Is it cheaper to buy or rent if you’re a student?

8:30am Tuesday 11th September 2007

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THOUSANDS of 18-year-olds across Britain are preparing to move out of home for the first time as they set off to university this autumn. For the students it will be their first real taste of freedom, away from the prying eyes of parents.

But for mothers and fathers, sending your child off to university is not only an emotional wrench, but weighs extremely heavy on the family purse.

As well as the recently introduced tuition fees, one of the largest burdens is ensuring your child has somewhere clean, safe and reasonably priced to live. For a lot of students home for the first year or two will be halls of residence. But if the college or university doesn't offer this facility, or there are no places left, many parents will be faced with finding alternative accommodation for their child to stay - which can often be a lot more expensive.

Malvern student Sabrina Egerton is off to London this autumn to take up a place at a dance school. Her parents will have to fork out £90 a week to pay for her accommodation.

"We are fortunate that, because Sabrina won a scholarship, we don't have tuition fees on top of the accommodation fees," said Sabrina's mother Christine Egerton.

"Sabrina will be living at a place called Hylem Hostel, which is run by a charity specifically for students moving to London. The £90 a week will pay for her bed, breakfast, supper and cleaning costs, and we will have to fund this out of our wages. It is so expensive these days sending your child to university but you want to ensure that you can find them somewhere appropriate to live and know that they will be OK."

Eighteen-year-old Sabrina, a former Alice Ottley school pupil and Worcester Operatic and Dramatic Society Youth Section member, will start at the Millennium Dance 2000 school in Hampstead, London, this autumn. She will spend two years at the Hylem property, amounting to more than £5,000 in rent, plus for her final year she will have to find alternative accommodation.

With the ever-rising cost of property, parents are now being urged to put that rent money to better use - by buying a property.

Mrs Egerton, of Hall Green, said they had considered buying a property for their daughter to live in. However, prices were too expensive in London.

"Buying a property would seem the sensible option this day and age - if you can afford it," she said. "Living fees for students are so expensive. Investing in a property would be an excellent thing to do, but for many families it will just not be possible to afford."

According to Bryant Homes, buying a property in a university town can provide a 16.5 per cent yield over a three-year period.

Kevin Belsham, sales and marketing director for Taylor Wimpey, Bryant Homes' parent company, said: "We are seeing an increasing number of parents recognising the advantages of investing in a second property for their child to live in at university.

"As well as saving thousands of pounds in rent and providing long-term return on investment, parents will know their children are living somewhere safe. New homes also offer a number of other benefits as they are low maintenance, come with modern, brand new appliances and promote lower monthly bills due to high energy efficiency ratings.

"We have launched www.bryant.co.uk/parentplus, which aims to provide parents with all the information they need regarding buying a new home near their child's university."

Visitors to www.bryant.co.uk/ parentplus will be able to search all Bryant's new homes developments in close proximity to universities all over the country.

RENTING? THEN FOLLOW OUR HANDY GUIDE

IF you can't afford to buy, and like the Egertons, are planning to find your child rented accommodation, here are a few handy tips:

1. Make sure the house is in a habitable condition and ensure that the gas and electricity works.

2. Security should be of maximum importance so locks should be in place especially to your own room.

3. As you are going to be on a tight budget, it is a good idea to make sure that bills are included in the house rent - but this cannot always be the case.

4. If anything is agreed upon in a verbal agreement, ensure that it is confirmed in a written agreement as both are legally binding.

5. If you are living solely with the owner of a property then in legal terms you are not a tenant and do not need to sign a contract, but if you are sharing a house with students, then you can have either a joint tenancy or a shared tenancy.

Tenant's Responsibilities Pay rent and utilities according to rental agreement.

Maintain the premises in sanitary condition.

Dispose of garbage properly.

Pay for fumigation of infestations caused by the tenant.

Properly use and maintain all electrical, gas, heating, plumbing, and other appliances provided by the landlord.

Do not cause intentional or careless damage to the dwelling.

Do not permit waste' (substantial damage to the property) or nuisance' (such as a dog barking all night) to persist.

Upon moving out, restore the premises to the same condition as when the tenant moved in, aside from normal wear and tear.

Follow all written agreements in the lease or any other signed documents.

Landlord's Responsibilities Maintain and repair the premises to comply with housing codes and regulations.

Provide adequate locks and keys.

Maintain structural components of the dwelling (roofs, floors, walls, fireplaces).

Maintain electrical, plumbing, heating, and other appliances in good working order.

Keep the premises in reasonably weather-tight condition.

Control infestations by insects, rodents, and other pests before the tenant moves in. The landlord must continue to control infestations except in a house or when the problem was caused by the tenant.

In apartments, studios, or any dwellings excluding houses, the landlord must provide rubbish bins.

Keep common areas such as lobbies, stairways and halls reasonably clean.