Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Finding the Right Tenant, Plus Advantages and Disadvantages of Letting a Room in Edinburgh

By LauraCampbell Subscribe to RSS | February 24th 2012 | Views:

There is an increasing trend among people these days to let out rooms in their property. Government has introduced rent-a-room schemes which offer clear tax advantages. This has further increased this trend. However, it is important that you take necessary steps to get the right tenant and enter into the right kind of agreement.

Advantages and disadvantages of letting a room

The government has fixed a limit and if the rental amount is under this limit then you are exempt from any kind of tax. This means that you will not have to submit a tax return at all. However, if the total amount (including expenses) is more than this limit then you still have to declare it and pay a tax on it.

People who can rent out rooms in their property

If you have a property on mortgage then you must first check with you lender to see if letting out a room is within the terms and conditions. If it is, then you can surely rent out a room. Moreover, you can also use the scheme if your house is also on rent. The term of your lease must allow you to do so. Lastly, if you own the property and also use it as your main residence, you can still take advantage of the scheme.

Finding the right tenant

In order to find the right tenant you should advertise for your property in all the right places. Use local newspapers, college/university boards, internet etc. Adding in photos of the property will also help you. Advertisements with photos attract more tenants and the ones contacting you are aware of what to expect. It is important that you describe your property in an attractive manner, highlighting its features. If it has cable and broadband connection, you should mention it. Also describe the transport, dining and shopping facilities around. If you are interested in a particular kind of a tenant, e.g. student or a professional then you must add this as well.

You must arrange a meeting with potential tenants in order to select the one who is more likely to pay the rent and is close to your ideal tenant.

Entering into a right kind of an agreement

The tenancy agreement must have details of all the rights and responsibilities of the tenant, so that both the parties know what to expect from each other. This should include the period of the tenancy, the deposit, set period of notice in order to terminate the contract or vacate it etc.

LauraCampbell - About Author:
Laura Campbell is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on for rent edinburgh, please visit edinburgh student flats.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Business Articles Subscribe to RSS

The Superlative Alternative in flats in Chandigarh –Turn It Inside Out!
Published by Deepti on March 1st 2012 | Business
Of late, augmented growth and advancement in Chandigarh landed property has been amongst the newest ...
Reasonable flats in mohali
Published by Deepti on March 26th 2012 | Business
If the individuals are looking for feasible commercial or sub-urban Mohali property, then they shoul...
Own Chandigarh flats at monthly installments
Published by Deepti on April 2nd 2012 | Business
The capital of Haryana and Punjab is Chandigarh and it is rightly named as the ‘city beautiful’ ...
Well furnished flats in Mohali at affordable prices
Published by Deepti on March 24th 2012 | Business
Mohali is liked by many people and it is also the new eco town of Punjab. It is now considered as th...
Guidelines on renting flats in Edinburgh
Published by Jessi Ashley on May 24th 2012 | Business
Edinburgh is a very beautiful city having marvelous landmarks and spots that attracts the tourists. ...
Sunny flats – a perfect way of living a blissful life
Published by Deepti on March 21st 2012 | Business
Mohali has witnessed outstanding growth and development in the last couple of years. The place with ...
How to Handle Disputes Between Neighbors in Edinburgh flats
Published by Carol Riley on April 4th 2012 | Business
Being part of the Edinburgh flats culture means that you will have to deal with neighborly disputes....