Is it time to consider student digs?

STUDENT accommodation is one of the most stressful and expensive aspects of sending a child to college and is something that’s becoming ever more difficult to source. In recent years the influx of student complexes and house sharing minimised the trend once known as ‘student digs’. But circumstances dictate and this might be about to change.

The whole question of older couples ‘ downsizing’ their property has become a major topic of debate in recent years. Older couples who suddenly found themselves with more room to spare, given that children have all left the nest, were tempted to sell in favour of smaller houses. However, leaving a family home after a lifetime of memories - simply because you suddenly find yourself with more room - is not as appealing or practical as it sounds.

But one way of circumnavigating the vacant room impasse is to provide student digs. This will not only generate extra revenue, but will also help enliven the home again. In 2000, figures showed 10 percent of students stayed in digs, but this dropped to 2 percent by 2006. The recent shortage of student accommodation, coupled with people who find themselves with empty properties, might just be a double-sided solution to both dilemmas.

It’s estimated that letting a room to a student can generate income upwards of €14,000 a year depending on proximity and quality of accommodation. Such extra income would help take a nice slice off your mortgage over a four year term.

You also get to set the rules, which may include the proviso the student returns home at weekends. Student campus accommodation is becoming ever more expensive, while the student digs model will suit some students more than they think. Why? Digs are a better place to study and offer a retreat from student life whenever needs be. They’re also good news for parents as the homeowner can give important feedback as to how the student is coping with the transition of leaving home. Some digs have become ‘a home away from home’ for countless students over the years.

It could be time to start considering again the function of student digs, which may end up being a win-win for student and property owners.