A Short Guide to Letting in Edinburgh
Interested in letting in Edinburgh? Here’s what you need to know.
With Edinburgh property as sought after as ever, buy-to-let opportunities haven’t lost their appeal. Average rents are up 39% in the past ten years according to ESPC, demonstrating the fantastic long-term investment potential the rental market offers.
If you’re a first-time landlord, read our short guide to letting Edinburgh properties.
4 Things You Need to Do When Letting in Edinburgh
1. Register your rental property
Before you can let out your property, you’ll need to register with the City of Edinburgh Council. Since this is a legal requirement, failing to do so could land you in hot water. You could even face a £50,000 fine in some cases. To register as a landlord, visit the Scottish Landlord Register website or contact your local housing department.
2. Understand your responsibilities
Letting out your rental property isn’t a simple case of finding tenants and pocketing the rent each month. As a landlord, you have a wide array of responsibilities you’ll need to carry out to ensure you comply with the law. This includes creating tenancy agreements, securing deposits in a tenancy deposit scheme, and arranging Energy Performance Certificates (EPC).
You must also take steps to ensure your tenants are safe while living in your property, such as annual fire safety, electrical safety, and gas safety checks.
3. Market your property
Don’t underestimate the importance of marketing your rental property when letting in Edinburgh. There are many properties available for rent in the capital, and yours must stand out from the crowd to stand a chance.
Although it can be tempting to skip the marketing process to save money, it’s essential when it comes to finding quality tenants who can be relied upon to pay rent on time each month.
A local letting agent can market your property using various methods, making sure it’s visible and appealing to as many prospective tenants as possible.
4. Carry out repairs quickly
When letting in Edinburgh, you may have to carry out repairs in your rental property. You need to ensure the property meets two sets of standards: the Repairing Standard and the Tolerable Standard.
Always carry out repairs in a reasonable amount of time. What is considered “reasonable” depends on the type of repair. If the problem makes the property unsafe, you’ll need to get it fixed as quickly as possible.
However, many landlords either don’t have time or live too far away to make or manage repairs to their properties. Fortunately, if you choose a fully managed letting service, your agent can arrange the repairs on your behalf.
Letting in Edinburgh with Cairn Property
Edinburgh remains one of the best cities in the UK for buy-to-lets. Not only does it have a growing population and a thriving economy with over 50,000 businesses, but it also has six universities, making it ideal if you want to let out your property to students.
Work with a reputable Edinburgh letting agent (like Cairn) to maximise the potential of your buy-to-let investment in the Scottish capital.