Investing In property in edinburgh
Rising living costs, including the recent hike in fuel prices, make running a single property the smart option for couples, but what’s the best thing to do if you have a second property between you? We’ve seen a growing number of couples enquiring about our letting services in Edinburgh in the last six months in a bid to capitalise on the chance to generate an income from their second property as they move in together.
Sell Or Rent?
For some, selling is the preference to plough equity into a single residence and further reduce outgoings. But it’s possible to generate a significant second income by renting out a property, especially in Edinburgh, where rents are at an all-time high. Record numbers of investors are buying in Edinburgh right now, so if you find yourself with a property you already own that is currently unused, you could be sitting on a significant opportunity.
As the capital’s leading letting agent, Clan Gordon has seen a huge rise in demand for all types of property, from city centre flats to family homes with outside space and additional room for a home office.
Many properties get snapped up before being marketed by prospective tenants who have already undergone checks and have a deposit ready and waiting. And high-quality homes with luxury kitchens and bathrooms are commanding the highest prices on record.
Edinburgh is one of the UK’s most desirable locations, with prices and demand reflecting the city’s recent status as the third most desirable place in the UK to live.
A poll by residential rental company UNCLE quizzed more than 2000 UK residents and saw Edinburgh named behind London and York with 14% of the overall vote. 69% of Edinburgh residents who took part in the survey voted for their own home city, a solid recommendation indeed!
The city’s amenities and availability of a wealth of activities were named as the main reasons for its popularity.
Taking The Plunge
So if you decide to let, what’s the best way to ensure being a landlord doesn’t become a big headache? If you’re new to property letting, it’s best to get expert advice to make sure you get everything right from the start.
As a landlord you are legally obliged to:
- Register with the local authority
- Make sure your property meets the Scottish government’s Repairing Standard
- Issue a tenancy agreement in line with the Scottish government’s model agreement
- Provide tenants with an Energy Performance Certificate
- Carry out a legionella risk assessment
- Undertake required safety checks for gas electricity
- Fit heat, smoke and carbon monoxide alarms
- Take out appropriate landlord buildings insurance
- Register the deposit with an approved scheme
Sound complicated? It doesn’t have to…
Clan Gordon provides a complete property management service that walks you through the entire process and takes care of everything from safety checks to emergency calls so you can sit back and relax and watch the pennies roll in!
If you’re thinking of letting a second property but don’t know where to start, schedule a call now with one of our advisors and get the ball rolling.