Tips for Letting Edinburgh Property During the Festival
Are you a landlord interested in letting Edinburgh properties during the festival? Read on.
So, you’ve got yourself an Edinburgh property within walking distance of the most popular Fringe venues, and you’re wondering if you should rent it out for the summer?
You’re not alone. Many Edinburgh residents get out of dodge when the Festival rolls into town, and they often make a pretty penny by putting their property on the short-term rental market.
But before you let those flashing pound signs cloud your judgement, there are a few things you need to know. Here we share our top tips for letting Edinburgh properties during the world’s biggest arts festival.
COVID Disclaimer: At the time of writing, the 2021 Edinburgh Fringe is “under construction”. However, these tips are evergreen and can be used whenever the festival returns to normal, whether that’s this summer or beyond.
Letting Edinburgh Properties During Festival Season
1. Make Sure Your Mortgage Allows Short-Term Lets
First thing’s first, you need to ensure you’re allowed to market your property as a festival let. You might think that your buy-to-let mortgage has you covered, but this generally requires that you let the property for a minimum of six months.
Instead, you need a special holiday-let mortgage — and these are more expensive and difficult to acquire owing to increased risk and uncertainty.
Even trying to fly under the radar by putting your property on sites like Airbnb could leave you in breach of your mortgage contract, so while tempting, it’s ultimately not worth it.
2. Don’t Rush Into Anything — Always Vet Your Tenants
When you let your property long-term, both you and your tenant are guided by various legal obligations and responsibilities. However, when you let short-term, your tenants may not feel as responsible, given that they’re only staying for a few days or weeks.
This means you could end up renting to someone who fails to take care of your property in the same way a long-term tenant would. And this could leave you out of pocket and chasing payment for repairs should the worst happen.
Just remember, festival lets are always in high demand, so there’s no need to rush. Take your time and vet your tenants to find someone you can trust with the keys to your property.
3. Move Your Valuables Into Storage
Most short-term renters understand that they’ve booked another person’s home for the duration of the festival, so at a minimum, they’ll expect furniture, cutlery, utensils, and other bits and pieces.
But they’ll also want to feel at home during their stay. So it’s a good idea to pack away your personal belongings, assorted knick-knacks, photographs, and any other valuables.
Also, don’t forget to lock away important documents, like bank statements or passports. Or better yet, take them with you.
4. Take Plenty of Photos (Before & After)
Finally, similar to renting long-term, it’s best practice to take plenty of photos immediately before and immediately after a short-term tenancy. That way, you have a record of the condition of the property should you need to pursue the tenant for any damage that occurs during their stay.
Interested in Letting Your Edinburgh Property? Talk to Cairn
Whether you’re interested in renting Edinburgh properties short-term or long-term, Cairn can keep you right. Get in touch with our Edinburgh property experts today.