Wednesday, January 28, 2009
Reluctant landlords should do homework before leasing
“Reluctant landlords” should ensure that their properties are up to scratch before considering putting them on the rental market, according to one of Scotland’s leading letting agents.
Braemore Property Management has warned people who are having trouble selling properties due to the economic downturn to make sure they have done their homework before putting them up for let.
The firm, which is based in Dundas Street and has a portfolio of around 850 properties worth £250 million, says that in recent months the rental market has been swelled by “reluctant” landlords – homeowners who bought new properties before finding that they could not find a buyer for their old homes.
As many of these people are still paying mortgages on their original properties, they are now considering putting them up for let in order to help cover their repayments.
But Braemore has argued that these owners should be aware that as the Scottish rental market is highly competitive, they may have to renovate or upgrade their homes in order to ensure they attract tenants.
Colette Murphy, director of Braemore Property Management, explained: “In recent months, we’ve noticed a lot of people enquiring about renting their properties out and it’s clear that some of them are only looking to let-out these properties until the economy has improved sufficiently and they can sell them.
“Demand for rented accommodation is still high in Edinburgh, which is why it’s an attractive prospect to put your property up for let if you can’t sell it. However, it’s important to remember that there has been a big increase in the number of properties coming onto the market in recent months, so these reluctant landlords need to do their homework before deciding to rent out their homes.
“Landlords have to work hard to provide good quality homes that tenants want to live in. You can’t just put a badly decorated property with an aging kitchen and an inadequate bathroom on the market and expect someone to rent it.
“Tenants are looking for the best properties to live in and with a wide range of homes on the rental market, landlords have to make sure they are offering the best value and standard possible. It takes investment and hard work to ensure a property is ready to be let and people need to realise what a big commitment that is.
“We offer an extensive property management service and are always happy to help potential landlords with any queries they have about their properties and the rental market in general. We would recommend that anyone thinking about becoming a landlord should seek out professional advice before putting their property up for let.”
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