Being A Landlord You Must Consider Many Things Before Renting Out Your Property In Edinburgh

If you want to be a landlord then you should realize that this is not an easy job

. There is no doubt about its financial gains but at the same time you have to fulfill numerous responsibilities and duties.

Being a landlord you have to make a number of important decisions. He has to have a clear mind with regard to so many aspects of the property.

A landlord should consider the costs of running the property. He must consider the cost of advertisement and if he is going to live in or rent a part of the property. Another thing should be kept in mind while planning all things that what kind of tenant he is looking for, like a specific class of students and professionals or a family etc. Once the landlord has decided on all these matters, then he should proceed accordingly.

Consulting parties before letting out property

It is better for you to consult with all the parties involved before renting your property. In case of mortgage this will include his mortgage lender. You need to seek permission from the lender and he might even tell you the way you can rent out the property, i.e. an Assured Shorthold Tenancy. If you have a freeholder then you should update him as well. Insurance company is another important party. It is significant that you get this party involved or you will not be covered in case of damage to property, theft etc.

That would be cherished if you seek advice from a solicitor or a letting agent in this regard.

Hiring a letting agent

Majority of the landlords hire letting agents for their properties. If you hire an experienced and dedicated agent then he will take away most of your workload. In case of hiring a letting agent, it shows that you will not have to deal directly with the potential tenants, property viewings and negotiating the rental price. It would be the responsibility of a letting agent to advertise for you and also guide you on all important matters as he has knowledge of the local market. A letting agent will give you important and helpful feedback from property viewings. Hiring a letting agent will be very helpful for you in every matter.

Costs landlord will incur during the renting process

Majority of the landlords have their eyes set on the rental income that they will make by letting property. You should consider one thing that try to make notes of all the expenses that you will have to deal with before the rent reaches you. This will include the maintenance costs, letting agents fees, insurance fees, mortgage repayments of the property, expenses incurred in bringing the property according to the standards set by the government for the safety of the tenants.

by: Calum Rendall

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