How to rent out your home in Scotland

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How to rent out your home in Scotland

Letting your home in Scotland is not as daunting as it may seem. With the right knowledge and advice, you can make the process as smooth and stress-free as possible. And one of the best ways to deal with renting is through hiring a letting agent for your property, such as ourselves.

We at Home West will deal with all aspects of renting your property to tenants, however there are some measures to consider before this is even an option to you.

Firstly you will need to contact your mortgage lender and get consent to let – if you want to rent your house out on your existing mortgage. There is a possibility that they request you to remortgage in this instance. However failure to get in touch means you can be liable for mortgage fraud if you don’t get permission.

Secondly you will have to register with your local council and also join the Scottish Landlord Register.

Prior to renting you will also be required to meet safety requirements such as gas, electricity and carbon monoxide, as well as having an up to date energy performance certificate and also a Legionella Risk Assessment.

Here is what we can help with you.

 

earn a rental income with the help of a glasgow letting agent

Researching the local market and setting a realistic rental price before you rent your house out

Before you set a rental price for your home, it is important to thoroughly research the local market and get an understanding of what other similar properties in the area are currently renting for. It is important to set a realistic rental price that reflects the current market conditions and the condition of your property.

With several years as a Glasgow based letting agent, working in areas across the city, we at Home have a grasp on a realistic yet profitable figure to set as monthly fee.

 

get assistance from a letting agent as a first time landlord

Advertising your property to encourage potential tenants

Once you have decided on a rental price, it is important to advertise your property. There are many platforms where you can advertise your property, such as online classifieds, letting agents, and even social media.

A letting agent is the best person to leverage this as not only do they have existing clients, whose wants they are aware of. But they also have a known brand on letting sites such as Zoopla – guaranteed to get you more views of your property.

We also have access to professional photographers and videographers, with experience in property, ensuring you get the best results.

 

renting out your house to responsible and trustworthy tenants

Vetting potential tenants prior to renting out your property

Before you decide on a tenant, it is important to vet potential tenants and ensure that they are suitable and able to meet the criteria of the tenancy agreement. It might be a good idea to check references and conduct credit and background checks to ensure that the tenant is suitable.

We as letting agents have done this countless times and will conduct in person or over the phone interviews on your behalf. We have the tools to hand to carry out all background checks, protecting your future property rental income.

It is then our job to present to you who we feel is the right fit for your home, finding someone reliable and trustworthy.

 

creation of a tenancy agreement for prospective tenants created by letting agent

Preparing a written tenancy agreement

Once you have chosen a suitable tenant, it is important to draw up a tenancy agreement for your rental property that outlines the terms and conditions of the tenancy. This should include details such as rent, rental period, payment terms, the tenant’s rights and responsibilities, and the landlord’s responsibilities.

We have such agreements drafted and can tailor to suit your property.

collection of rental deposit for your rental properties managed by a letting agent

Collection of the deposit for your rental property

And finally, before the tenancy commences, it is important to collect the deposit from the tenant to cover any potential damages or unpaid rent. It is important to make sure that you have the tenant’s written agreement for the deposit and to ensure that you register the deposit with a tenancy deposit scheme.

We have all of these contacts in place and can oversee this transaction on your behalf.

It is our job to allow you to start renting your home in Scotland with both confidence and ease.

 

rent out your home to private tenants in glasgow with Home West

Start renting our your house with Home West

Convinced that renting our your house is your next step? Get in touch today to discuss your options either by calling 07833 564 331 or sending an e-mail to innes@home-west.verticaldev.org.

Regulation for short term lets Scotland

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A proposed scheme to regulate short-term lets in Glasgow will go out to a public consultation.

The new licensing scheme follows changes to the recent Civic Government (Scotland) Act 1982, which allows local authorities to introduce a licensing framework for short-term rental property owners to abide by.

However within this scheme there are several property types that are except from inclusion. These include licensed accommodation, hotels and mobile accommodation, as well as health and education accommodation.

 

apply for a short term license for your residential accommodation

What does the short term license scheme set out to do?

The scheme sets out limits on the number of people that can stay in a property depending on the number of rooms available. In addition, it calls for fire, gas and electrical safety standards to be met with a test to licence holders.

It will be an offence to operate as short-term let without a licence and there is also a complaints process for neighbours and tenants under the revised civic government legislation.

Public liability insurance would be required for the duration of any let and licence holders are required to act reasonably in relation to maintenance for any communal areas. In addition, waste management is highlighted and finally, key boxes can only be attached to a property with prior, written permission of owners or the relevant authority.

 

apply for a short term license as per Scottish government legislation

When will the short term license come in to action?

All short-term lets are expected to be licensed by Aril 1, 2024. The operator of any short-term let that existed prior to October 1, 2022 will have until April 1, 2023 to submit a licensing application.

Current planning policy in Glasgow indicates that flats used for short stay accommodation are required to gain planning permission and licensing applications must be accompanied by proof that planning consent is in place. Planning permission is not required for home sharing, secondary letting for a house and home letting for a house.

 

Scottish Parliament have actioned license for short term lets in Scotland

The benefits of license applications

Councillor Alex Wilson, chair of the Licensing and Regulatory Committee, believes that this legislation will give safeguards to neighbouring properties used for short-term lets.

He said: “Online booking for short-term lets has transformed where people stay for their holidays and made it far easier for property holders to get involved in the rental market. But this explosion in short-term lets also directly impacts upon those living in neighbouring properties and can affect their quality of life if a let is poorly managed.

“This draft policy is an attempt to redress the balance and give other residents some comfort that the short-term let in their close or community will be operated safely and appropriately. The policy sets basic standards that any reasonable host should be able to achieve and so provide reassurances to neighbouring residents, but also those who rent the property.

“But it is vitally important that this policy is developed in conjunction with the community at large. We will be seeking views directly from a range of stakeholders, but our consultation on this issue will be open to all and we urge anyone with an interest in this issue to contribute their opinion. Full details of how to respond to the consultation will be released in due course.”

 

new legislation for all existing short term lets in Scotland

Further information of applying for a short term license

If you are still unclear on whether you meet the licensing requirements, a full version of the draft policy is available on the Glasgow Council website. Here you can also fill out your application form should it be deemed necessary for you to apply for a license.

rental property within Glasgow

Rent in Scotland reaches record highs

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According to a recent report there has been a spike in demand for inner city homes, pushing rents to record highs – great news for landlords, but less so for renters.

Following the pandemic, demand for urban homes fell drastically as tenants prioritised inside and outside space to enable them to work at home, school their children and socialise without leaving their property. Moving to more rural areas enabled people to get more space for their money. In addition, corporate, student and short-term lets were no longer in demand as we faced months of restrictions.

The quarterly report shows that prices for rental properties in Glasgow have increased significantly as supply cannot keep up with the current demand. It gives an overview of the lettings market for the first Quarter of this year and shows that demand for rental properties in both rural and urban areas is in high demand, but the number of available houses and flats was higher only slightly higher than the historic low reported in the fourth Quarter of last year.

Although there are slightly more properties than the end of last year, this doesn’t look like it’s going to improve in the short-term and this could further push up rents – especially as many landlords are exiting the market.

 

earnings from a house to rent Scotland

What you can expect to pay/ earn from rental properties in Scotland

The average monthly rent in Scotland went up by 8.5% year on year to £896 with the average time to let is currently less than three weeks, standing at just 20 days. More than 35% were let within one week and 77% were let within one month.

In Glasgow there was a 16% annual increase bringing the average rent to £972. Meanwhile Edinburgh saw the average rent rise by 14% year on year reaching £1,214 per month.

 

lettings options decreasing within glasgow city centre

The current housing market in Glasgow

It appears that city living has made a comeback following the pandemic. Offices have reopened, universities and colleges are now teaching students in-person, and there is once again demand for people living close to public transport. In addition, with rising interest rates and mortgage costs rising, first-time buyers are finding it difficult to secure a mortgage and continuing to rent whilst they save.

We are seeing a cost-of-living crisis due to the conflict in Ukraine, the economic recovery from the pandemic and the rise in inflation. Despite this, the market is very busy as people want to get back to normal and press ahead with plans that were put on hold.

There is still a real concern about the supply of properties available in the lettings market, especially in Glasgow City Centre and the ever-popular West End. Many landlords are selling up whilst the market is still buoyant and asking prices are high – again due to lack of supply. In addition, many landlords are trying to avoid the threat of increased legislation and taking steps to alleviate their own cost of living.

 

properties available to rent within glasgow city centre and west end

Get in touch with us to discuss available property to rent

We have a number of houses to rent within Glasgow, to discuss our current options, please get in touch via 07833 564331 or email innes@home-west.verticaldev.org.

Or indeed, if you’re considering letting your property, talk to us today to get advice and an overview of the market here in Glasgow’s City and West End markets.