News & Blog

Cost of Living: Money-Saving Tips for Student Tenants The cost of living crisis is biting hard, and many students are feeling the pinch. According to the 2022 Student Money Survey, the average student now spends £924 per month, while 82% of students worry about making ends meet. What’s more, four in five have considered dropping out of university at one point or another. If you’re living away from home during your studies and you’re struggling with money worries, here are a couple of handy tips to help you save and spend wisely in rented accommodation. Cost of Living Tips: Advice for Student Renters Be energy-aware to cut bills Some rental properties will bundle up the rent and utilities into one payment. However, it’s more common for tenants to pay the electricity and/or gas bills themselves. Try to be mindful of your energy usage to lower your monthly bills. Don’t leave lights on when rooms are empty (and switch to energy-efficient LED bulbs where possible); keep doors closed so heat doesn’t escape; try to charge laptops, tablets, and smartphones at uni, and don’t leave your gadgets plugged in and on standby all day and night. If you have flatmates, consider cooking together regularly (you can split the cost of the ingredients, too). That way, you’re all in the same room, and the oven/microwave/hob is getting used once rather than several times one after the other. Bonus points if you use a slow cooker — it can be far cheaper to run, as per the table below, and you’ll often have plenty left over. With the new 52p/kWh electricity cap, here’s how much certain items and devices will roughly cost to run. Take a note of where you can cut down usage to save money. Item Cost 1 kWh fan heater/ electric radiator 52p/hour 2kWh fan heater/electric heater £1.04/hour 3 kWh immersion heater £1.56/hour 5w LED light bulb 0.26p/hour 60w light bulb 3.12p/hour 40w electric blanket 2p/hour 8KG washing machine (A rating) 26p/cycle 8KG washing machine (D rating) 55p/cycle Tumble Dryer – Heat Pump – A rating £1.13/cycle Tumble Dryer – Condenser – C Rating £2.33/cycle Oven 52p/hour Electric hob halogen per ring 85p/hour Electric hob induction per ring £1/hour Microwave 900w 47p/hour 200w slow cooker 10p/hour 42” TV 6p/hour Computer monitor 1p/hour Xbox One S 6p/hour PS4 7p/hour Amazon Echo Dot 0.2p/hour Sonos One 0.7p/hour Google Nest Mini speaker 0.2p/hour Laptop 2.5p/hour American style fridge freezer 2.5p/hour 60p/day Freestanding fridge freezer 1.45p/hour 35p/day Under counter fridge 0.6p/hour 16p/day 7.5kWh electric shower 6.5p/min 9 kWh electric shower 7.8p/min Can’t switch energy providers? Switch your broadband deal instead Most fixed-rate energy deals are off the table at the moment, and switching energy providers is harder than ever. But that doesn’t mean you can’t switch and save elsewhere. Changing broadband providers can be a great way to shave a few pounds off your monthly expenses. Broadband prices are pretty competitive at the moment, and a few of the big-name providers (like BT and Virgin) even offer special student deals, usually on a rolling contract. Check out Save the Student’s guide to the best student broadband deals to see if you’re on the best deal. Heads up: before switching any utility provider, check the terms of your contract. There might be a fee for cancelling the contract early, which could make switching more expensive. If you’d like to get more posts like this in your inbox, sign up for our regular newsletter.

Buy To Let, Landlords, Legislation, Property Investment

Tax Breaks for Landlords: Will Holyrood Follow Suit?

Tax Breaks for Landlords: Will Holyrood Follow Suit? It’s all change in the UK. We have a new Prime Minister, a new Chancellor, and a new (mini) budget. For landlords in England and Northern Ireland, the tax breaks described in Kwasi Kwarteng’s budget could represent tens of thousands of pounds in savings. But for their Scottish counterparts, it’s simply a case of waiting to see if Holyrood (the Scottish Government) follows suit. In this short blog post, we recap the mini-budget’s impact on landlords and share some thoughts on Holyrood’s potential response. How will the mini-budget affect landlords? In case you missed it, here are the main points from the mini-budget that’ll affect landlords: The basic income tax rate will be cut to 19p (from 20p) from April 2023. The 45% higher rate will be abolished and replaced with a single higher rate of 40%. Stamp duty land tax will be cut in England and Northern Ireland. The limit for buyers will be raised to £250k (from £125k) — or £425k for first-time buyers. The planned increase in corporation tax has been cancelled. It will remain at 19%. The planned rise in National Insurance contributions will be reversed from 6 November. According to an analysis by tax firm Blick Rothenberg in the Telegraph, the corporation tax rate remaining at 19% will save an incorporated landlord with £250,000 in rental profits £15,000 a year. Meanwhile, the change in Stamp Duty rates means landlords buying property worth up to £250k will have less to pay. Previously, buy-to-let investors had to pay a 3% surcharge on purchases up to £125k, and a further 5% on anything between £125,001 and £250k. Now it’ll be a straight 3% up to £250k, 8% between £250,001-£925,000, 13% between £925,001-£1.5m and 15% for anything £1.5m+. Example: Under the new rules, Stamp Duty for a property worth £249,000 in England will be £7,470, down from £9,950 under the old rules. However, much of this will not affect Scottish-based landlords The cut in additional rate income tax (from 45% to 40%) on earnings above £150,000 won’t apply in Scotland. The rate in Scotland will remain at 46% for the time being. Similarly, the cut in basic rate tax from 20p in the pound to 19p won’t be seen in Scotland. And the Stamp Duty cut will only apply in England and Northern Ireland. Scotland has its own system: Land and Buildings Transaction Tax (LBTT). The current LBTT rates mean buy-to-let investors need to pay a 3% surcharge on purchases up to £145k, 5% between £145,001-£250,000, 8% between £250,001-£325,000, 13% between £325,001-£750,000 and 15% for anything £750,001+. So, for a £249,000 property in Scotland, LBTT is currently £12,040 — a significant difference from south of the border. Will Holyrood mirror Westminster? That is the question. And right now, the answer seems to be “no.” The First Minister, Nicola Sturgeon, has heavily criticised the Chancellor’s decision to abolish the top rate of income tax and has hinted that she has no interest in “blindly following suit”. As it stands, the Scottish Government probably won’t make a final call on income tax rates until its draft budget is presented to Holyrood. We’ll be keeping a close eye on developments. If you’d like to get more posts like this in your inbox, sign up for our regular newsletter.

Legislation

Scottish Rent Freeze and Eviction Ban – the latest update

Our in-house Compliance Manager attended a webinar on 14th of September 2022 with Daryl McIntosh from ARLA in the hopes to obtain answers for our landlords on the latest bans implemented by the Scottish Government. Sadly, we did not obtain the answers to the questions which we had hoped for, however have gained further information and legislative insight for our landlords which is detailed below. This is where agents are crucially important, smaller landlords that manage their own properties should look at reputable agents whom will follow legislation and support the landlord and give correct advice to get through the financial crisis and ever changing regulations being forced upon them. We will continue to update our landlords as new information is received, however any immediate questions should be directed to our Compliance Manager at: gemma@cairnletting.com Many landlords may be aware that on the 6th of September 2022, the First Minister for Scotland announced an immediate ban on rent increases and evictions in the Scottish rental market. This is part of a larger legislative programme to make a ‘stronger and more resilient Scotland 2022 to 2023’. Eighteen bills are set to be introduced during the 2022 to 2023 parliamentary year and further information on this is provided below. However, we will firstly look at the immediate rent freeze and moratorium on evictions. This ban has been implemented by the Scottish Government to support tenants through the cost-of-living crisis and is the focus of the 2022-23 programme. The programme outlines emergency legislation which will be implemented until the 31st of March 2023 and puts in place freezes on rent increases and evictions, along with a new tenant’s rights campaign. A new website is also being created which will provide tenants with information on a range of grants and support available to help through the cost-of-living crisis. It is important to note here that all parliamentary business has been suspended because of the death of Queen Elizabeth II. This has provided Ministers with more time to work on emergency legislation before issuing this out to the public. Rent increase notices It has been made very clear to all that as of 06/09/22, an immediate ban is in place on issuing rent increase notices to tenants. This means that landlords cannot increase rents after 06/09/22 or before 31/03/23. This is a blanket ban across all sectors including Social Housing. What does this mean for rent increase notices issued before 06/09/22? Sadly, no one currently has the answer to this question until the legislation is issued to all sectors. Our advice to landlords would be to air on the side of caution. Some housing experts believe that Ministers may be currently trying to word the legislation in a way that it bans all increases including notices which do not take effect until after 06/09/22. If the legislation is worded in this way, it could result in landlords needing to refund tenants the increased amount collected so the best approach currently is to hold off enforcing any increase issued until the legislation is announced. What if the tenant has already agreed to the rent increase notice served before 06/09/22? Arguments have been made that this would fall under contractual law, and it would be illegal for the Scottish Government to ban this, however they may look to supersede contractual law and again, our best advice is for landlords to be cautious enforcing notices until the legislation is issued in full. Will the temporary regulations be extended after March 2023? Again, no one currently has the answer to this, but it is believed that the Scottish Government may continue renewing the legislation (as was done during COVID) until legislation is made permanent in Scotland. It is expected that many landlords will issue increase notices to tenants in January 2023 to take affect after March 2023, therefore the Government are most likely looking into this already to have measures in place to stop this from happening. Can the tenancy be ended, and a new agreement created at a higher rent? The current belief is no, however this has not been confirmed. Again, we would advise landlords against taking this approach as the Government could request for any increases to be returned to the tenant after the legislation is issued in full. When will the legislation be issued? Unfortunately, it could potentially take 3 months or more for this regulation to be passed by Parliament, but the First Minister is wanting this to be passed quickly. We are all in the dark until this regulation is passed and issued, therefore landlords are best to be cautious until further information is received. Evictions It has been confirmed that the First-tier Tribunal for Scotland, Housing and Property Chamber and Sheriff Officers have been given no guidance from the Scottish Government on how to interpret this ban. Sadly, the decision makers appear to be as much in the dark as we all are. One belief is that the COVID emergency legislation will be utilized for this ban. Can eviction notices still be served on tenants? In theory, yes. The eviction notice is merely a request from the landlord to get the property back from the tenant and it is believed that this would not be classified as an eviction. If the tenant agrees to vacate at the end of the notice (request from the landlord), then this should be seen as a mutual agreement to end the tenancy by both parties. However, we cannot guarantee this, and the regulation could potentially include reference to ban eviction notices being served. How that will work and be monitored in practice, we do not know. What happens if the tenant does not leave at the end of the notice to leave / quit? This is where the regulation will most likely take effect, it is suspected that there will be a ban on the Tribunal issuing eviction orders and a ban on Sheriff Officers enforcing these orders. We still recommend that applications are submitted to the Tribunal as we do suspect there will be backlog of applications that the Tribunal will need to work through after 31/03/23 (if the regulation is not extended). We saw this happening with the Tribunal during COVID legislation where there were massive delays on applications being heard due to the backlog received throughout the pandemic. Will all eviction grounds be banned? All eviction grounds have been permanently made as ‘discretionary’ following the Coronavirus (Recovery and Reform) (Scotland) Act 2022, where the Tribunal need to follow a ‘reasonableness test’ and ensure that pre action protocols for rent arrears have been followed. We suspect that similarly to the COVID legislation, some eviction grounds may still be heard such as tenant abandonment. However, we will be unable to confirm this until the regulation is issued. What will happen with applications made to the Tribunal before 06/09/22? Will these still be heard? Unfortunately, we are unable to answer this question as no guidance has been issued to the Tribunal or Sheriff Officers for pending cases / applications pre 06/09/22. We are aware that the Tribunal are currently still hearing cases, but this may cease shortly until the regulation is issued. What about an eviction order or rent order that has just been issued by the Tribunal, can this still be enforced? It is believed so, however would advise landlords to be directed by the Tribunal / Sheriff Officers on what they are currently authorised to do. We would suggest that landlords are cautious until regulations are issued in full. Legislative Programme 2022-2023 Housing Bills (2) – Rent Controls. As part of the Governments 2040 housing plan, it is intended that rent setting / rent pressure controls will be introduced to Scotland. It is believed that this will start from percentage based restrictions being implemented for rent increase notices. This will mean that landlords will only be able to increase rents in Scotland by a certain percentage determined by the Scottish Government or local authority. The end goal is rent setting which will dictate how much a landlord can increase a rent by. Housing Bill (2) – Energy Efficiency measures Currently there is no minimum standard set in the private rented sector as this was delayed due to the Coronavirus pandemic. However, it is expected that a consultation will be issued in 2022 setting a minimum banding in Scotland. We would strongly advise landlords to start planning / working towards banding now to avoid large upfront costs when this legislation deadline is issued. Cairn is currently in talks with energy efficiency specialists to see if there is funding available for landlords and we hope to issue information out to our landlords regarding this over the coming months. New Deal for Tenants By 2025 the Scottish Government intend to: Enhance rights for tenants, Implement new requirements for data collection on rents in the PRS, Implement cross-tenure housing standards, Introduce a new Private Rented Sector Regulation, and Legislation to reinforce a new successful system of national rent controls. Short term (holiday) lets legislation Many landlords may be inclined to move to holiday lets for their rented property due to the ever-changing legislation being placed in the PRS. However, the Scottish Government are also implementing regulations within this sector: Any new holiday let host/operator (owner), will need to apply to the local authority for a licence to operate as of 1stof October 2022. After this date, new operators/hosts must have a licence. Any existing operator/host will have to apply for a licence to operate by 1stof April 2023. As of 1stof July 2024 it will be illegal to operate without a licence in all circumstances. Ever considered renting out your property at a higher monthly rental figure with no stress as someone else is taking care of all the set up for you– sound too good to be true? With over 20 years of property management experience, particularly in the highly regulated HMO market, one of our services is also hosting cAIRn BNB which is a natural fit to our existing management services. We offer a strictly ‘hands on’ BNB experience, tailor-made specifically for you, whilst maximising your overall monthly rental income. We pay close attention to market trends and any upcoming local events to ensure all prices fall in line with accurate rental prices across the board. Cairn BNB presents a fantastic opportunity to earn higher income where the fast-paced environment is both exciting and highly profitable, as opposed to the traditional professional letting route. New hosts and operators (Did you know?) If you were not using your premises to provide short term lets before 1 October 2022, you cannot take bookings or receive guests until you have a licence. All hosts and operators need to have a licence by 1 July 2024. There are four types of licence for short term let accommodation Secondary letting– the letting of property where you do not normally live, for example a second home that is let to guests Home letting– using all or part of your own home for short-term lets, whilst you are absent. An example of this could be whilst you are on holiday Home sharing– using all or part of your own home for short-term lets, whilst you are there Home letting and home sharing– operating short-term lets from your own home while you are living there and for periods when you are absent With the ever changing legislation being implemented on private residential landlords, it is imperative that landlords employ reputable and qualified agents to manage their properties in Scotland to ensure legislation is being followed and they are receiving the most recent and correct advice on how to manage their tenancies. At Cairn, we have fully qualified and friendly staff waiting to assist landlords with management of their properties, please contact us to obtain further information on our management services.

AirBNB, Edinburgh, Legislation

cAIRnBNB

Ever considered renting out your property at a higher monthly rental figure with no stress as someone else is taking care of all the set up for you– sound too good to be true? With over 20 years of property management experience, particularly in the highly regulated HMO market, we are delighted to announce Cairn BNB which is a natural fit to our existing management services. We offer a strictly ‘hands on’ BNB experience, tailor-made specifically for you, whilst maximising your overall monthly rental income. We pay close attention to market trends and any upcoming local events to ensure all prices fall in line with accurate rental prices across the board. Cairn BNB presents a fantastic opportunity to earn higher income where the fast-paced environment is both exciting and highly profitable, as opposed to the traditional professional letting route. Read about the new legislation directive from the Scottish Government – click here. New hosts and operators ( Did you know ? ) If you were not using your premises to provide short term lets before 1 October 2022, you cannot take bookings or receive guests until you have a licence. All hosts and operators need to have a licence by 1 July 2024. There are four types of licence for short term let accommodation Secondary letting – the letting of property where you do not normally live, for example a second home that is let to guests Home letting – using all or part of your own home for short-term lets, whilst you are absent. An example of this could be whilst you are on holiday Home sharing – using all or part of your own home for short-term lets, whilst you are there Home letting and home sharing – operating short-term lets from your own home while you are living there and for periods when you are absent You can find the latest information about the regulation of short term lets at https://www.gov.scot/publications/short-term-lets/. At Cairn we have a dedicated AirBnb ( Short-term Let ) specialist, Mark Coll – today we asked Mark for his comments on the new legislation changes. “At this moment in time, the information on licensing for short term lets is very vague where more information will be released when rules come into force on October 1st. What we do know is that any properties currently operating before this date can still operate under the assumption that landlords apply for a licence before April 1st 2023 and have it granted by July 1st 2024. Any new short term letting landlords operating after October 1st are not allowed to let their properties out until a licence has been applied for and has been granted otherwise there could be a firm penalty – this is extremely important to know and to not get caught out. My advice would be to be prepare in advance of this date and start contacting your local authorities now for more information to get the best footing for when the legislation takes effect. After October 1st we will have a much clearer vision of the direction and future of short term lets where Cairn BnB will be the first to offer any advice and guidance on the next steps to getting things up and running for your property on the short term letting market. Please get in touch if you’d like to know more information on this or if you would like to get up and running prior to the October 1st deadline.”

Buy To Let, Hints & Tips, Landlords, Property Investment, Tenanted Properties

5 Big Advantages of Buying Tenanted Flats

5 Big Advantages of Buying Tenanted Flats Here, we explain the benefits of buying tenanted flats and how Cairn can help. Interested in property investment? Imagine you could skip the marketing, viewings, and tenant vetting and get straight to the monthly rental income. With tenanted flats, you can. Put simply, these are flats with tenants already in place. And there are several benefits to going down this route. In this short post, we share the 5 biggest advantages of buying a tenanted flat. Related: Selling a Property with a Tenant in Situ – What to Know What Are the Benefits of Buying Tenanted Flats? 1. Tenanted flats are fixed-price investments One of the best things about buying a tenanted flat is that they’re often marketed at a fixed price. This means if you meet this price with your offer, you’re more than likely to seal the deal. Fixed price properties are typically sold on a first-come, first-served basis, and you’ll rarely get involved in a costly bidding war. This can be particularly attractive if you have a set budget and you don’t want to stretch beyond it. 2. You get cash flow from the word go Another huge benefit of buying a tenanted flat is that you get immediate cash flow. The property won’t be sitting empty after you buy it, and you won’t need to spend time and money searching for new tenants. It’s regular and reliable rental income from day one. And the added bonus of having tenants in situ is that they’re less likely to request expensive improvements, repairs, or refurbishments (as the previous landlord will need to deal with them before selling). 3. You get tenants with a track record Finding the right tenants for a vacant property can take time. You’ll want to make sure they have the means and character to make their rental payments on time each month. And sometimes, you won’t know they will until they’re in place. With tenanted flats, you’ll have all this information available before buying. You can check their payment history and ask the current landlord for a character reference. 4. You’ll have complete confidence in compliance Another major consideration when buying-to-let is the responsibilities you’ll have as a landlord. This extends to ensuring safety checks are carried out regularly and mandatory safety certificates (for fire, gas, and electricity) are in place. When you buy a tenanted flat, all of this documentation will already be arranged. It’s simply transferred to you, so you’ll know when the next checks are due. And if you stick with the existing letting agent, they can organise them on your behalf, giving you complete peace of mind that the property will remain compliant. Read more: Landlord Legislation & Responsibilities 5. You know it’s been sourced (and checked) by a reputable letting agency Buying any rental property comes with risk, but that risk can be reduced when you buy with tenants already in place. A reputable local letting agent can conduct an in-depth audit of the property to ensure it’s a sound financial investment — and with the advantages described above, you’ll be in a solid position to start recouping money on your purchase from the outset. At Cairn, we’ve helped many buy-to-let investors source and purchase tenanted flats. Our team can offer expert advice and guidance to new and experienced investors. Interested in Buying Tenanted Flats? Let’s Talk As you’ve discovered, buying tenanted flats offers plenty of advantages. If you’re interested in learning more, contact Cairn today to discuss the investment opportunities available to you.

Edinburgh

A History of Edinburgh Tenements

A History of Edinburgh Tenements While not as ubiquitous as in Glasgow, Edinburgh boasts its fair share of tenements amongst its diverse housing stock. And interestingly, many of those Edinburgh tenements tend to be much older than their Glasgow counterparts — most dating from around the 17th century onwards. In this short article, we dig into the history of Edinburgh tenements and why you might want to call one of these unique properties home. Note: This is a companion piece to our History of Glasgow Tenements article. Click the link to learn all about Glasgow’s iconic red stone flats. What is a Tenement? A tenement is a type of building with multiple dwellings (typically flats or apartments) on each floor and a shared entrance and stairway access. You’ll find tenements in places like New York, Dublin, Berlin, and even Mumbai, but they’re particularly common right here in Scotland. That’s why there’s an official Scottish law used to define a tenement. According to Section 26 of the Tenement (Scotland) Act 2004, a tenement is: “Two or more related but separate flats divided from each other horizontally”. Traditionally, many tenements were built in response to a major 19th-century Scottish housing crisis, offering homes for large, working-class families. Some of the tenements in Edinburgh could even be considered the world’s first highrise flats, stretching some 15 storeys into the skyline. Today, flats in tenement buildings in both Edinburgh and Glasgow are often highly sought after, due to their prime locations, large rooms, high ceilings, bay windows, ornamentation, and period features. Where Can You Find Tenements in Edinburgh? While many tenements were demolished in Glasgow in the 1960s and 70s (due to poor maintenance, dangerous living conditions, and overcrowding), thankfully, most Edinburgh tenements avoided a similar fate. In fact, in the capital, the residential tenements found in the medieval Old Town and Georgian New Town – as well as the Victorian city centre surrounding them – are now designated as UNESCO World Heritage Sites. And between 2015 and 2020, major conservation work was carried out in the Canongate, Old Town to restore three 300-year-old tenements to their former glory. Why Choose an Edinburgh Tenement? Tenement-style properties often top the list for Edinburgh flat-hunters, and with good reason! From the stunning stone frontage to the vast rooms, big windows, and ornate cornicing, they have the kind of charming features that modern developments simply cannot match. What’s more, many of the best Edinburgh tenements are within walking distance of the city’s most popular bars, restaurants, and attractions — not to mention the nearby transport links. Want to Learn More About the History of Edinburgh Tenements? Try these links to continue your curiosity: Scotland’s History: Tenement Housing, Carnegie Street, Edinburgh The ‘Penny Tenement’ collapse that changed Edinburgh forever The Canongate Tenements | Edinburgh World Heritage Searching for Edinburgh Tenements? Talk to Cairn If you’d like to call an Edinburgh tenement home, don’t go it alone. Whether you’re renting or buying, Cairn can help you find the ideal property for your situation. Contact us today to learn more. And if you’d like some capital flat hunting tips, read our guide: Flats For Sale in Edinburgh (How to Find Them Before They Go Online).

Edinburgh, Guides, Portobello, Properties

Focus on Portobello (Property & History)

Focus on Portobello (Property & History) Located a mere 3 miles east of Edinburgh city centre, Portobello is a beautiful coastal suburb standing opposite the breathtaking Firth of Forth. Once a popular Scottish seaside resort, it now offers a generous mix of property types and amenities, perfect for families and professionals alike. In this short post, we take a look at Portobello’s history, property, and reasons why you might want to call this particular part of Scotland home. A (Very) Brief History of Portobello Originally known as Figgate Muir, the area now known as Portobello was used as pasture for cattle by the monks of Holyrood Abbey. By the 18th century, it was a haunt for sailors and smugglers. And in 1742, a cottage was built on what is now the High Street by George Hamilton, a seaman who’d served under Admiral Edward Vernon. Hamilton was part of a crew who’d captured Porto Bello (“beautiful port”) in Panama in 1739, and so he named his cottage “Portobello Hut” in honour of the victory. From that point on, Portobello continued to grow and thrive, becoming an industrial town where bricks, glass, paper, soap, pottery, and even mustard were manufactured. In 1833, the town was officially made a burgh, and by 1896, it was incorporated into Edinburgh. Between 1846 and 1964, a railway station provided easy access to the resort town for visitors from all over the country. They would flock to the town for the sandy beach, promenade, amusements, and open-air heated swimming pool, where a certain Mr Sean Connery once worked as a lifeguard. In later years, the arcade amusements and funfair attractions gradually disappeared. However, what remains is a small, sought-after residential area with history and fresh sea air at every turn. And as recently as 2021, it was considered one of the top eight places to live in Scotland by a Sunday Times panel. What About Portobello Property? Similar to many parts of the capital itself, Portobello properties for sale often include gorgeous (and spacious) Georgian and Victorian flats and large terraced houses. But it’s not a town trapped in time. Modern developments have started to pepper the landscape, allowing first-time buyers the chance to get on the property ladder in this picturesque part of the country. Why Choose to Live by the Seaside? Besides the east coast beach and promenade (filled with cafes, restaurants, and bars), you’ll find everything you need in and around Portobello High Street. From independent shops to a butcher, fishmonger, coffee shops, and a bakery, you’ll certainly be well fed! Meanwhile, for those “bigger shops,” you’ve got your choice of Lidl, Morrisons, and a Sainsbury’s Local, while a 24-hour Asda is just a short car journey away. And for entertainment, the nearby Fort Kinnaird shopping centre offers high street brands, restaurants, a gym, and a cinema. If you’re considering Portobello to raise a family, schooling is available for all levels, from nursery to secondary school. And higher education is only a stone’s throw away. Queen Margaret University, the University of Edinburgh, and Edinburgh college are all located in and around the city. Finally, for commuters, the A1 and motorway are both easily accessible. Plus, regular buses run into Edinburgh city centre (and further afield) throughout the day and evening. Ready to Start Your Portobello Property Hunt? Use Cairn We’ve long had a presence in Edinburgh, and we’ve recently opened a brand new Portobello office to better serve those wishing to move to, rent from (or sell from) this stunning seaside town. Interested in buying in Portobello? Or do you need a local estate agent to help you sell or rent your Portobello property? No matter if you’re a house-hunter or seller, Cairn can help. Contact us today to learn more.

Estate Agency

Picking a Trusted Letting & Estate Agent: 5 Questions You Need to Ask

Picking a Trusted Letting & Estate Agent: 5 Questions You Need to Ask Picking a trusted letting & estate agent can be harder than you think. For starters, the “letting” and “estate” agent parts are two distinct specialities. Some companies offer one or the other, some offer both. It all depends on what you’re looking for. A letting agent will help you rent out and manage your rental properties; An estate agent will help you market and sell your home/property. Still, there are some overlapping qualities you should consider when searching for a letting agent or an estate agent. In this article, we share 5 questions you need to ask before you pick a property agent. Picking a Trusted Letting & Estate Agent? Start Here 1. Do They Match Your Requirements? Not all letting & estate agents are created equal. Some are niche or boutique in their approach, dealing only with specific clients or property types. Others offer a variety of services covering multiple bases. So, before you start your search, you’ll need to get a handle on what you require: Letting agents: Do you need a letting agent to find tenants (and you’ll manage the rest – i.e. “Let Only”)? Do you want them to take care of rent collection while you look after the day-to-day property management? Or do you want a full management service? Estate agents: Are you happy to conduct viewings with prospective buyers (which is often the case with online estate agents)? Or would you rather the estate agent take care of everything on your behalf? 2. Do They Know the Area/Local Market? Whether you’re looking to sell your property or simply rent it out, working with an agent who keeps their finger on the pulse of the local market is vital. That way, you know you’ll have a steady stream of suitable buyers/tenants ready to view once your property goes on the market. Read more: How to Find the Best West End Estate Agents 3. Do They Have a Web Presence? Having a local presence is only part of the puzzle. Buyers/tenants are searching from all over, and having your property front and centre online is crucial. Your prospective estate & letting agency should have a website, social media accounts, and share to the most popular property portals as part of their marketing efforts. 4. Do They Deal with the Legal Stuff? There’s more to being a property agent than finding tenants or buyers. Once a lease has been signed or a sale agreed, there are legal requirements to fulfil. Buy-to-let landlords, for example, are responsible for the safety and wellbeing of their tenants, carrying out regular gas, electrical and fire safety checks. If you’re handing over day-to-day management of your rental property to a letting agent, you need to know they’ll help you meet those ongoing responsibilities. Meanwhile, estate agents should be able to offer guidance and recommendations when it comes to the conveyancing part of a property sale (the legal transfer of the property from the seller to the buyer). For example, here at Cairn, we can give you an introduction to our fixed fee conveyancing partners. 5. Do They Have a Strong Track Record? Finally, you’ll want to know if the letting & estate agent you’re choosing has testimonials from people in a similar position to your own. That way, you can feel confident you’re working with a company that understands your situation and can help you achieve the results you want. Whether You’re Renting or Selling, Work with Cairn We mentioned at the start that picking a trusted letting & estate agent can be hard, but it doesn’t have to be. When you work with Cairn, you tap into decades of letting and estate agent experience across Glasgow, Edinburgh, and Scotland as a whole. Contact us today to learn more.

Investment, Property Investment

Getting into Property Investment? Start Here

Getting into Property Investment? Start Here If you’re just getting into property investment, it’s important to take your time, do your research, and make sure you’re ready. While it can be a lucrative, exciting, and often low-risk investment, there are plenty of pitfalls that can catch first-time investors off guard. In this short post, we’re sharing our top tips for getting into property investment as a first-time investor. Our Top Tips for Getting into Property Investment 1. Start Following Property Trends Before you even think about making your first investment, you should get into the habit of tracking property trends and the health of the housing market, both locally and nationally. That way, you’ll have more confidence that your investment will see a return in the long run. Note: When you work with Cairn, we provide expert analysis of industry data, alongside in-house and subscription data covering property prices and market trends. Find out more about our investment services here. 2. Only Invest What You Can Afford The next step is to review your current and short-term financial situation to get a handle on your budget. It’s often a good idea to hold some money back for any unforeseen expenses, such as repairs or renovations. And you’ll also need to factor in the additional costs and taxes associated with investment properties, including Stamp Duty, Income Tax (if you’re renting the property), and Capital Gains Tax (the tax paid on any profit generated when you sell the property down the line). 3. Make Sure You Understand Your Legal Requirements & Responsibilities Becoming a buy-to-let landlord comes with extra legal responsibilities, so it’s vital that you know what you’re getting yourself into early doors. Landlords must ensure: The property is safe and hazard-free That they are registered to be a Landlord. All gas and electrical equipment is safely installed, maintained, and inspected regularly Smoke and carbon monoxide alarms are fitted and tested, and all fire safety regulations are followed to the letter Working with a property management agency (like Cairn) can help you make sure your property adheres to these requirements. 4. Focus on ROI When you’re viewing possible investment opportunities, you need to overlook the aesthetics and focus on the revenue-generating potential of the property. Wallpaper and layout can be changed, so try not to get hung up on the little things. Instead, consider the rental income and the likelihood the property will appreciate in value based on the demand in the area and those property trends you reviewed earlier. 5. Know When to Exit The property market has a habit of fluctuating, and the best investors know when to ride out the lean years and when to sell to make the most profit. Of course, no one’s born with this level of intuition — it takes years of experience to spot those opportunities. Luckily, working with a property investment agency like Cairn lets you tap into that experience as and when required. We’ll keep you up-to-date on current and future trends and help you offload investment properties at the optimum time. Getting Into Property Investment? Work with Cairn Our experienced team are on hand to provide guidance at any stage of the investment process. From supplying valuable insight into current market trends to advising on legal requirements, we’re with you every step of the way. Contact us today to learn more.

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