Unless you have a specific buy-to-let mortgage, then you should
check with your lender. You may be in breach of the conditions of
the loan if you do not have their permission. Often they just
charge a small administration fee to allow letting but sometimes
they will refuse permission or impose a punitive interest
level.
As a Regulated firm of surveyors, we are one of the few letting
agents in Edinburgh who can provide a qualified opinion on the
rental value of your property.
Your existing provider of building insurance may allow you to
rent out your property with advance notice, or you may have to
change policy or provider. Cover will vary and some will provide
extra cover against unpaid rent or accidental damage by
tenants.
Remember that building insurance may not cover carpets or other
contents and you may need separate contents cover. There are lots
of insurance companies that provide varying levels of cover. Clan
Gordon cannot advise you on insurance of a property to let in
Edinburgh, but we can recommend a few companies to approach.
Check any personal tax implications
This is a complex area and specific to each landlord of course.
There are some clear issues to consider.
Will I make a profit?
- What counts as capital expenditure?
- What can I offset as costs against income?
- Is mortgage interest allowed as a cost?
- Will I be classed as a Non Resident Landlord - see HMRC website for more
information
Clan Gordon can give some advice on this but may have to refer
you to a tax specialist.
Consider the condition of the property
Renovating a property and keeping it in good condition, or
providing good furnishings, can increase the achievable rent level.
Have a look at some of our renovations
and the uplifts in rental value achieved when letting in
Edinburgh.
You will also attract better tenants who are more likely to pay
their rent on time and cause less wear and tear on your property
and contents.
© Clan Gordon Limited 2012