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There are a number of people in Edinburgh who are dealing with the situation of becoming an accidental landlord. This might happen to anyone. It is likely that they had to relocate, could not find a buyer, bought a new property and can afford to rent out the old one, inherited a property etc.
Research shows that many people who had become accidental landlords are now successful landlords just because they made good decisions regarding their property. At the same time it is important to note that a reluctant landlord has to find answers to a number of questions.
Deciding whether to rent out the property or sale it?
This is an important decision to make. However, many landlords who cannot find a prospective buyer end up renting the property till he finds one. In such a scenario it is important that you are honest with your tenant and inform him of your intentions. Moving a house is a stressful job and it will be unfair to ask him to leave just after a few months. Under the Assured Shorthold Tenancy you can make a contract for less than six months but at the same time the tenant cannot be evicted before this time span. Moreover even if you don’t enter into any kind of agreement with them you will still be bound by the terms of Assured Shorthold tenancy.
Hence you must always be fair and honest with your tenant.
Is it the right property for the rental market?
Mostly accidental landlords are stuck with a property while other people are free to choose the right property in the right area. The landlord might have the perfect property but in a wrong market or vice versa. This is a tricky situation to be in, for example, he might he might own a beautiful family home in a student area.
Hence the landlord needs to access if it’s the right property to rent out. As in some situations it is better to sale the property at a discounted price because this will be more beneficial in the long run then sticking with it. You should only rent it out if there is demand for such a property in that area.
Where to find the right tenant?
You can seek the help of a letting agent or alternatively you can do it yourself, but this will be time consuming. Finding an agent is a good option as he is aware of the local market and will filter out unsuitable tenants for you.
Kate Forbes is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on flats in edinburgh, please visit edinburgh to let.
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There are a number of people in Edinburgh who are dealing with the situation of becoming an accidental landlord. This might happen to anyone. It is likely that they had to relocate, could not find a buyer, bought a new property and can afford to rent out the old one, inherited a property etc.
Research shows that many people who had become accidental landlords are now successful landlords just because they made good decisions regarding their property. At the same time it is important to note that a reluctant landlord has to find answers to a number of questions.
Deciding whether to rent out the property or sale it?
This is an important decision to make. However, many landlords who cannot find a prospective buyer end up renting the property till he finds one. In such a scenario it is important that you are honest with your tenant and inform him of your intentions. Moving a house is a stressful job and it will be unfair to ask him to leave just after a few months. Under the Assured Shorthold Tenancy you can make a contract for less than six months but at the same time the tenant cannot be evicted before this time span. Moreover even if you don’t enter into any kind of agreement with them you will still be bound by the terms of Assured Shorthold tenancy.
Hence you must always be fair and honest with your tenant.
Is it the right property for the rental market?
Mostly accidental landlords are stuck with a property while other people are free to choose the right property in the right area. The landlord might have the perfect property but in a wrong market or vice versa. This is a tricky situation to be in, for example, he might he might own a beautiful family home in a student area.
Hence the landlord needs to access if it’s the right property to rent out. As in some situations it is better to sale the property at a discounted price because this will be more beneficial in the long run then sticking with it. You should only rent it out if there is demand for such a property in that area.
Where to find the right tenant?
You can seek the help of a letting agent or alternatively you can do it yourself, but this will be time consuming. Finding an agent is a good option as he is aware of the local market and will filter out unsuitable tenants for you.
Kate Forbes is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on flats in edinburgh, please visit edinburgh to let.
