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Making You Property Tenant Friendly and Will Renting Work for You?

By Adrian_Morrison Subscribe to RSS | February 25th 2012 | Views:

Increasing number of people are renting out houses, flats, rooms in Edinburgh. The government has further facilitated this for people by introducing schemes which offer clear tax benefits.

Edinburgh is the city of colors, the city of festivals, the city with rich history and beautiful architecture. During the festival season (in august) many people rent out flats, rooms, apartments, houses to have financial gains.

There are no restrictions with regard to renting out your property. If you own a particular property and also use it as your main residence, you can still rent out a part of it and gain financially. If your property is on rent, you can let it to a tenant after informing the lease holder. Moreover, if you have a property on mortgage, you must first check with your lender and insurer to see if renting out is within the terms and conditions. Hence, the type of ownership is not any hurdle in renting out your property or part of it.

Will renting out work for you?

In order to find the answer to this question, you need to do some calculations. First of all, you need to decide the most likely rental income that you can get. Secondly, take note of all the expenses that you, as a landlord will have to do. Deduct these expenses from the rental amount. If the figure is larger than the expenses then renting out is probably a good idea for you. The likely expenses that you will incur are the, letting agent’s fees, the building and contents insurance, maintenance, repair and utility bills, the council tax, service charges and the direct costs that you will incur in letting the property (e.g. costs of advertising etc).

Making your property tenant friendly

Legally, the landlord is required to take positive steps to ensure tenants safety and security. The landlord is required to carry out annual gas checks on all appliances by a registered gas engineer. He will be given a Gas Safety Certificate in return for these checks. The landlord must provide the tenant with this certificate. He must also get the electric appliances and electrical systems checked regularly. The landlord must ensure that the electrical sockets are safe for tenants use. In addition to this, he must get the property cleaned and replace any broken items which are likely to cause harm.

Moreover you must treat your tenant with respect. Never enter his premises without permission. Give him a notice of your visit and make sure that it is a decent time. You must not bother your tenant with any kind of nuisance. Hence you must try and maintain good relations with your tenants.

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

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