Investing In property in edinburgh
Edinburgh is one of the world's most desirable cities to live with a string of awards to its name for its architecture, liveability, healthcare, safety, air quality and sustainability.
Diverse Architecture On Offer in Edinburgh
Georgian and Victorian homes rub shoulders with modern apartment blocks in areas as diverse as leafy Bruntsfield, affluent Stockbridge and lively South Side. Edinburgh's architectural diversity means there's plenty of choice when it comes to buying an investment property to let, but each one comes with its own pros and cons.
Buyers with more time on their hands who don't need a quick turnaround can benefit from the opportunity of adding value with a renovation project, whereas investors looking for a quicker return on their money have the choice of an array of new builds and impressive city centre flats.
An older property offers the opportunity to buy something more affordable and remodel the space to create something more desirable, perhaps adding an extra bedroom or even a home office which are in high demand right now. But this takes more time, meaning it will be longer before rent payments start rolling in, and is more labour-intensive.
If you're not able to do the work yourself to a suitably high standard, it requires hiring in tradespeople and managing the project, which is beyond some investors' capabilities. Keeping to a schedule and budget can be taxing if it's not something you've done before, and finding reliable tradespeople isn't always easy.
Letting Agents Can Give You A Helping Hand
However, it's possible to employ someone to manage the project on your behalf. Clan Gordon, Edinburgh's leading letting agent, looks after renovations and refurbishments for clients and offers an all-trades quote for work that needs to be done so you don't have to negotiate individually with plumbers, electricians and gas fitters.
Clan Gordon manages everything, using only reputable local tradespeople to ensure all the work is of a high quality and signing off on everything until the job is completed so you can relax in the knowledge that the project is running smoothly.
Clan Gordon also offer a furnishing service, using years of knowledge and experience to choose the right style of good quality pieces that will attract the best tenants, without blowing the budget or spending unnecessarily.
Should You Buy New Build or Off-Plan?
Buying a new build off-plan or a property that's just a few years old makes the turnaround time much quicker as there's far less work involved. Modern new apartments are high on the list for professional couples, so they're easy to let, and most will need only superficial work such as a fresh lick of paint.
Edinburgh has an abundance of new estates that are popular with young families, so it's possible to buy a property that's just a few years old, safe in the knowledge that it will be easy to rent out.
Here's a great example of a current investment opportunity in an older property in New Street.
And you can read more about the exciting new build project in Waverley Square here that also presents excellent investment potential.
Clan Gordon has extensive experience in the Edinburgh buy-to-let property investment market and can help find the right property at the right price, often identifying purchase opportunities that are off market due to an extensive network of local contacts.
To find out more about opportunities to invest in Edinburgh properties, schedule a call with our Business Development Manager here.