Thinking of becoming a landlord?
Traquair Lettings offer step by step comprehensive guidance including:
- Purchase costings
- Where to buy
- Capital Growth v Rental Income
- Introduction to Mortgage Funding
- Accountants and Tax Implications
- Individual Properties assessed to minimize risk and maximize profits
- Legislation and Legal Compliance
- Fixed fee legal costs regardless of the number of purchase bids made on your behalf to assist with budgeting.
- Edinburgh and Lothians are a patchwork of different markets. We offer guidance on risk, capital growth, ease of rental etc. 1 bedroom or 2? Family House? Furnished or unfurnished?
- Certain styles of property in certain areas may return higher rental percentage wise but with less capital growth potential. Our experienced consultants will discuss with you.
- Buy to Let mortgage underwriting has different requirements and choosing the right Lender suited to your circumstances requires independent “whole of market” advice.
- We recommend a discussion with Accountants should investors want clarification on tax implications.
- When a suitable property purchase has been secured and agreed in principle, we assess rental income and any specialist surveys recommended before legal commitment. If required we can also manage estimates for upgrading or compliance with legislation.
- All rental properties must comply with ever changing legislation and compliance requirements. Traquair Lettings take on the responsibility of ensuring your property and letting administration is fully compliant. Failure to do so can result in five figure fines for both the Landlord and the Agent.
Tips for landlords when considering buy to let properties
Remember it is an investment
Older traditional properties require additional repairs and maintenance which eats in to your profits. Modern properties managed by a Factor are on a maintenance contract and tend to have lower maintenance costs. Remember, it is a business deal.
Choice of property
One and two bedroom flats near the city centre or on an active bus or tram route offer the best opportunity for less time without tenants and any increase the market will sustain. Avoid Run Down Areas Generally speaking, they will be less likely to attract professional tenants.
The attitude of lenders differs substantially when it comes to Buy to Let mortgages. Best advice is to choose "whole of market" mortgage advisors - there are plenty out there who do not charge fees and will meet up after hours.