Are you thinking of becoming a landlord and buying property to rent? With the rental market thriving in Scotland, there has never been a better time. When making the decision to become a landlord, there are some things that you need to consider. Therefore, within this blog, we aim to offer some useful tips when moving through the process.
1. Location is Key
The location of the property is arguably the most important factor when considering maximising your rental income. The interior of a property can be improved with paint and furnishings; however, the location cannot be changed. A stunning home in a remote area may find less general interest than a snug flat that is located near to a university.
2. Get the Best Advice
Robb Residential’s letting team has great knowledge and experience and are happy to offer you advice on finding the best property, and how to maximise its appeal to prospective tenants. Robb Residential will always advise landlords on the current legislation and any possible changes to legislative requirements that will affect your property. It is vital that all landlords are aware of their responsibilities, so we recommend that you seek the best advice possible.
3. Mortgage and Insurance Needs
When purchasing a property with the intention to let, it is vital you ensure the mortgage lender allows this. DON’T forget insurance – it is vital to protect your investment in case of any unforeseen circumstances.
4. Presentation
Due to an abundance of competition within the rental market, it is essential that your property stands out from the crowd through its presentation. A nicely painted home, with sturdy but comfortable furnishings, makes a world of difference. Tenants need to imagine making your property their home. Therefore, if you can help them achieve this through a well-presented property, you will have happy tenants and achieve a good, steady rental income.
5. Safety First
Landlords are required to ensure that their property is compliant with all safety regulations. From smoke alarms to up-to-date fuse boxes, safety of your tenant should be the primary concern of any landlord. Here at Robb Residential we have a raft of contractors who can help make sure your property meets all regulation requirements.
6. Rental Income
Rental prices have increased quite considerably in the last few years. While it is essential to be fair to your tenant, you also want to ensure that your investment gives you the greatest yield possible. Robb Residential’s Property Asset Managers always keep an eye on how the rental market is performing, so you can rest assured that you will achieve the highest, most fair rent possible for your property.
7. Void Periods
We understand that having an untenanted property is something you will want to minimise as a landlord. However, if your property is untenanted, this means that you will be liable for all the utility bills and council tax payments. If this does happen, you may be liable for an exemption or a discount during a void period. Also, consider the advertised rental amount, if your property is valued too highly, it may be untenanted for a longer period. Quickly receiving a slightly lower rental price may be preferable to waiting several months for a higher income.
8. To Furnish or Not to Furnish: That is the Question!
The decision whether to furnish your property will be dependent on the type of tenant that you are looking to attract. For example, properties near universities will attract students who’ll expect furnished homes and tenants who have families may have their own furniture, therefore, will look for unfurnished homes. If you are looking to furnish your property, it should be of a good standard and comply with all fire regulations. Of course, there is no set rule for this therefore, our helpful Property Asset Managers will be happy to offer you the best advice. It is a good time to become a landlord but getting it right and avoiding any pitfalls where possible is the way to success. Robb Residential’s Property Asset Managers are highly qualified, vastly experienced, and always happy to have a chat.
To request a free complimentary valuation of your property, contact us today:
Visit our website: www.robbresidential.com
Email: lettings@robbresidential.com
Call: 0141 225 3881
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