If you’re thinking of investing in an Edinburgh buy-to-let property or you want to increase your rental value, what are the key things that tenants will pay a premium for?
Scotland’s capital is one of the world’s most desirable cities and its rental market is thriving, with properties in high demand and rents at record rates. Homes are often let before they’ve been advertised due to long waiting lists at Edinburgh letting agents and the trend looks set to continue in 2023.
Edinburgh Rents Hit An All-Time High
According to the last Citylets market report, 87% of all homes – everything from flats to family houses - were let within a month between July and September last year and average rents hit an all-time high across all property types.
Top Rental Attractions For Tenants in Edinburgh
But what is it that tenants are looking for that will make your property irresistible, and how can you improve it further to maximise profit?
When investing, it’s important to take expert advice about the area and property type, but there are some important factors that are more likely to add value and interest. The advent of home working means people are less concerned about being close to public transport, and this has been replaced by other must-have considerations.
Edinburgh Tenants Are Looking For More Space
An extra room that can be used as a home office is high on many people’s lists, even if it’s the size of a broom cupboard! Being able to separate home and work life is important so if you don’t have additional space, consider sectioning off an area with room dividers to create an office area.
Gardens need TLC too
Outside space is more desirable than ever. A property with a garden will attract a great deal of attention so it’s worth spending time on some green-fingered renovations.
Even if you have only a small backyard, it’s possible to create a city centre oasis with clever use of mirrors, bamboo screens, planters and garden furniture. Don’t underestimate its value!
Luxury Features Attract Quality Tenants
Beautiful bathrooms and kitchens are always popular with tenants, but make sure you don’t add too much personality with any renovations. It’s important that tenants can imagine themselves living in the space and adding their own touches. That said, aubergine kitchens and avocado bathrooms are a NO!
Quality fixtures and fittings such as lighting and taps add luxurious finishing touches, while good quality, modern and matching furniture will appeal to those looking to make a home.
What Return You Can Expect From Expanding Your Buy-To-Let
If you have money to invest in improvements to your buy-to-let, an extension can increase the overall property value as well as the rental yield. A loft extension with an en-suite bathroom is a popular choice that can add around 12% to the value.
Typically, loft extensions don’t require planning permission, so can be turned around fairly quickly. However, the current financial crisis has seen the cost of building materials increase significantly, which has a direct impact on the price of any building work.
Converting a garage or adding a conservatory is another way to increase the overall space, adding another bedroom or creating a home office.
Ask The Edinburgh Letting Experts
Before investing in a property in Edinburgh or splashing out on renovations and improvements, it’s worth talking to a local buy-to-let expert. At Clan Gordon we have more than 15 years’ experience in the Edinburgh lettings market so schedule a call with one of our property management advisors for unrivalled local market insight.
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