Letting Your Property in Stockbridge: A Short Guide
Scotland is renowned for its beauty, whether it be residential areas or rolling hills, and you only need to step into Stockbridge to understand why. When you arrive in this unique suburb, you’ll feel like you’re standing in a quaint village that’s far away from civilisation. However, if you take a short walk, you’ll end up in the bustling centre of Edinburgh. There are many appeals to renting out a property in Stockbridge, but you’ll need to understand Edinburgh renting regulations and consider property management - find out more below.
In 2019, Stockbridge was named the best place to live in the UK, and there are plenty of reasons why. For example, according to the Scottish Index of Multiple Deprivation (SIMD) 2020, Stockbridge is the least deprived area in the whole of Scotland, which is an almighty incentive for long-term dwellers. Additionally, the official crime statistics in the UK indicate that Stockbridge is peaceful on all fronts; safety for a family is a number one priority.
Thanks to only having a handful of quaint pubs, residents and visitors enjoy a quiet life because the rowdy crowds stay away. This doesn’t mean there’s nothing to do in Stockbridge; for example, you will find the Royal Botanic Gardens, plenty of second-hand stores, and enough coffee to satisfy anyone. When you pair the wealth of sights with stunning Georgian and Victorian-era architecture and throw in some cobbled streets, you’ve got the recipe for a niche holidaymakers’ dream - but will you opt for short or long-term letting?
Long-Term Vs. Short-Term
A long-term rental lasts a minimum of six months, and there are plenty of benefits including:
No utilities or other bills to take care of.
Regular income and less chance of having empty periods.
Set rent amounts make it easier to budget.
Tenants will call your property home, meaning they’ll take greater care.
These are all reasonable advantages, but there are also plenty of reasons to steer in the opposite direction. For example, you will have less flexibility and more power lies with the tenant; you will need to provide 84 days’ notice to evict a tenant. With this in mind, let’s take a look at the advantages of short-term lets:
Flexibility to use your property throughout the year.
Lighter regulations for short-term lets.
Higher rental potential.
Guaranteed start and end period - no 28-day notice.
Less opportunity for tenants to make changes, like decorating.
Why Use a Stockbridge Property Management Service?
Regardless of which type of letting you decide on, you will be responsible for marketing the property, liaising with potential tenants, drawing up contracts, taking care of maintenance, and so much more. Unfortunately, this side of being a landlord can make it feel less worthwhile, depending on your income and lifestyle. Fortunately, there are plenty of high-quality property management companies Stockbridge that will take off the pressure.
Renting out properties can be lucrative, but what happens when you have zero tenants? During these low periods, you’ll still need to make mortgage payments, pay bills, and carry out maintenance, which feels a little like throwing money into the void. Luckily, a property management service can protect you by guaranteeing your rent. After having your property assessed, you will receive an offer for up to three years.
Higher Rental Value
The property market is in a constant state of flux, which makes it difficult to assign the correct rental price. However, if you use a property management service, their industry expertise will allow them to quickly observe a home and put a price on it. Additionally, they will find ways to maximise rent by carrying out small tasks like painting, replacing door frames, and changing the carpets.
In 2022, new short-term rental regulations were introduced in Scotland, calling for all short-let landlords to apply for planning permission. These regulations cover all areas of Edinburgh, including Stockbridge. However, if a property has been let for more than ten years already, it’s exempt from the new regulations. Additionally, if you use a property management Stockbridge service, you can bypass the ruling because they become your primary tenant for a long-term period.
More Efficient Screening
“Don’t judge a book by its cover”. This phrase is true when it comes to vetting tenants, as even the most trustworthy-looking can turn out to be challenging. Luckily, having Stockbridge property management and protection will prevent you from making errors during the screening process. After all, they will have access to an international network of vetted tenants, which will save you from being tied to any undesirables.
Higher Levels of Service
The majority of short-term lets don’t have the capacity to provide hotel-level service, meaning guests’ needs often go unmet. However, if you use UpperKey, your property will benefit from excellent concierge services, which helps to provide an edge over competitors. Essentially, you can sit back and know that your tenants will be taken care of and your property will be maintained to the highest of standards.
Forget About Required Regulations
Before you’re able to rent out a property, you need to ensure it meets regulatory standards, which can be time-consuming. Fortunately, if you decide to use a property management service, you’ll receive plenty of advice and many of them will arrange checks and deal with any work that needs carrying out.
No Tenants to Deal With
Being a landlord can bring in plenty of revenue, but not everyone is cut out for the job, which includes plenty of interaction with all types of tenants. If you wish to reap the rewards of being a landlord but know that tenant interaction isn’t for you, a property management service will take care of everything to do with the tenants.
Stockbridge is a gem in the heart of Edinburgh, and it’s extremely popular with visitors and long-term residents alike. However, renting a property in Scotland can be challenging, especially considering the introduction of new short-let regulations. To protect your income and easily put your property on the market, turn to a high-quality property management service.