Everything you need to know about becoming a landlord

Nicky Lloyd, Head of ESPC Lettings, shares the most frequently asked questions from prospective landlords about buy-to-let properties.

Edinburgh is a popular area for buy-to let properties but what do you need to know before embarking on your property journey?

Should I use a letting agent or manage the property myself?

The cost of a full management service may seem significant, but it will bring you peace of mind that your tenants and property are being properly taken care of, and that you and your property are compliant with all the current legislation requirements. With a full management service, the agent will photograph and market the property, conduct viewings, screen potential tenants, carry out referencing, provide a full photographic inventory and provide a Private Residential Tenancy agreement. They will also take the rental payment and handle deposit protection, carry out inventory checks, issue the relevant certificates and carry out safety checks.

If you’re a self-managing landlord, you will have to commit time and effort to make sure you know your rights and responsibilities.

How much rent should I charge?

Looking at the gross rental yield of a property is vital for landlords to understand if a property will be a good buy-to-let investment. It’s worth speaking to local experts to find out potential rental income and how attractive a property is likely to be to tenants.

ESPC Lettings will help you get started and develop your portfolio with continued buy-to let advice, reviewing performance regularly to ensure you are getting the best return. Go to espc.com/services/lettings/rentalyield-calculator to calculate the property yield based on property purchase price and monthly rental income.

Can I enter the property during the tenancy?

Yes, but you will have to give the tenant notice. Who is responsible for council tax? When a tenant is living in the property, they will be responsible for paying council tax. This should be clearly stated in your rental agreement. However, when the property is vacant between tenants, landlords will have to pay council tax and other bills.

Seek expert advice

ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants. To organise a free buy-to-let marketing and management proposal meeting, contact the team on 0131 253 2847 or landlord@espc.com