The number of students going to College is increasing more than ever. Not all Colleges have on-campus housing. Even if they do, they are quite often only for the first year students. So then it becomes the time to look for somewhere off campus to live. This happens year after year. So there are always students going to be looking for somewhere to live while they study. In recent years, investing in student property has become a fast growing business. It can certainly be a lucrative investment if it is done right. So here are some reasons why it might be for you.
When you are renting out to students, you can charge per room. If you are renting out to a family, you only charge for the property as a whole. So you are making more money with students in the property than anyone else. You can charge what will sound like a good deal to the students, as they will pay individually. But when you add it all up, it will more than over any mortgage costs for you, as well as providing you with an income stream. Student accommodation can yield around 10% each year. Normal buying to let properties usually only average about 6%. So it is certainly something to look into, for that reason alone. So check out prices in your local student area and work out what the yield could be. Looking at properties from EntwistleGreen.co.uk could be a good place to start, as well as the college’s website.
Anyone Can Do It
Provided that you have a way to finance the property, and have a way to keep up with the maintenance, you can invest. You do become someone’s landlord, so there is time taken up with all of that. However, you can have an agency cover that for you if needed. There would be fees involved, but it takes some pressure off you. It goes to illustrate the point, though, that anyone can invest. You don’t have to give up your job to do it either. You can run this alongside any other work commitments. It is just a great way to bring in an extra stream of income, as well as some solid investments; the properties!
If you decide to invest in student properties, it can be a relatively hassle-free investment. There are contracts signed by the students as well as countersignatories and guarantors. So you know that for a year, or however long the contract is, that you will be getting money coming in. So it makes it easy to plan and deal with other investments. There are the on-going issues with maintenance, but they come with any home. If you are concerned about students causing damage to the property, you can put things in their contracts. Then if they do cause any damage, they will be liable to pay. So it doesn’t have to all be costly and come out of your pocket.
In business, presentation is everything. Your customers will be encouraged to deal with you if you give a perception of professionalism. A permanent office solution fills that requirement for many people and can be a gamechanger in starting dialogue with a client or closing a deal. Presenting yourself in the best light possible allows your customers to see you in the best light possible. You need them to have the best image of your organisation in their minds from the beginning. And that begins with your office space – click here to learn more about virtual office spaces.
Boost your Corporate Identity
Elevating your brand in the eyes of your clients and your competitors is critical to the longevity and success of your business. Virtual offices improve the efficiency of your business and therefore, enhance the customer experience. With a virtual office, you will have a physical mailing address and telephone number which can be used in all of your business correspondence. This allows you to easily lift your corporate identity to a new level. Your business can now be located at a prestigious location in the city, without the high costs usually associated with being in that part of town.
Improving the Customer Experience
A virtual office can allow you access to services that otherwise might be out of reach. Office furniture, boardroom facilities and technology such as fax and video conferencing may all be included in the virtual office space. However, even more important to the customer experience, is the possibility of having virtual staff. A receptionist will answer your calls, giving your company a very professional and polished image. This allows your customers to speak with someone right away and for you to get back to them in a timely manner. You will quickly find how much more efficient this is compared with being your own secretary as is the case for so many business owners.
Facilities such as a board room also go along way to increasing the customer experience. They can meet you at a convenient location in the heart of the city without having to travel to and find your home. They can meet you in the right environment for discussing business and get right down to it with no messing around. Your clients will appreciate this level of professionalism as it saves them time in their own busy day.
Telephone and Postal Services
As we mentioned earlier, some virtual offices will come with a receptionist service. This goes much further than to just help you look like a professional. From your customer’s perspective, this means always being able to reach your office, even when you are not available. They will at least have made contact with your office and will know that the issue is being handled. It’s a personal service which means they are not being greeted by a recorded greeting which can be infuriating when you are the customer trying to make an enquiry or resolve an issue.
Keep Your Customers Happy
Customer satisfaction is key to the success of any business, big or small. And the better you take care of your customers, the more they will come back again and again, and furthermore, recommend your services to others. By using a virtual office you can make huge strides in keeping your customers satisfied, ensure they are being treated well and are dealing with real people. You can provide them a professional, well-kept location to come and do business with you, letting them know that you value their custom. A virtual office will give you the opportunity to improve the overall customer experience resulting in your business becoming even more successful.
If you did your homework before diving straight into your business, you’ll know that you can count your raw material expenses in your tax deductions. However, this is just one facet in the large and complex world of tax law. You may not know it, but many of these laws are subject to different interpretations, and you can deduct almost any cost that contributes directly to the success of your business. Here are a few deductions you didn’t know about before.
First of all, insurance deductions. The insurance you have on both your car and home can be partially deducted from your business income. However, you’ll only be able to claim these when you actually use your car and home for business purposes. When you’re filing your returns, it’s essential that you document how you use both of these in the context of your business. For example, if you use one room in your home as a designated office, the precise area of that room has to be recorded. If your home office is fifteen percent of the square footage of your entire home, then fifteen percent of your home insurance can be deducted from your taxable income. Tax law experts like Joe Callahan at MCC4Tax are constantly reminding their clients of these deductions, so make sure you’re looking for them the first time around!
Travel deductions are another valuable deduction which many business owners fail to take advantage of. Even if you take a trip that isn’t 100% for business purposes, the cost of it can still be tax deductible. For example, if you were visiting family and do the odd freelance travel writing job, you can deduct the whole trip so long as you generated some income from the article. Or, if you happened to be in an area and met one of your clients for a meal, you can legitimately deduct your travel costs from the trip. The important thing, just like insurance deductions, is to document how and when you served your business in your travels. It’s also important that the income outweighs the deduction you’re planning to claim.
Finally, loan interest deductions. For all their brilliant ideas, many inexperienced entrepreneurs don’t know that their loan interest is deductible. If you have some kind of line of credit for your small business, then the interest on this account may also be deductible, depending on the business’s annual income. The interest tied to large student loans may also be deducted if your income qualifies. Even the interest on auto loans can be deductible depending on your circumstances. As you can imagine, the different tax regulations tied to each of these loans can get pretty complex and hard to understand. To ensure you’re saving as much as possible, talk to a professional advisor like Victoria Abramov at Berdon about the loan interest you may be able to deduct. It could save you a small fortune!
There you have just a handful of deductions some business owners aren’t aware of. Do some thorough research, and don’t lose out!