When you clearly understand your own goals, capabilities and risk appetite you will be able to say no to the wrong deals and yes to the right ones. This is especially true for newer investors.

You can buy the best student property in the world, but if it’s in an area not favoured by students you may well struggle to let it. The insight of those with local knowledge is essential.

Don’t overpay, but remember it’s better to pay the going rate for a great property than to get a bad one on the cheap. Many investors turn quality deals down because they aren’t enough of a ‘bargain’ only to regret it years later when the property has gained significant value. Good student accommodation is very rarely available ‘below market value’.

It’s critical to grasp what a property will truly cost to buy over and above the purchase price, how much you will realistically have to spend to renovate it to a sufficient standard, and what income you’ll actually receive after tax and all running costs. Sadly, some vendors and/or agents misrepresent the true income and expenditure, or balk at the request to disclose all the relevant numbers. If they do, it’s probably because they’re trying to hide something.

Every student HMO must meet minimum safety and amenity standards and have the correct planning permission and licences in place. Without this, you can’t legally let it out, and could be liable to very hefty fines for non-compliance.

Students want high-quality well-equipped places to live. Failure to provide this will lower the rent you’ll be able to charge, and increase your maintenance bills. They also greatly value quick responses when they report issues with their accommodation. If they get this from you, expect your reputation to benefit from word of mouth recommendations.

Without the time and expertise to market and manage your property, you’ll need a professional letting agent to ensure your properties stay fully let, and well maintained so that you can enjoy a hassle-free reliable income. A good agent will advise you of work you should consider doing to maximise your properties’ value, such as refitting the kitchen, adding another bedroom, upgrading the furniture etc, and offer to organise and project manage these works if required.

If you can’t convincingly explain why you would own a property for 10 years, it’s probably substandard and you should avoid owning it at all.

If an asset has no secondary market or is hard to sell at a good price (e.g. poorly located properties, single room in a PBSA), you’re best avoiding it altogether.