When considering becoming a landlord it is important to crunch your numbers first. There are a good number of small costs to consider but when it comes to the income side of the financial equation then the most important question is ‘how much will my property let for’?.
It is very easy to get an idea of how much your property will let for. We are contacted by a variety of property owners looking for a rent estimate; from investors who have seen a property on the Edinburgh sales market and need an idea of what it would let for, to people swithering whether to sell or let out their property, looking for a rent estimate if they hold onto it. We find people in this boat often get a taste for holding a property investment and go on to renting it out for years as they realise that it’s not as scary as they initially thought!
It’s pretty straightforward for us to give you an idea of how much your property will let form, given the right tools and knowledge. With over 8 years in business and having dealt with close to 1,000 properties in our time we certainly have the right tools! We’ve seen all sorts of Edinburgh properties and we have access to various databases of rental valuation comparables. We can therefore provide Edinburgh landlords with a ‘desktop rental valuation’ by constructing a table of recent lettings in the vicinity of their property, narrowing down the comparables to provide a good estimate of how much their property will let for. For an accurate idea of how much a property will let for it is better to arrange an inspection of the property (there is absolutely no obligation for a landlord to use our services at this stage!) as every property is different, and all of our rental valuers like a wee trip out of the office! Don’t worry, we’ll take our shoes off at your door if you have carpets!
The property rental market has performed very well in the past couple of years and, according to Lettingweb.com’s most recent LettingStats report, rents are continuing to rise above inflation in Edinburgh for 1 and 2 bedroom properties. A typical two bedroom property now costs £754/month to let while the average four bedroom property lets for just over £1,450/month. This week, Zoopla reported that annual house price growth in the UK has hit double digits for the first time in four years during April, with the average cost of a property rising by 10.9% during the year to April 2014 (the highest rate since July 2007).
Umega Lettings can provide Edinburgh landlords with a good idea of how much your property will let for. Simply email us at; [email protected], phone us on 0131 221 0888 or tweet me @UmegaAndy providing a brief description of your property and I’ll come back to you with a rent estimate and some comments on the rental market around your property.