{"id":8350,"date":"2023-09-15T08:59:32","date_gmt":"2023-09-15T08:59:32","guid":{"rendered":"https:\/\/www.citylets.co.uk\/blog\/?p=8350"},"modified":"2023-09-15T09:51:38","modified_gmt":"2023-09-15T09:51:38","slug":"how-to-get-started-as-a-landlord","status":"publish","type":"post","link":"https:\/\/www.citylets.co.uk\/blog\/how-to-get-started-as-a-landlord\/","title":{"rendered":"How To Get Started As A Landlord"},"content":{"rendered":"

Thinking of investing in buy-to-let property? Here\u2019s everything you need to know to get started.<\/strong><\/p>\n

It\u2019s well-reported that Edinburgh is one of the most challenging places in the UK to rent a home<\/a>, and the demand from prospective tenants searching for a home in the city simply doesn\u2019t match up to the levels of available stock on the rental market. There\u2019s a real need for more rental housing to come to the Edinburgh market, so if you\u2019re thinking of investing in a property portfolio, now presents a fantastic opportunity for would-be landlords.<\/p>\n

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To get started as a successful landlord, there are several things you need to be aware of, which we\u2019ll discuss in greater detail below.<\/p>\n

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  1. Research the market<\/strong><\/li>\n<\/ol>\n

    It\u2019s essential that you understand the market that you\u2019re looking to invest in. Edinburgh overall is an expensive city to buy property in, but there are many areas that offer more affordable purchase prices while generating strong rental yields. Examine the most recent market data available to make sure that the area you\u2019re buying in will provide you with a strong return on investment.<\/p>\n

    Think about the kind of property you can afford to buy and your ideal tenant \u2013 do you want a one-bedroom flat<\/a> for young professionals, an HMO for student tenants, or would you prefer to rent out a house to a young family?<\/p>\n

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    1. Get the right kind of mortgage<\/strong><\/li>\n<\/ol>\n

      You\u2019ll need to speak to a lender or mortgage adviser to ascertain your eligibility for a buy-to-let mortgage \u2013 a normal owner-occupier mortgage is not permitted for a property that\u2019s intended for renting out.<\/p>\n

      Once you\u2019ve got a firm understanding of how a buy-to-let mortgage works, and the funds you\u2019ll have available to you, you can begin your search for the ideal rental property.<\/p>\n

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      1. Get up to date with the latest legislation<\/strong><\/li>\n<\/ol>\n

        Becoming a landlord is not as simple as buying a property and handing over the keys, collecting rent each month. As a landlord, you have a legal obligation to provide a safe home for your tenants, and in Scotland, there are many rules and regulations to abide by, covering everything from the condition of the property to the rent you are allowed to charge each month.<\/p>\n

        From understanding the latest regulations around rent caps<\/a> and how this will affect what you can charge your tenants, to knowing about fire alarm laws and the rules around evictions, it\u2019s imperative that you understand both your rights and your obligations as a landlord.<\/p>\n

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        1. Set aside money for maintenance<\/strong><\/li>\n<\/ol>\n

          Before you even secure a tenant, set aside a pot of money to be used for maintaining the property, and for any unexpected repairs that may be required. Usually, you\u2019ll be liable for all repairs and maintenance to your property, unless there are specific circumstances where your tenant has caused the damage. With this in mind, it\u2019s best to make sure you have the funds available for a new washing machine or communal roof repairs at short notice.<\/p>\n

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          1. Appoint a property management agency<\/strong><\/li>\n<\/ol>\n

            Of course, you can manage your own rental investment \u2013 but for many, this is a time-consuming job that needs much more attention and care than you may realise. Putting your investment into the care of a property management agency means that you can relax and pass the responsibility for managing your property and its tenants to someone else.<\/p>\n

            An experienced lettings agency will take care of everything you need \u2013 from ensuring the property complies with regulations, creating inventories and marketing the property, to vetting tenants, collecting rent, handling move-outs and dealing with repairs and inspections. For many landlords, property investment is a long-term project, and passing the care of the property over to the professionals means you can simply enjoy the fruits of your investment, knowing it\u2019s being looked after.<\/p>\n

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            1. Ensure the property complies with the rules<\/strong><\/li>\n<\/ol>\n

              Prior to letting out your property, you\u2019ll need to make sure everything within it complies with the current laws and regulations. This means that your property will need to be wind and weathertight, meeting the Repairing Standard, and will need to have the following:<\/p>\n