What NOT to do when letting your property in Scotland
Most landlords try to maximize their income by cutting unnecessary costs and that is understandable. Why pay for something that is avoidable? That rule should also apply to any potentially damaging mistakes that could be avoided. Edinburgh Letting Centre has prepared a list of the 7 biggest mistakes that could be made by less experienced private landlords in Edinburgh. Avoid those mistakes… or fall into a short-term savings trap and pay more in the long term. The choice is yours!
Buying a property in the wrong area
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Do not reference tenants
Referencing tenants takes time and costs money- third party referencing providers usually charge around £25-30 per person. Good references include credit checks (to make sure your applicant is not bankrupt and does not have any county court judgement), employment checks (how else would you know if the applicant has not been made redundant or whether their declared salary matches their payslips?), accommodation checks (would you really consider letting your property to somebody who keeps on causing serious condensation and mold in all their properties? Or to somebody who was always late paying their rent?). Diligent referencing ensures that your applicants passes all checks. We live in unprecedented times when thousands are furloughed and lose their jobs daily – it can happen to the best tenant. Do you really want to increase your risk by not weeding out potentially disastrous tenants who would have failed basic reference checks? All such risk to save some time and £30?
No inventory, no problem? Not really!
Lease? What lease?
Avoid letting agents
Go for the ‘cheapest’ agent in town