your situation worse by paying for financial advice.

Are you coming to study in Manchester or Salford?

Congratulations!

You have chosen a fantastic place for your University years.

Manchester has one of the highest student numbers in Europe and attracts people from around the globe, making it a cosmopolitan and vibrant place to be.

Where to live?

Manchester and Salford have plenty of student accommodation on offer and something to suit everybody’s needs. From luxury private student halls, to shared (HMO) student houses, as well as smaller private student flats – you will find something to suit your needs.

For students studying at one of the Universities in Manchester, Fallowfield is a popular choice because of its many bars, pubs and restaurants. You also have Rusholme, home to the ‘Curry Mile’ with over 70 restaurants and take aways ! Withington is another popular choice for students in Manchester as well as Hulme due to its proximity to the University campuses.

For Students studying in Salford the accommodation available in Charlestown, Lower and Higher Broughton, Pendelton as well as Salford Quays are popular choices.

Where to start?

If you don’t know where to start your property search or you simply feel overwhelmed by the choice, give us a call and we will talk you through the different student lets available for the next academic year. Simply ring us on 0161 312 2544 or email info@mistoriahouseshare.com. Happy house hunting! Your student letting specialist in Salford and Manchester 🙂

Recent years have seen a drastic change in the student accommodation market. The days when a Landlord could buy and rent out a property to Students with second hand furniture and old fashioned carpets are well and truly gone. Students now expect quality, and wise investors realise if they are to stand out in a very competitive rental market they need to make sure the property fits the demands of the modern Student.

In recent times, Manchester has become a market leader with regards to quality with some of the country’s leading Landlords and Property Developers ploughing vast amounts of money into developing Student Pods, Student Apartments and Student HMO Houses to meet the demand of the modern Student.

So, who are these “modern Students” ?

Just like generations before them, the modern Student (generally born after 1990) has their own attitudes, values and quirks. Obviously not everyone fits neatly in a box, but research shows that overall many modern Students belong to a generation that are highly educated, self-confident, technologically savvy and ambitious.

What does this mean for you, the Student Property Investor?

Well, this means that your property should aim to cater to this generation’s needs to become a desirable home for them. Many Students now expect to see flat screen TVs, broadband/wireless internet access (included in the rent) as well as other conveniences such as dishwashers, preferably in a hip, modern kitchen.

One of the most important factors in any property is the Students bedroom where the students will spend most of their time – investing in quality, comfortable furniture that will not only be robust, but will also appeal to this young and expressive generation is very important…….Grandma’s junk drawer hand-me-downs with saggy curtains in the window just doesn`t cut the mustard anymore.

Also bear in mind that any Student, regardless of how big their room is will always fall short when it comes to storage. As a basic rule make sure you provide the following items in each bedroom as a minimum:

• Bed (Double or Three Quarter Beds are expected these days)
• Wardrobe (very important that this is not too small)
• Chest Of Drawers
• Work Desk
• Chair
• Optional extras that will make a difference to the comfort in the bedroom but are not expected:
• Shelving (you can never have too much storage)
• Black Out Blinds (they not only make sleeping easier but blinds tend to make the house look neater internally and externally)
• Wooden/Laminate Flooring (looks modern and is much easier to keep clean, plus it tends to last longer)
• Bed Side Cabinet (most will have had this at home for their alarm clock, pictures etc)
• Mattress Topper (not only provides extra comfort but also adds protection to the mattress)

What are the benefits to you, the Student Landlord ?

In addition to maintaining a higher long term rental value, we have also found that Students tend to treat a refurbished property differently to a property that hasn’t seen a paintbrush in a while. This is mainly due to this generation’s high expectations in regards to how they wish to be treated as a potential “customer”. By offering the Student a product (and of course a management service) that is seen to be of a high quality, the students in return will normally reciprocate and treat your property with respect.

We have found the Modern Student is willing to pay a premium for quality instead of settling for a second-rate, cheaper property. They have been brought up with a desire to have the latest mobile phone, most hi-tech games console or the latest designer clothing, all of which cost a premium.

With purpose-built Student accommodation developments springing up all over Manchester, making sure your property stays competitive and offers students good quality accommodation that is seen as value for money will give you a competitive edge in an ever increasing market.

If you would like any advice or help to become more competitive in the Student accommodation market or would simply like to leave any comments or questions, please do not hesitate to contact us.

When it comes to finding tenants for your buy-to-let, students are a great option given the high rental returns. However, these days they can have quite stringent standards when it comes to interior design and overall standards of fixtures and fittings. As a student landlord here are a few overall things for you to keep in mind when finding student tenants:

Super Speedy Broadband Connection

Being able to link-up with buddies instantly via Twitter, Facebook, Instagram etc is essential to mainstream student social life. Therefore if you’re trying to let a property with a slow broadband or one which is haphazard then ‘game over’ we’re afraid.

Good size communal area

Understandably most students want their own room. But that’s not all. They will also be looking for somewhere in the property to congregate after the pub (for ‘intellectual debate’ of course). This is where the living room or dining kitchen comes into its own. Offering a social area doesn’t just mean your tenants will be happier, but they’ll probably get on better with each other too (provided those ‘debates’ don’t get too heated).

Easy-to-calculate bills/ bills inclusive option

It’s difficult enough trying to work out how much of the grant goes on the kitty for essentials such as milk and toilet roll, but for students to remember to leave aside cash for unexpected gas bills can be well, pretty much impossible. It’s best therefore to add in as much as you can to the monthly rental bill to make it as easy as possible for them to rent your student dig.

Location, location, location

The location of the property falls into the top 3 decision factors for students when choosing their next dig. Make sure the property is close to transport links to the University as well as other local amenities. We all know it’s bad for us but everyone hankers for fast food once in a while – and students probably more than most (too busy ‘studying’ to cook!). In addition, we all need to socialise with our mates in convivial surrounds every now and again – and this is where the pub comes into its own.

A desk and chair in every room

It’s hard enough to study when a bunch of flatmates are heading for the local club in town. But what’s even more difficult is if it has to be done on the bed because there’s no desk. The danger here is that it’s easy to slide down the bed into a lying position and before you know it those ‘Zzzzzzz’s’ are coming thick and fast. And the last thing you want as a student landlord is to lose a tenant because they’ve failed their course exams!

Online vs offline?

Gone are the days when the best way to find a student tenant was by sticking a postcard up in the local corner shop window. Today just about everything for this generation is done online. Students are more likely to see your advert online than anywhere else so get down with the ‘tech’.

If you are a landlord in Manchester or Salford still looking for student tenants, then contact us for help here at Mistoria House Share.

As a student landlord you have several key responsibilities to ensure your property is safe for your student tenants. One of them is your responsibility to check that the boiler and other gas facilities in your student property are in working order and that there is no risk of a leak of poisonous gases such as carbon monoxide. Under the Gas Safety (Installation and Use) Regulations Act 1998 you are therefore required to carry out annual checks by a safe registered engineer. All registered engineers must carry ID cards with them that identify which appliances they are qualified to work on.

GAS SAFETY (INSTALLATION AND USE) REGULATIONS 1998

The Gas Safety Regulations 1998 specifically deal with installation, maintenance and use of gas appliances, fittings and flues in domestic and certain commercial premises. They place duties on landlords to ensure that gas appliances, fittings and flues provided for tenants’ use are safe.

WHAT TYPE OF PROPERTY IS COVERED?

The duties generally apply to appliances and flues in relevant premises, that is those occupied for residential purposes under either a license, a tenancy agreement for a set term or a lease as defined in the Regulations.

WHAT ARE MY MAIN DUTIES AS A LANDLORD?

As a landlord you are required to:

• Ensure gas fittings and flues are maintained in a safe condition
• Ensure an Annual Safety Check is carried out on each gas appliance/ flue. Before any new tenancy starts, you must make sure that checks have been carried out within one year before the start of the tenancy date, unless the appliances in the property have been installed less than 12 months in which case they should be checked within 12 months of their installation date
• Have all installation, maintenance and safety checks carried out by a gas safety registered gas installer
• Keep a record of each safety check for 2 years
• Issue a copy of the safety check record to each existing tenant within 28 days of the check being completed, or to any new tenant before they move in.

For further useful tips and information visit www.gassaferegister.co.uk.

Alternatively, we can take all the hassle away from you and arrange for your annual landlord gas safety certificate (LGSC) to be carried out if you appoint us as your managing agent.

Just e-mail info@mistoriahouseshare.com for further information.

 

If you are a student landlord (or any other, for that matter) and your property is in Manchester or its surrounds, then you should certainly be aware of the council`s plans to grow the number of ‘good landlords’.

Officials plan to do this by rewarding those Manchester landlords they deem ‘fair and exemplary` by giving them tax breaks on their property. Now, no landlord is going to turn their nose up at that! The council`s plan, of course, is to rid the city of slum landlords once and for all.

Not only will the ‘bad landlords’ be refused a tax break, but they will also be out of pocket – thanks to a maximum fine of up to £20,000 if the council`s officials get their way.

Personally we definitely feel it`s no bad thing – after all who wants their student son or daughter to have to live in rooms which affect their health due to dampness, noise or by posing a fire risk? In addition, a city`s reputation can stick so it`s better all round for every landlord in Manchester if the city is seen as a good place to rent property in.

Is the new planned legislation enforceable?

The council says the areas they will initially be targeting are residential flats with shops and other commercial premises underneath. However, officials admit they will only be able to administer their plans to give the ‘good landlords’ a break if the government agrees to let them to keep the money they collect in fines from the dodgy landlords (not so much a case of ‘robbing the rich to give to the poor’ but rather ‘taking from the bad to give to the good’).

Manchester councillors insist they should be allowed to keep the money under the terms of the Devolution Agreement – a document signed with the Chancellor of the Exchequer George Osborne in recent months.

Manchester council shuns Selective Licensing

Council officials are confident they can force slum landlords to clean up their act (and their property – even although it goes against the government`s preferred method of ridding the streets. They prefer the idea of Selective Licensing (SL) and it`s a route already favoured by councils such as those in Salford, Liverpool, Blackpool and London. SL results in landlords in the targeting of particular areas. Those with a concentration of poor landlords are being forced to pay a license fee. This can go as high as £800 in some cases but the average is £500 over five years. If a property falls below what is deemed as acceptable standards the landlord could be fined up to £20,000.

Student properties in Manchester

Meanwhile, Manchester has seen the number of student properties multiply within the last decade. In fact there are around 55,000 new buy-to-lets in the city and surrounds since 2002. At the moment approximately 50,000 students attend the city`s three universities.

According to property site Zoopla the average student property yield two years ago was 5.8 per cent and happily for landlords, demand was still far outstripping supply. Recent statistics released by banking group HSBC showed that nine months ago the yield had increased to a much more impressive 7.98 per cent with one in five properties in the city now owned privately by a landlord.

Yields were higher, the report said, because rental demand was still high amongst the student population and single professionals in their 20s and 30s. In fact, Manchester came second only to Southampton in a high yield table (the latter boasting average yields of 8.73 per cent. In Manchester the average property was valued at £104,244 with the average rent £693.

So how is your student property yield doing? For help and advice with renting to students get in touch with us here at Mistoria House Share. We`re only ever a phone call away.

Living in student accommodation? Below are some pointers to help you stay safe in your student pad.

• Check you always lock the property’s main entrance door to your student Haus.
• Close all windows when you’re not home.
• Winter’s here, and with it, long, dark days. It’s easy enough for anybody to peak in your pad from the outside if you leave curtains/ blinds open and lights are on. Be cautious about what you let outsiders see about what’s going inside your student home.
• Don’t become an obvious target by leaving stuff on display for by-passers to spot, especially when it’s expensive gadgets, i.e. phones, laptops, TV’s, etc.
• Don’t attract attention to your student house by i.e. being noisy when you’re all going for a night out and the cab is pulling up. This may make your student house an obvious target to burglars.
• Consider if insurance specifically tailored to student accommodation is an option for you/ your flatmates.
• Be cautious of your surroundings and overall sensible at what times and in what manner you come home, i.e. try not to come home (intoxicated) alone at night. Instead you could make arrangements with friends or share a cab. At least make arrangements with someone in your student digz who knows where you are.

The above isn’t an extensive list of do and don’ts and only a guideline. Be sensible. And if you ever feel unsafe, you can contact the local Police or Mistoria House Share.

We want you to be safe. We want you to have a great time during your years as a student at University filled with positive experiences.

Live Love University Life.

Damp can be a major problem in student properties across the country. The damp is usually caused by excessive condensation which is due to the amount of moisture in the air.

With multiple occupants sharing the property and taking showers, cooking and drying clothes in the property every day, the moisture levels in the property can lead to damp and mould. As the days are getting colder, most students will keep their doors and windows shut, and fresh air can’t easily replace this water-laden air.

Additionally, B&Q website says “When humid air comes into contact with a cold surface, it cools and condenses – depositing droplets of water. In cold weather, the temperature of your external walls and windows is lower than the air indoors – so moisture will condense and run down your window panes, and into your wallpaper and plaster.”

So, what can you do to avoid damp & mould in your student accommodation?

Damp is not pleasant for anybody and it can pose a health risk to you and your housemates. To avoid damp in your student property you can take the following steps:

• Ensure you air out your room every morning for at least 20 minutes even when it is cold outside. This will ensure circulation of air in your property.
• When cooking, open the window in the kitchen or use the cooker hood to get rid of condensation.
• Air out the bathroom after taking a shower to let the moisture leave the room.Open your curtains/ blinds when it is sunny outside. The natural sunlight will heat up your room.
• Do not dry clothes on the radiators in the house. This is not only a fire hazard but is also one of the biggest causes of mould problems.
• Use your heating! We understand you are a) either on a budget if you don’t have a bills inclusive package or b) your bills inclusive package comes with a cap rate. Either way, make best use of the timer on your boiler. We recommend you set it for 1 hour in the morning, then again around lunch time, early afternoon and then again in the evening. This will consistently keep the property warm without overheating it and then needing to open all windows and therefore wasting energy. It will also keep your energy bills low and is definitely more environmentally friendly than keeping the boiler on 24/7.

If you start to see the first signs of black mould, it can be cleaned away using a bleach solution or specific mould spray (please ensure caution when using bleach. Ensure eyes and skin is covered). Make sure the cloth used is disposed of afterwards to avoid further contamination.

The longer the mould is left the worse it will get.

If you are concerned at all and the mould is spreading, you may want to contact your landlord or letting agent to take a look.

We hope you found this read useful and it will help you avoid mould in your student accommodation

You have finally handed in your last assignments and you are getting ready to leave for the Easter holidays! But before you take off make sure you have checked your student property one last time to ensure you have left it in a secure state. We have put together a quick checklist to help you do just that:

• Ensure all of your windows and doors are locked.
• Close your blinds and curtains shut so no one can look in from the outside.
• Don’t let mail pile up as it will be an indicator that the house has been left empty for a while. You could ask a trusted neighbour or friend to retrieve your mail and paper for you when you’re gone.
• Turn off the boiler to save energy whilst you are away.
• Pay your bills. Avoid any late fees by paying your utility bills before you leave your student accommodation or bring them with you to pay whilst you are away.
• Take out the rubbish one last time or you may find yourself having new “household pets” when you come back after a 3 week Easter break.
• Protect your valuables. Don’t leave any valuables where they can be seen the outside. Store them away safely, maybe even take an inventory with pictures of your possessions. This will be helpful to the police and insurance company in the worst-case scenario.
• Check your appliances one last time. Have you unplugged everything? Make sure appliances like your dishwasher or washing machine are not running.
• And lastly set your burglar alarm if you have one 🙂

If you’re still searching for your ideal student accommodation for the next academic year, check out our available student housing now, or give us a call on 0161 312 2544.

Dear Landlord,

The Smoke and Carbon Monoxide Alarm (England) Regulations 2015 have been approved by parliament and will come into force as planned on 1 October 2015. The regulations require private rented sector landlords, from 1 October 2015, to have:

• at least one smoke alarm installed on every storey of their rental property which is used as living accommodation, and
• a carbon monoxide alarm in any room used as living accommodation where solid fuel is used.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/462026/Explan_book_Landlords.pdf

The requirements will be enforced by local authorities who can impose a fine of up to £5,000 where a landlord fails to comply with a remedial notice.

Who is responsible for checking the required alarms are in working order?

The regulations require landlords to ensure alarms are installed in their properties with effect from 1 October 2015. After that the landlord must ensure all alarms are in working order at the start of each new tenancy.

After the landlord`s test on the first day of the tenancy, tenants should take responsibility for their own safety and test all alarms regularly to make sure they are in working order.

Testing monthly is generally considered an appropriate frequency for smoke alarms. If tenants find that their alarm(s) are not in working order during the tenancy, they are advised to arrange the replacement of the batteries or the alarm itself with the relevant landlord.

Is there a ‘grace’ period for landlords?

No. Landlords are expected to be compliant from 1 October 2015. There will be no grace period after this date to install the required alarms.

What type of alarm should be installed?

The regulations do not stipulate the type of alarms (such as hard wired or battery powered) to be installed. Landlords should make an informed decision and choose the best alarms for their properties and tenants.

We advise for all landlords to make arrangements in time for the 1 st October. We can assist you in meeting the new regulations by getting a carbon monoxide detector supplied & fitted @ £35 each.

Could you please let us know by Monday, 28th September if this arrangement suits you and we will get the order booked in for you or alternatively please confirm you are making arrangements on your end.

Thanks

Mistoria House Share