The current state of affairs in Scotland has made this a prime time to let your property. Some have inherited properties, or have moved into a smaller property as the kids grew up and left home. Or perhaps you purchased a property with the intention of letting. Due to the limited number of new builds that are permitted, rental properties just aren’t hitting the market fast enough. This has driven the Scottish rental rates to an all time high.
The result, according to a Scottish Association of Landlords survey, is that rental rates are gaining incrementally once again. The reason for this, the study says, is that there just aren’t enough private letting options on the market. If demand is high, and supply is short, there couldn’t be a better time to enter the market as a landlord.
What to consider before letting:
There are several basic decisions that you need to make before you let your property. First and foremost, you have to determine if your property is ready to rent. Are all of the fixtures, carpets, paint and appliances up to date and ready to rent? You should make sure that everything is ready to use, so you can maximize the value of your property. Something as low cost as painting can drastically improve the appearance of your property and maximising the rent.
Furnished or unfurnished, that is the question. Many times these “extra” properties are already furnished and can be rented as such. However, just as you study the fixtures and appliances, you need to make sure your furniture will be an asset to the property. It may be better to let unfurnished as opposed to having the value of your property dragged down. All furniture must meet current fire regulation.
Other requirements include, Landlord Registration, Energy Performane Certificate, gas and electric checks and smoke detectors.
My property is ready, now what?
This is where it can be daunting, and the reason the spare properties become spare. This is where you should get a letting agent like Fair City Letting Agents in Perth, Scotland. They can help quide you through some of the toughest parts of letting your property. There are many things you have to consider.
You will need to determine the appropriate rate, taking into account the total value of your property over the course of the next year with rents rising at rates as high as 3%. You out what find out what deposits you can collect to cover potential damages, not just from pets, but in general. The legal requirements for paperwork and how you need to document property are very precise, and must be followed to insure maximum protection and legal compliance (such as third part involvement on deposits)
The best part of using a letting agent is you don’t need to collect the rent. If the rent isn’t turned in on time, they will take care of collections so you don’t have to concern yourself with it. Let Fair City Letting take the worry out of getting your new income stream in action.