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Revealed: top tips for first-time landlords in Scotland

over 1 year ago
Revealed: top tips for first-time landlords in Scotland

Being a landlord can be extremely rewarding when it is approached in the right way.

If entering the lettings market is something you are considering, keeping up with the latest developments is the best way to stay compliant and informed.

By staying up to date and seeking help from knowledgeable lettings agents, the lettings market will become less challenging and easier to navigate.

Establish what type of let you want to provide

Depending on who the target tenant is, the type of tenancy you provide will vary. Before committing you should ensure you do enough research on your target tenant.

Unfurnished homes can be appealing as they allow tenants to put their own twist on the property with furniture that belongs to them. While furnished homes allow ease of moving for tenants because they do not need to bring many additions – this might be most suitable for students and young professionals without many belongings.

Once you have decided whether you are going to let the home furnished or unfurnished, you then need to make it look great to ensure it appeals to tenants.

By evaluating the home and taking note of the aspects that need to be updated, landlords can ensure that no required upgrade work or changes slip between the cracks.

Whether furnished or unfurnished, the home should be clean and liveable for the tenant. By getting the home professionally cleaned or prepared to a high standard by yourself, you can get off to the best start with tenants.

Another consideration you need to make as a new landlord is whether to permit pets in your rental properties. Giving tenants the option to bring their pets along could increase interest, but landlords must also consider the downsides that some pets could cause such as more chance of damage and mess.

Safeguard all areas of the home and conduct checks

As a landlord, you have a legal and moral right to keep your tenants safe during a tenancy.

Depending on where you are letting the home, you may require a landlord license from the local council before letting the home.

First-time landlords must also be aware that no two tenants are the same. With this in mind, landlord insurance is a much-needed measure that should be put in place. Policies that cover damage, legal expenses, and loss of rental income are available for landlords.

You must also protect your tenant’s deposits in a government-approved scheme within 30 days of the tenancy starting. In Scotland, there are three tenancy deposit scheme providers to choose from, namely Letting Protection Service Scotland, Safe Deposits Scotland and my deposits Scotland. You can find out more about tenancy deposit protection in Scotland here.

As well as the above, there are many other things to consider when letting a home for the first time – from tenancy agreements and repairs to landlord right of entry, private water supplies and background checks on new tenants – which are all explained in more detail on this mygov.scot page.

Becoming a landlord could seem daunting to someone hoping to get into the industry. However, this can be simplified with the help and support of a letting agent.

The right letting agent will be well-informed about the latest regulation and be able to pass this information on to you, especially in a fast-moving rental market like Scotland’s. This will ensure no piece of legislation is skipped over and it will improve your chances of having a successful career as a landlord.

Here at Letting Solutions, West Lothian’s first dedicated lettings agency, we can guide you through all aspects of the lettings journey and can help you to get the most from your rental properties as a result. You can find out more about our current ways of working here.

Please don’t hesitate to contact us, even if you are not a current client. You can ring us on 01506 496006 where our team are waiting to help. Or you can email us at: rent@letting-solutions.co.uk

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