Becoming a successful landlord is not as challenging as many people first assume, but it does require careful planning and consideration. Whether you’re thinking about renting out your current home, purchasing your first buy-to-let property, or adding to an existing portfolio, there are a number of things you must research and think about first. The good news is, with the right help and advice from our team of property experts, becoming a successful landlord is a perfectly viable option. Furthermore, Glasgow—and, indeed, Scotland as a whole—is an increasingly popular and sound location for buy-to-let investment.
Choosing the right location for buy-to-let property investment is crucial, so it’s important to speak with an experienced letting agent like ourselves. The appeal of an area could be for any number of reasons— school catchments, universities, commuter access, public transport, recreational facilities, jobs, etc. Think about what you can afford and the type of tenants you would like to attract—will they want to live in that property and location, and can you realistically charge a rental fee that provides a good return on your buy-to-let investment?
It would be wise to speak to an independent financial advisor before making an investment or applying for a mortgage or loan. What can you afford, how much can you borrow, and will you make sufficient rental income to cover the cost of your mortgage and other expenses associated with owning the property? Most importantly, when you speak to our letting team we can recommend tried and tested professionals that can help achieve your objectives.
At Vanilla Square, we keep an eye on current trends and rental values, have an extensive database of vetted tenants, a thorough understanding of regulations, and a dedicated team of experienced professionals to oversee and manage the property and tenants on your behalf. There’s also no need for you to worry about dealing with viewings and references, utilities and council tax, deposit and rent collection, inventories and inspections, safety checks, maintenance and repairs, any new legislation, re-advertisement or extended void periods of tenancy, or any of the other time-consuming responsibilities of letting a property. If reading that sentence is tiring enough, imagine having to practically deal with everything mentioned therein!
Whilst you may not want to spend lots of money on a rental property, it does pay to make it as inviting and appealing as possible, to as many people as possible. For example, making sure the decor is fresh and neutral, the property has quality furnishings, clutter is minimised, and the property is in a good state of repair. You want to make a great first impression to every prospective tenant who views your property—and you will also want it to look its best for your marketing photographs. The more people who want to rent it, the higher the chance of getting the best rental income!
Marketing and Viewings
As experienced letting agents, we have the means to market your property strategically, targeting the most suitable prospective tenants across a wide range of channels, including social media, email, high-street window displays, websites, and the UK’s largest property portals.
Landlords in Scotland have a number of legal responsibilities to maintain. Many new landlords are unaware of their obligations, so it can be reassuring to have an experienced agent to help and advise on such matters and arrange the necessary safety checks.
To be fully compliant as a landlord in Scotland, you must be registered with your local council as a landlord, ‘Landlord Registration’, you will need to join the tenancy deposit scheme, and you must notify your mortgage lender of your intent to let the property and get their consent to do so. You must also have an energy performance certificate carried out prior to marketing the property and this must be displayed when advertising.
Buildings insurance is, of course, essential—if the property is a tenement building or flat, this may be included in your Factor’s fees, so you should verify this before taking out a separate policy. You don’t want to end up paying double! Contents insurance is recommended in any property whether furnished or unfurnished – after all carpets/flooring/worktops/walls etc are all classed as contents. Landlord’s insurance is also worth considering.
Various safety regulations must also be met when letting a property, including gas safety checks, fire safety (this extends to furnishings you provide), carbon monoxide detectors, PAT testing, Electrical Installation Condition Reports, mains wired and interlinked smoke alarms, and a legionella risk assessment. It can be easy to overlook these things, but this can be an exceptionally costly error, so it’s best to have our team deal with these requirements on your behalf, putting your mind at ease.
Vanilla Square – highly personal sales and lettings! Whether selling or letting property, you will always be liaising with one of our business partners, which makes our service that much more responsible and approachable. When you instruct us, your property will reach a wider audience as we are one of the few agents who are present on all the major property portals to offer sellers and landlords maximum exposure. If you’re looking to buy, sell, rent or lease your property, or you’re simply considering the idea, contact us by calling 0141 229 0210 or pop into our new office at 711 Great Western Road. One of our partners will be delighted to help and provide you with impartial, expert advice.