Tenants Advice
Consider the following:
Location
Decide on the Area you are looking to rent in. If you are unsure look at our information on the different regions and pick the district best suited to you! Make sure this is the area you want to live in. Some factors to consider:
Is there shops, bank, educational buildings, bars and restaurants nearby?
What are the levels of travel? Is there a bus service nearby? Is there major access roads or train stations to allow for ease of commuting out with the area?
Budget
Assess your monthly budget to determine the amount of rental you can afford. Remember in most cases your rental will Not include electric and gas bills, council tax, TV license etc.
What will be the Travel expenses living in this property to get to work or university?
Is there on street/designated parking or will you have to pay additional for this?
Does a factoring company manage the building? The factor will usually cover communal maintenance, landscaping and common buildings insurance. This will come at an additional cost. Always check what this charge will include prior to signing the lease.
References
You will be asked to produce details of references to the landlord prior to moving into the property and it is important to have this in place before you start looking. References from previous agents/landlords, employers, bank accounts etc are the most commonly accepted.
Rental Period
Consider the length of time you intend to rent the property for. Decide on this carefully, it is extremely difficult to withdraw from a Lease Agreement earlier than the agreed rental period.
Start Looking
Use our user friendly property search to view the vast selection of properties we have to offer. Take time looking through the different properties and their descriptions to get a feel for it. Use the map at the bottom of the page to locate exactly where the property is. Check the rental amount, deposit required and rental period to make sure it fits within your requirements. When you come across a property you particularly like contact the agent or landlord to request a viewing.
Viewing Properties
Take your time when viewing properties, its best to have a friend or family member with you for a second opinion. Check what comes with the property, is it fully or partially furnished. Is there gas central heating and double glazing. Does the bathroom have a shower. What is storage space like. It is easy to forget checking these during the viewing. Make a checklist prior to seeing the property.
Securing the Property
When you have made your mind up you’ve found the right property contact the agent or landlord ASAP and let them know you want it. It is likely you will be asked for a deposit. This is to reserve the property for you while the tenancy agreement is set up. The deposit is usually held by the landlord during the period of the lease as security. Make sure you obtain a receipt for this deposit as it should be returned to you at the end of the rental period. It is important you have an agreed inventory of furnishing if any to prevent you being held liable for defects that were already there.
When the landlord has obtained your references and deposit the tenancy agreement will be drawn up. This will stipulate details of the tenant the landlord, address, date of entry, rental amount, period and various other clauses. Read through the document and make sure you understand everything prior to signing. The Agreement will be signed by both parties and become a valid Agreement.
Landlord Advice
Renting out property is a fantastic way to retain an investment and earn a healthy return, however it can be a tricky and challenging exercise.
Preparation of the Property
Put some effort into the property, have the carpets shampooed. Give the walls a fresh coat of paint with neutral colours. Inexpensive improvements can go a long way to renting the property.
Don’t Spend £20,000 on a state of the art kitchen and bathroom then hand the keys over to a group of student tenants. Expect there to be general wear and tear in the property after leasing.
Marketing the Property
When the property is ready for viewing you can now take photographs and even a short video of the flat for advertising on our site! Use the upload section of our website to make your property live! Give a short to the point description of the property with your requirements. Provide your email address and contact number if you like and its is simple as that.
Make sure the property is tidy and clean when viewing to prospective tenants. If you are renting a flat it is likely you will be in a heavily populated area and competition could be fierce. It is important to make sure the stair is tidy and as welcoming as possible.
Don’t Leave an empty shell. Light furnishing and inexpensive touches can help the potential tenant imagine living there and make the property look more homely.
If you will be leaving furnishings in the property make a detailed inventory of all of these, even down to the number of knifes and forks. Check the inventory and furnishing at the end of the lease to make sure all items are there. Do this before you give the tenant the deposit back. Should any items be missing or damaged you can deduct this from the deposit.
As of the 1st January 2009 it is a legal requirement to provide tenants with an Energy Performance Certificate (EPC) prior to signing the tenancy agreement. This can be obtained by a surveyors firm or specialised energy company.
Once you’ve found a tenant.
When you have been approached to someone who would like to rent your property make sure you obtain full reference details. This can be a reference from a previous landlord, employer, agent or even bank account details. Should it be a student or some renting for the first time they may not have appropriate references. In this case a parent acting as guarantor would be sufficient.
Don’t enter a Tenancy Agreement without a deposit from the tenant. This will act as security for you should the property have furnishings of in the event of late rental payment.
When you have received the deposit and acceptable references it is time to have the Tenancy Agreement drawn up. This can be down by a solicitor of letting agent. It will stipulate all the terms of the lease and both parties should sign this.
You should receive the monthly rental in advice and would be best to set up a direct debit between yourself and the tenant.
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Vacant flats in Edinburgh are hard to come by at the best of times! Particularly in the flats to rent in the city centre of Edinburgh. Some of these being by far the most lucrative flats in Scotland.
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