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Buy To Let, Hints & Tips, Landlords, Selling, Tenanted Properties
Selling a Property with a Tenant in Situ – What to Know
Selling a Property with a Tenant in Situ – What to Know Thinking of selling a property with a tenant in situ? You’ve come to the right place. Here we explain everything you need to know — and share why help is at hand from Cairn. If you’re a landlord thinking of selling your rental property, should you wait until the place is empty, or can you sell with sitting tenants? It’s a question we’re often asked, and so we’re here with an answer: there are pros and cons to both scenarios. Let’s explore them in a little more detail. What are the benefits of selling your rental property when it’s empty? The clear benefit of selling your rental property when it’s vacant (also known as “vacant possession”) is that you have a wider range of options. Rather than selling to another buy-to-let landlord, you could sell the property to a private buyer who wishes to live in it themselves. And before you get to the sale, having the property empty (and clean) will make viewings a lot more straightforward. You won’t have to worry about keeping tenants in the loop, and you’ll know the place is presentable when prospective buyers come looking. What about the drawbacks of selling a rental property when it’s vacant? The main downside to this scenario is that you won’t be drawing any rental income while the property is on the market — so you’ll need to make sure you can cover the mortgage and other expenses from your own pocket. Read more: Top Tips for Selling with Glasgow West End Estate Agents So, what about selling a property with a tenant in situ? When you sell a property with sitting tenants, it means the tenants continue to live in the property after the sale is complete. You simply transfer the tenancy agreement and deposit to the new owner. Everything else remains the same for the tenants, and the new owner has rental income from day one. This might seem like a no-brainer for all involved, but there are a few potential downsides to this approach: Selling with sitting tenants narrows your market to only other buy-to-let investors; Your tenants might become spooked by the change and move out, leaving you with an empty property and extra expenses; It could increase the amount of time it takes to sell the property if the rental market is slow; And you’ll need to convince the prospective buyer that your tenants are responsible and reliable before they agree to takeover the tenancy agreement. The good news is that all of these issues can be overcome if you work with an estate agent experienced in selling tenanted flats. How to sell a property with sitting tenants When selling a property with a tenant in situ, you need to keep everyone informed on both sides of the transaction. Firstly, your tenants need to be reassured that nothing will change on their end. The tenancy agreement they signed with you remains valid, and their rent won’t change while that’s the case. Meanwhile, you need to provide references, credit checks, and other evidence to the prospective buyer to demonstrate that your tenants are reliable and trustworthy, and have been paying their rent on time. When it comes to the actual sales process, it’s largely similar to selling any other property type. You (or your estate agent) would inform your tenants of your plan to sell, put the property on the market (highlighting that it comes with tenants in situ), and begin arranging viewings. And when you receive an acceptable offer, you’ll need a conveyancing solicitor to handle the legalities of transferring the tenancy agreement and deposit to the new owner. Again, working with an expert estate agent (like Cairn) can help iron out these details. Selling a property with a tenant in situ? Work with Cairn One of our main areas of expertise is selling tenanted properties for our clients. And in the majority of cases, our tenanted properties are sold off-market to our investment database. This ensures lower volumes of viewings and minimal disruption to your current tenants, while you continue to collect rental income up until the point of sale. Want to learn more about our services? Contact us today.
Buy To Let, Edinburgh, Investment, Property Investment
Why Invest in an Edinburgh Portfolio?
Why Invest in an Edinburgh Portfolio? Want to invest in an Edinburgh portfolio? Discover the reasons why Scotland’s capital is the place to be. With a thriving economy, six universities and a growing population that could reach 600,000 within the next 10 years, it’s no surprise that Edinburgh is considered one of the best places for buy-to-let in the UK. And high demand for properties means higher rental yields, allowing you to receive healthier returns on your investment! Read on to discover the top reasons to invest in a buy-to-let portfolio in Edinburgh. 4 Reasons to Invest in an Edinburgh Portfolio: 1. A Booming Economy Edinburgh, the capital city of Scotland, is the powerhouse of both the Scottish and wider UK economy. Consistently one of the most prosperous parts of the country, it has the strongest economy of any city outside London. A booming economy means more jobs, resulting in a greater need for housing as more people move to the city. And not only does the city have a healthy employment rate of 76%, but around 40% of the workforce are in high-skilled (well-paid) jobs. 2. Rising Population Another reason to invest in buy-to-let in Edinburgh is the city’s rising population. A new report shows that it grew by 12.3% in the ten years to 2020, up from an estimated 469,930 to 527,620. This figure is expected to rise to over 600,000 by 2035, potentially becoming more populous than Glasgow in the near future. More people means greater demand for housing stock, which is great news for buy-to-let investors. Read more: Edinburgh Property Investment: Is It Worth It? 3. A flourishing student market With six universities and three colleges, Edinburgh has a flourishing student market. The city is home to students from across the UK and around the world. Thousands come not just for its elite educational reputation, but for its rich and fascinating heritage, architecture, and food and drink scene. Since full-time students comprise over 12% of the population of Edinburgh, there’s a huge need for quality rented accommodation. HMO student accommodation is particularly sought after in the city. This is because it’s generally more affordable for students since several people will be splitting the rent, and it also offers a more social experience. Since the universities aren’t going anywhere, investing in a student HMO is usually a sound investment. Some of the key areas for student property investment are Abbeyhill, Marchmont, Balerno, Chesser, Bonnington, Currie, Dalry, Gorgie, Juniper Green, Haymarket, Fountainbridge, Polwarth and Slateford. Read more: Buy-to-Let in Edinburgh: Where to Look? 4. High rental yields With so many reasons for people to live, work, and study in Edinburgh, it’s no surprise that property here is in such high demand. As well as local residents and the huge student letting market, there’s also a flourishing tourist and holiday letting market. This has become particularly attractive for Edinburgh landlords in recent years, resulting in the city boasting some of the highest rental yields in the country. According to Totally Money, Edinburgh buy-to-lets can offer excellent yields of well over 6%. Next Steps: Find an Edinburgh Portfolio We’ve written previously about how to find a property portfolio for sale in Scotland, so you may want to continue reading there. Or, if you’re ready to invest in an Edinburgh portfolio, we’re here to help. We have a proven track record in helping investors secure profitable buy-to-let investments, with multiple portfolios sold within the last six months alone. Get in touch to learn more.
Buy To Let, Glasgow, Hints & Tips, Investment, Property Investment, Student Accommodation
Why Work With A Glasgow Estate Agent To Buy Property For Your University Bound Child
Why Work With A Glasgow Estate Agent To Buy Property For Your Uni-Bound Child An expert Glasgow estate agent can help you find the best deal for a second property — especially if it’s for your student-aged child. More and more parents are choosing to buy property for their children as they head off to university in Glasgow. And while this might seem like an extravagant move, it can be a wise long-term investment that benefits your family long into the future. Glasgow estate agents can help you find suitable properties at surprisingly affordable prices. Read on to find out why working with an estate agent to buy your child a property to live in may be a better option than renting student accommodation. Why Buy Property for a Student: Glasgow Estate Agent Advice 1. It’s a long-term investment Buying a property in Glasgow remains a fantastic investment. While it’s one of the least expensive cities in the UK to buy property, house prices here are increasing year on year. In fact, the average house price soared by a massive 14% in the last 12 months alone. There’s also a huge rental demand in the city, making it the ideal place to buy to let. With that in mind, you could opt to rent out spare rooms in the property to help pay the mortgage and other costs. A good Glasgow estate agent can help you select the right investment property in the city. 2. Help your child avoid sky-high rents According to Rightmove, the cost of renting in Glasgow has rocketed by 10% since the coronavirus pandemic started, with the average rent in the city now £992 per month. This is well worth considering when deciding whether to buy your child a property while studying at university. Buying a property is likely to be much more cost-effective once the initial costs have been paid, with average mortgage payments often significantly less than average rent payments. Read more: Why We’re the Best Glasgow Letting Agents for Students 3. Help your child onto the property ladder early Helping your child onto the property ladder at an early age will benefit them long into the future. Although property values may drop over the course of the mortgage, they’re still likely to rise overall. Therefore, if you buy your child a property while house prices are lower, the value in the house will increase as the market recovers. And if they get on the property ladder at 18, they stand to have considerable equity in their property by their late 20s and 30s. They are also more likely to be mortgage-free at an early age, giving them greater freedom to retire early if they choose to. Buying Property for the Student in the Family? Use a Reputable Glasgow Estate Agent Knowing where to start when buying a property for your child can be difficult, particularly if you don’t live in the city. That’s why many parents choose to work with Glasgow estate agents with expert knowledge of the different properties currently on the market. A local estate agent can help you find the right property for your child, helping to secure an investment that benefits your family long into the future. To buy your child a property to live in while studying, contact a leading Glasgow estate agent (like Cairn!). We can help you find a suitable home in the city at the right price. Get started here.
Buy To Let, Glasgow, Landlords, Property Finance, Property Investment
Glasgow Property Investment: 5 Reasons Why You Should Invest in Glasgow
Glasgow Property Investment: 5 Reasons Why You Should Invest in Glasgow Interested in Glasgow property investment? You’re in the right place. Glasgow has become an increasingly popular option for buy-to-let investors in recent years. As well as benefitting from surprisingly affordable house prices and high rental yields, landlords are also attracted by the city’s booming population and thriving economy. Read on to find out why Glasgow property investment is such a good idea. 5 Reasons for Glasgow Property Investment 1. Population size With Glasgow City Council recently approving its ‘City Centre Living Strategy’, the population of the city centre is set to grow significantly in the coming years. The aim is to double the number of people living in the area, with a target of 40,000 to be reached by 2035. To achieve this, vacant commercial space will be converted, brownfield land developed, and new public spaces created. This is great news for landlords since a higher city centre population means an increased need for quality rental properties. 2. A growing student city Approximately 67,000 people – more than 11% of Glasgow’s total population – are enrolled in higher education. In addition to prestigious universities like the University of Glasgow, Strathclyde, and Glasgow Caledonian, there are many other top colleges and specialist learning facilities. People come from all over the world to study here. And, of course, all these students need somewhere to live, leading to high demand for rental properties. Glasgow plays home to a lucrative HMO market which our team of specialists can help you navigate. To rent a property to 3 or more persons the Landlord must have an HMO licence in place to cover them as Duty holder and the property. We will take you through the HMO application process and procedures to ensure a full 3 years licence is achieved. Licences must be renewed every 3 years and properties can be inspected at any time by an HMO department or Fire Scotland. Maintaining a good property history is crucial both to passing inspections and ensuring your licence is renewed. We will carry out an initial inspection to advise you of any remedial works need to bring the property up to HMO standards our inhouse maintenance team will organise competitive quotes. Student property can be an extremely lucrative investment opportunity for landlords. In a recent report carried out by BVA BDRC on behalf of Paragon Bank, it was revealed that landlords who have student buy-to-lets in their portfolios are consistently achieving higher rental yields compared to those who don’t. 79% of the landlords surveyed said that high rental yields are what make letting to students so appealing. Read more: Buy-to-Let Glasgow Hotspots: Where to Look? 3. Thriving economy Glasgow’s is the fastest growing economy in the UK, significantly outperforming other core cities in recent years. Its industry has evolved greatly over time, moving on from its shipbuilding past to become a leading hub for sectors including technology, finance, sciences and tourism. More than 48,000 businesses (making up 28% of Scottish companies) call Glasgow home, providing more than 856,000 jobs (34% of the Scottish total). The city’s thriving economy is one of the biggest reasons many buy-to-let landlords choose to invest in Glasgow. 4. Future infrastructure developments Glasgow will soon be an even more desirable place to live, thanks to future infrastructure developments. The City Deal will fund several major infrastructure projects, with £400 million set aside to upgrade and regenerate the city centre, Sighthill and the canal area, Calton and the Barras, Collegelands, the Clyde waterfront and the West End. 5. Affordable house prices and rising rents According to statistics from Zoopla, in November 2021, the average price for property in Glasgow was £214,765. This is significantly less than the UK average of £264,000. When you couple this with the fact that rents are rising at the fastest rate ever recorded, this makes Glasgow a highly desirable option for landlords. The city has some of the best yields in the UK. As you can see, there are so many reasons for landlords to invest in Scotland’s biggest city. To learn more about the best Glasgow property investment opportunities, talk to one of our experienced team today.
Buy To Let, Investment
Cairn, Your Property Investment Specialist in 2023
Cairn, Your Property Investment Specialist in 2023 Cairn has made quite a name for itself in the sales and rental market, but did you know it also has a thriving investment services? For those looking to make an investment in the property market Cairn offers a property matching service where we look at properties on and “off” the market to suit your investment requirements. Whether moving into the area, buying an investment to rent out, adding value through refurbishments for resale, or an HMO student property, Cairn’s combined market knowledge and access to stock can be beneficial. We offer buyers a pro-active search and recommendation service at our discretion. Another component of our investment service is to provide our clients with relevant information relating to the market, such as properties that aren’t yet ‘on the market’. Being a local estate agent there are a variety of ways in which we come across buying opportunities. For example, by using our contacts with reputable surveyors we can sometimes offer investors the chance to buy off market before the general public is informed. Also, because of our presence in the market we are sometimes approached direct by property owners who know we can introduce a buyer. However, even if you find property without our help, our expertise can still be a vital asset. Cairn can help you objectively assess the property relative to your aims and if it matches up, we can help you work out what you are prepared to pay. We can then see that through to any potential development work and project manage this before handing it over to our “letting department” reducing your void periods. Another advantage of our investment service is that we’ll always keep you updated on industry news and potential properties. This is done by sending you a regular update of available properties and providing you with generic advice. Invaluable given the current housing climate. Our investment service offers the perfect balance of our hands on help and advice while still giving you room to breathe and make your own decisions. Our aim is just to help you make informed decisions. If you’d like to learn more about our investment service or any of Cairn’s other services please get in touch and our staff will be happy to answer any questions you may have.
Buy To Let, Hints & Tips, HMO Properties, Investment, Landlords, Services
How Can HMO Specialists Help Me Prepare My Property?
How Can HMO Specialists Help Me Prepare My Property? Are you planning on converting a property into an HMO? If so, you’ve made a wise investment decision. Although there may be more work involved in letting HMOs, they tend to offer significantly higher rental yields than single buy-to-lets. This is simply because you’ll be collecting rent from a higher number of tenants. But there are several steps you’ll need to take before you can start reaping the financial rewards of an HMO, from obtaining the necessary licence to making it habitable for multiple tenants. HMO specialists can help you tick every box when preparing your property, making the conversion to an HMO much easier. Why Work with HMO Specialists? 1. HMO Licensing A critical aspect of preparing your HMO property is acquiring the relevant licence. If three or more unrelated people are renting a property, it’s classed as an HMO (a house in multiple occupation). You’ll need to contact your local council to apply for a licence to let your property as an HMO in Scotland. A licence normally lasts for three years, and you’ll need to renew it before it runs out. HMO specialists can help you apply for the necessary licence while also making sure it’s renewed before it expires. Read more about HMO licencing here. 2. Safety Checks and Equipment As well as helping you to acquire a licence, HMO specialists can also assist you with other essential compliance measures. These include carrying out safety checks and ensuring that the property has all the required safety equipment, including smoke alarms, carbon monoxide detectors and fire extinguishers. An expert HMO letting agent will send all the relevant certificates to your local authority when required. These include gas safety certificates, portal appliance tests, and electrical installation condition reports. An HMO specialist can also ensure that your tenants have undergone the necessary training to maintain and test the safety equipment. 3. Ensuring “Fitness for Human Habitation” When converting your property into an HMO, you’ll need to consider the Homes (Fitness for Human Habitation) Act 2018. This piece of legislation came into force in 2019 and states that all rented accommodation needs to be suitable for human habitation at the beginning of the tenancy and throughout. The Act gives tenants greater powers to hold landlords to account if the property is below standard. HMO specialists can assist you in ensuring that your property is fit for human habitation by carrying out ongoing maintenance and liaising with tenants. HMO properties tend to require more maintenance than single buy-to-lets due to the higher number of people living in them. As such, it makes sense to work with an HMO specialist who has connections with certified local tradespeople. This will ensure that any necessary repairs are carried out quickly and to high standards, helping you to comply with all of your legal obligations. Cairn: HMO Specialists Since 1999 An HMO can help you to maximise the potential of your rental portfolio. However, you need to make sure you’re complying with all your legal responsibilities as a landlord. As seasoned HMO specialists, we can help guide you every step of the way. Cairn has been assisting HMO landlords since 1999 with everything from licence applications to essential safety checks, tests, and training. Contact us today to learn more about our HMO management services.
Buy To Let, Hints & Tips, HMO Properties, Landlords, Student Accommodation, Tenants
3 Reasons Why You Need an HMO Letting Agency for Your Property
3 Reasons Why You Need an HMO Letting Agency for Your Property Need help choosing the right HMO letting agency for your property? We’ve got you covered. HMOs can make fantastic investments, with rental yields for these properties far higher than standard buy-to-lets. Meanwhile, the demand for shared housing among professionals and students continues to grow due to its affordability and flexibility. So, if you’re a landlord thinking about investing in an HMO property, you might be wondering: do I go it alone, or should I work with an HMO letting agency? Here, we share three reasons why enlisting the help of an HMO letting agency can make all the difference. Why You Need an HMO Letting Agency 1. They Can Help Finding Suitable Tenants When it comes to letting out an HMO and maintaining cash flow, you must find the right tenants. Doing so reduces the turnover of tenants and keeps voids to a minimum. This is where an HMO letting agency really earns their corn. As well as using the most effective advertising techniques, an HMO letting agency will also interview prospective tenants to match them with existing housemates. They’ll also seek references from previous landlords and carry out the usual credit and employment checks on your behalf. 2. They Provide Ongoing Support An HMO letting agency won’t just help you find suitable tenants; they’ll also maintain solid relationships with them (and their neighbours). HMOs often require a more active, hands-on approach to management due to their popularity with student tenants. A good HMO letting agent will treat your investment as their own, ensuring rent is paid on time and issues, such as repairs or complaints by neighbours, are taken seriously and addressed promptly. 3. They Offer Expert HMO Licencing Advice For many landlords, HMO licencing can cause quite a bit of stress and confusion. An HMO letting agent can burden that responsibility and make sure your property is compliant with the necessary rules and regulations from day one. In Scotland, a property that is let to three or more tenants from more than one household is considered an HMO and will need a licence. An expert letting agency can assist you with the application process, providing advice and guidance along the way. And since an HMO property can be inspected at any time, it must be maintained to the highest standards year-round. An HMO letting agency can help with this, too, recommending any remedial works to bring the property up to scratch. The best letting agents have experienced tradespeople in their contacts, who can then be hired to carry out the work as soon as possible — saving you from penalties, fines, and unhappy tenants. The Qualities of a Leading HMO Letting Agency The leading HMO letting agents all have a few things in common: they’re knowledgeable, passionate, and have strong relationships with key stakeholders, from tenants and neighbours all the way to the HMO department of the local council. They should also boast a strong reputation in the local area. We’ve managed HMO properties since 1999 and are the go-to HMO specialists in Glasgow and Edinburgh. Choosing the right HMO letting agent can be the key to achieving maximum rental yields and keeping tenants happy. Contact us to discuss your HMO property with an experienced agent.
Buy To Let, Hints & Tips, Investment, Property Investment
How to Find a Property Portfolio for Sale in Scotland
How to Find a Property Portfolio for Sale in Scotland Read on to discover how to find a property portfolio for sale in Scotland. Some investors choose to buy a single buy-to-let property. Others, meanwhile, opt to build a full-blown property portfolio — and with good reason. There are several potential benefits to building a property portfolio. You can gain access to multiple income streams and achieve longer-term financial security. And if you’re looking for a property portfolio for sale in Scotland, it makes sense to work with a knowledgeable local estate agent. Find a Property Portfolio for Sale with Cairn When buying a property portfolio, working with an expert local estate agent is the best place to start. Estate agents often have multiple property portfolios for sale and can offer you expert advice and guidance to help make sure an investment is right for you. At Cairn, we’ve sold 24 portfolios to investors throughout Scotland in the last six months, making us best-placed to help you acquire successful buy-to-let properties. Here’s how we do it: We help you identify your goals When looking for a property portfolio for sale in Scotland, you first need to think about what you want to achieve. Do you want to benefit from an increase in property prices over time? Or are you eager to boost your earnings through rental income? Chances are, it’s a combination of the two. An experienced estate agent can help you identify your goals and suggest properties that fit your long-term plan. This can reduce the chances of any expensive mistakes further down the line. You can tap into our expert local knowledge One of the biggest reasons to buy a property portfolio with our help is our excellent local area knowledge. We know what has been sold locally (and for how much) and what is due to come to the market in the near future. This means you can quickly snap up profitable properties for your portfolio. We can also provide you with key information about a particular area, such as whether it’s safe and desirable to potential tenants. The end goal: maximise your rental income We’ve worked with many buy-to-let investors to ensure they get the best possible yield for their properties. We can also advise on how to minimise void periods between tenancies. Any good estate agent knows that keeping your property occupied means more rental income for you. Our buy-to-let team makes the process of letting your properties easy and stress-free from the outset. We go above and beyond for our clients, often achieving rents in excess of the regional average. Find Property Portfolios for Sale with Cairn As one of Scotland’s leading local estate agents, you can feel confident we can help you build and expand your property portfolio. We have a proven track record in helping investors to secure profitable buy-to-let investments, with multiple portfolios sold within the last six months alone. Get in touch to learn more.
Buy To Let, Hints & Tips, Landlords, Property Investment, Property Partners
Looking for Portfolios for Sale? 4 Things You Need to Consider
Looking for Portfolios for Sale? 4 Things You Need to Consider Interested in portfolios for sale? Read this short blog post for advice. Building a property portfolio can take time, money, and know-how. The best property investors and buy-to-let landlords have built their mini-empires with patience and hard work. But there is a faster way: you could simply purchase a ready-made property portfolio. However, finding portfolios for sale requires careful planning, and in this post, we share 4 important questions you need to ask before you start moving money around. Portfolios for Sale: 4 Questions to Ask 1. Have you done your due diligence? No matter the size of the property portfolio in question, the biggest mistake you can make is rushing in. Prior to investing, you must evaluate the portfolio to understand its true commercial value and potential, and also uncover any risks involved in the purchase. When you work with Cairn, we carry out a review of the cost/benefit opportunities against the investment profile to make sure you’re making the right financial decision. 2. Are the properties tenanted? Buying a portfolio with tenants in situ means you can start making rental income without skipping a beat. It also saves you from the hassle (and expense) of having to market several properties at once, vetting and placing new tenants. Here at Cairn, we specialise in the sale of tenanted properties, so we know how to handle the ins and outs of this process, keeping everyone happy and informed. 3. What developments are planned nearby? Another key consideration when purchasing a property portfolio is to understand the wider landscape in and around your investment. Will new developments (housing, bars, restaurants, schools, transport links, etc.) affect the value of your property in the short and long term? On the one hand, more amenities could make your new portfolio more desirable to potential tenants. However, new housing popping up right next door introduces more competition and could make it difficult to place and retain tenants in the future. In short, make sure you have all the facts before pushing ahead. 4. Do you require HMO licenses? Finally, will your new portfolio allow you to rent one property to more than 3 unrelated people? If so, you’ll need an HMO (House of Multiple Occupation) licence. HMOs are an increasingly attractive property investment idea, boosting yields and spreading risk across multiple tenants. We offer a number of HMO development services, helping you assess your properties for compliance with HMO regulations. Find Portfolios for Sale with Cairn Our property investment services are second-to-none. We can help you assess your objectives for any property investment or development, taking budget, yield, and capital growth expectation into consideration. And once you’ve secured your new portfolio, we’re on hand with a range of property management services to ensure your properties are compliant and maintained to the highest standards. Get in touch to learn more.
