The rented property market in Edinburgh has always been buoyant, and property investment remains extremely popular, despite Brexit concerns. A thriving city of professionals, international visitors and tourists, as well as students, means that Scotland’s capital is recognised as one of the greatest cities for landlords looking to invest in property.
There is an increasing demand on landlords to provide high quality and well maintained properties, and it goes without saying that better landlords attract better tenants, so we have put together our top 10 tips for you on being a good landlord:
- Before you rent out your property make sure you register as a landlord with the local council and your property meets the minimum legal requirements, especially with regards to multiple occupancy.
- Play by the book and make sure everyone knows their rights and responsibilities. Remember that your tenant can leave positive or negative reviews online.
- Follow lease guidelines – ensure you have drawn up a suitable lease and this is signed by the tenant.
- Keep it professional – it can sometimes be hard not to get involved, but ultimately remember they are your tenant, not your friend
- Be accessible and give your tenant a choice of ways to contact you if you don’t have an agent – not everyone is able to talk all the time and an email address may be more suitable, likewise some people would rather talk through a situation
- Ensure you act quickly to fix any problems that may arise throughout the tenancy. This is in your benefit as well as theirs.
- Keep electronic copies of any documents that your tenant signs, as well as other important papers related to the rental property
- Choose your tenants wisely – run a credit and background check, ask for references from previous landlords, and avoid tenants with past evictions
- Be proactive – inspect the property on a regular basis, keep it in good shape and fix repairs promptly
- Make sure you have told your mortgage lender that it is a rental property and that you have the right insurance to protect yourself and your property.