Budgeting for your lettings property
Before you begin your search it is important to have a clear idea of what you can afford to spend on rent each month. In addition to your monthly rent, you will also have to consider the following expenses:
As a tenant you will be responsible for setting up and paying the gas and electricity bills. The cost for this will vary depending upon the type of property and your individual usage.
- Council tax
Tenants are also responsible for paying council tax for the property. Online property listings should contain the council tax band, this can also be checked via the Scottish Assessors Association website.
Students are eligible to apply for exception of council tax payments. Similarly, there is a 25% discount available for those aged over eighteen and living alone. See here for further details and to apply online.
Your landlord will cover the costs of buildings insurance, however, tenants are responsible for contents insurance to insure their personal belongings. Contents insurance is required for both furnished and unfurnished lettings properties.
In addition to your monthly rent, you will also have to pay a one off security deposit at the beginning of your tenancy. This will be held in a government approved tenancy deposit scheme; we use SafeDeposits Scotland.
At Clan Gordon all of our tenancies are dependent upon a security deposit of one month’s rent plus £200 being received. A larger deposit is required for HMO properties.
The average rent levels for Edinburgh lettings properties are currently [Source CityLets]:
Rent levels for Edinburgh lettings properties will vary depending upon location, property type and condition.
Where to look for the right property
Now that you know the price range that you are looking within it is easier to make a shortlist of suitable properties using online property portals such as; Rightmove, Zoopla, CityLets, PrimeLocation and LettingWeb.
At Clan Gordon all of our new properties are uploaded onto our website, this list changes daily so be sure to keep an eye out for updates. If you Contact Us with your details and search criteria we can also keep you updated via text on any new properties that may be suitable.
When making a shortlist of potential rental properties you should consider what factors are important to you in terms of your new home, for example:
If you are moving to Edinburgh for the first time it is worth doing some research into where you want to live. Each area – from Leith to Bruntsfeild, and Marchmont to Stockbridge – have unique local benefits, the best way to get to know any area is to go there and walk around. Edinburgh has a good transport system, including both bus and tram networks, so most areas are easily accessible. See here for details of the extensive bus network across Edinburgh.
- Furnished or unfurnished
In Edinburgh there is a range of furnished and unfurnished lettings properties available. See here for a list of what is typically included in furnished and unfurnished properties. This list can vary so it is always best to clarify what is included to ensure that a property meets your needs before you arrange a viewing.
If parking is a requirement you should make sure that any property you are interested in provides either off street, on street or permit parking. Information on parking availability is usually included in the property description.
Increase your chances by moving quickly
The Edinburgh lettings market is notoriously fast paced and is showing no sign of slowing down, particularly when it comes to securing a one or two bedroom property. It is essential that you are ready to move quickly when the right property comes along, in order to do this you should:
- Sign up for property alerts
All of the main property portals have alert services where you can sign up using your email address and receive regular updates of available properties matching your criteria.
- Arrange a viewing as soon as you see the property listed
Some letting agents hold a limited number of viewings for each property as they know that the property will let quickly. Increase your chances of securing a particular property by being one of the first to see it.
Also, try to make sure that everyone who wants to see the property is at the initial viewing. Arranging multiple viewings for flatmates on different dates and times will slow down the process and may result in you missing out on a property.
- Have funds available to pay a holding deposit
Most letting agents will require a holding deposit to secure the property once your offer has been accepted by the landlord. If it is not paid it is likely that alternative applicants will be considered.