1. Location, Location, Location
Which transport links and supermarkets are nearby? What is the parking situation? How many schools are in the area? Tenants generally want these amenities within a 5-10 minute drive so it is important that you do your research.
2. Property Type & Construction
Consider the property type and what type of tenants it will attract. Detached and Semi-Detached properties will attract families or young professionals happy to live in an HMO with other like-minded people. Whereas flats will attract students and couples. It is equally important to consider the popularity of a modern vs a Victorian-style property within the town. When it comes to construction, an ex-local authority property will be of solid construction but may not be a popular design on the open market in that particular area.
3. Size of the property
When viewing the property, compare the number of bedrooms with the number of bathrooms and kitchen/living room size for the number of tenants that will likely be there ( whether it is a property for couples or families) e.g 4 bedroom house with a small living room may not be popular for families.
4. Furnished vs Unfurnished
Some areas have little demand for furnished properties while other areas may have a shortage of furnished properties. If you are planning to rent a property and have furnishings, you must check that the furniture complies with the furniture regulations and whether it is suitable for the purpose. If you are planning on using a letting agency, they will advise you on all safety regulations. You must ensure that all upholstered furniture, mattresses, pillows, cushions, and bean bags have fire safety labels attached to them to comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988
5. Is the property currently tenanted?
Obtain the Inventory Report to check the landlords’ items, condition of the property, and co-operation with the current tenant as this will also affect the property’s viewing potential as the existing tenant may refuse entry for prospective tenants to view. If the existing tenants will remain in the property, obtain the tenancy agreement and check it very carefully as it could be an Assured Tenancy Agreement, Short Assured Tenancy Agreement, or Private Residential Tenancy Agreement. Each of those tenancy agreements in Scotland has different regulations and terms.
6. The time of year and availability
The time of year will affect the rental figure quoted. Rents usually rise in university towns and cities at the start of the academic year while the property can be harder to let during winter. The landlord may wish to rent for 6 months whilst abroad however PRT (Private Residential Tenancy Agreement, Scotland) makes this difficult unless an eviction was granted (e.g landlord is moving back into the property as principal home but likely notice and FTT (First-Tier Tribunal) will be required)
7. The ongoing management of your property and tenants
As a landlord, you can certainly manage your rental property alone but how much do you know about the current regulations? A letting agent and property management company could be beneficial to you as long as you pick the right one therefore we recommend reading our previous article Why landlords should use a letting agency. Bridge Letting will deal with tenants directly on your behalf, from arranging accompanied viewings at your rental property to creating tenancy agreements and handling any day-to-day queries. This means that you will save a great deal of time but most importantly, we will keep you compliant with the current legislation as our Property Managers are fully qualified and experienced concerning the current property market and full letting process.
Free Lettings Advice & Rent Appraisal
We will provide you with advice tailored to your property plans and we will give you an indication of how much rental income you can expect to achieve every month. Get in touch with us here for a chat about your investment property plans and our introductory landlord offer: https://www.bridgeletting.co.uk/property-management-service/