Whatever the price you paid for your rental property, it will likely be among the biggest financial commitments you’ll have, and therefore constitutes a very serious investment. When this property is of a higher-than-average value (typically £500,000 and above, looking at Edinburgh’s rental market specifically), then there can be more at stake when it comes to renting it out.
So, what should you consider when it comes to letting a high-value property?
Consider your tenants
You should carefully consider the prospective tenants for your high-value property. A property of higher value generally means that the rent will be on the more expensive side, so the condition of the property must reflect that.
Prospective tenants for higher-value rental properties are often older, perhaps with a family, and they will rightly expect their home to be at a certain standard of quality.
Therefore, this means that landlords should ensure the property is in truly excellent condition, with all furniture, fixtures, fittings, and appliances in fantastic working order, are clean and well-maintained. You may also want to redecorate the property or make upgrades to bathrooms or kitchens prior to marketing; tenants may intend to live there for the longer term, so the property should be as appealing as possible to convince them that it’s the right place for them.
Advertise the property in the right way
If you’re planning to promote your property as a luxury offering, meaning you’re aiming for a higher rental rate, then the market should be promoted in an appropriate way.
Ensure that photography is of excellent quality, with all rooms clean, clear, tidy, and well-lit, and the description should offer in-depth detail of the property and everything that makes it appealing to a prospective tenant, worded in a way that appeals to the kinds of tenants you’re hoping to attract.
Protect your property
As your property is at a higher value, it’s more important than ever to take out the right kinds of insurances to protect your investment. Do your research and make sure you’re fully covered for any eventuality.
Engage effective property management services
When a property is of a higher value, it’s understandable that you, as the landlord, could be concerned about any damage to its condition. This can increase if your property has listed status, as many properties in Edinburgh are.
Engaging a reputable letting agent is key: using a property management service can help to alleviate any concerns about the property, meaning you can enjoy peace of mind that your investment is being cared for appropriately. Letting agents can take care of everything, advising you on inventories, rental rates and insurance policies, as well as advertising the property, vetting tenants, collecting rent and managing the maintenance.
