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Investment, Buy To Let, Edinburgh, Landlords, Portobello, Property Investment
Tips for overseas investors in Edinburgh property
Tips for Overseas Investors in Edinburgh Property Edinburgh, with its rich history and vibrant culture, is not just a prime tourist destination; it’s also a hub for overseas property investors. Whether you’re a seasoned investor or just beginning to explore opportunities in the Scottish capital, it’s crucial to have a deep understanding of the local property market. With that said, Cairn Estate & Letting Agency, with years of experience and unparalleled knowledge of the Edinburgh property scene, shares essential tips for overseas investors. Understand Your Investment Objectives: Before delving into the market, it’s paramount to outline clear objectives for your property investment. Are you looking for capital growth, or is your primary focus the yield expectation? Ideally, you are evaluating the required landlord time commitment, be it HMO or traditional single let. Defining these objectives will shape your investment journey. Leverage Expert Market Analysis: The property market is driven by trends, and having expert analysis at your fingertips can make all the difference. Using industry information portals, Cairn offers in-house and dedicated subscription data on property prices and market trends, ensuring that overseas investors are equipped with the most recent and relevant data. Capitalise on Established Industry Connections: One advantage of partnering with Cairn is the agency’s industry reputation, leading to direct approaches from sellers. They have nurtured relationships with property professionals, opening the doors to “off” market opportunities that might be hidden from the average investor. Stay Updated: The property market is dynamic, with prices, trends, and opportunities shifting frequently. Cairn aids its investors by providing monthly property list updates and reviews of client objectives, ensuring that every decision made aligns with the latest market insights. Weigh Opportunities against Your Investment Profile: It’s not just about identifying opportunities; it’s about recognising the ones that align with your investment profile. From development appraisals to capital growth estimates and rent and yield predictions, Cairn ensures that each opportunity resonates with the client’s specific objectives. Navigate the Development and Project Management Maze: For those looking to invest in property development, navigating the maze of local authority consents, cost tenders, and contractor appointments can be daunting. Cairn simplifies this process, offering comprehensive services that encompass everything from project assessment to site inspections and reporting. In Conclusion: Investing in Edinburgh’s property market from overseas can be both rewarding and challenging. By enlisting the expertise of Cairn Estate & Letting Agency, overseas investors can access the industry insights, connections, and tailored services needed to transform challenges into opportunities. Whether you’re considering a single buy-to-let property or aiming to expand a diverse portfolio, Cairn stands as the ideal partner in your Edinburgh property journey. For more insights into the Edinburgh property market and tailored guidance for overseas investors, contact one of our friendly property investment professionals.
Investment, Buy To Let, Edinburgh, Property Investment
Edinburgh Property Investment: Is It Still Worth It in 2023?
Edinburgh Property Investment: Is It Still Worth It in 2023? Interested in Edinburgh property investment? Here, we explain why it’s still a great idea. Investing in buy-to-let in Edinburgh is a no-brainer. Scotland’s cosmopolitan capital boasts stunning properties, a thriving economy, a growing student population, and huge rental demand. In short, it’s the ideal mix for property investors. But why should you spend your money here in 2023? Let’s explore the attraction of Edinburgh in a little more detail. Edinburgh Property Investment — Why Invest in the Capital? Edinburgh Fast Facts Population: 548,000 (2022) House Price Avg: £338,000 (2022) Monthly Rent Avg: £1,327 (2022) Typical Rental Yield: 4% – 6% (the UK average is 4%) Auld Reekie: A City On the Rise It might seem odd to describe a city first founded before the 7th century AD as one “on the rise,” but in property investment terms, that’s Edinburgh in a nutshell. The (Second) Best UK City for Property Investment According to a major study by commercial property advisor Colliers, the Scottish capital came second as the best city for residential property investment in the UK — pipped to the post by Cambridge (London came fourth). The city’s house price growth, high-quality universities, and strong economic performance helped Edinburgh take silver in this particular contest. But there were a variety of other impressive points worth noting where Edinburgh property investment is concerned, including: 1. Historically Low Unemployment Rates Edinburgh’s unemployment has been historically much lower than in most other UK cities, with students and young professionals drawn to the area thanks to higher education and employment opportunities. With more people working, demand for rental properties remains high, while rental rates stay competitive. 2. A Beacon for Major Employers More and more employers are setting up shop in Edinburgh due to its large population, diverse economy, and highly skilled workforce. A powerhouse of the Scottish economy, key sectors include financial services, software and technology, tourism, and retail. 3. A Commuter’s Dream Edinburgh City is incredibly well-connected to its surrounding areas, with several major roads, train lines, and other public transport links converging on the capital. If your property investment budget doesn’t stretch to the city centre, you could still take advantage of Edinburgh’s magnetic draw by looking to the outskirts. 4. A Thriving Student Market Edinburgh is home to 6 universities and 3 colleges. The city attracts students from across Scotland, the UK, and the rest of the world — and these students need to live somewhere! Consider investing in high-quality HMO student accommodation in Edinburgh to meet the demand from student tenants and earn greater yields than standard buy-to-let properties. 5. A Population That Could Soon Rival Glasgow Edinburgh’s population has been on an upward trend since the 1990s, and it shows no signs of slowing. As of 2022, it sits at a whopping 548,000, and this is projected to grow to over 603,000 by 2035. This means it could rival — and even overtake — Glasgow at some point in the near future. And a growing population means a greater demand for housing stock. Worth keeping in mind if you’re trying to choose between the two cities! Read more: Property Investment In Glasgow: Where To Spend Your Money in 2023 So, Where to Buy? Edinburgh Buy-to-Let Hotspots We dig a bit deeper into the postcodes and places to buy in Edinburgh in this post: Buy-to-Let in Edinburgh: Where to Look? But if you want the headlines, here goes… The southwest is an up-and-coming part of the city, with competitively priced properties and fantastic transport links. Check out EH11 and Dalry and Gorgie in particular. EH16 (Liberton and surrounding areas) is consistently popular for buy-to-lets. Situated a mere three miles from the city centre, it’s ideal for students and professionals alike. The neighbouring areas of Broughton, Hillside, and Lochend also offer close proximity to the centre, but without the high costs associated with other parts of the city. Trendy bars, cafes, and restaurants make this a vibrant and sought-after locale. Ready to invest in Edinburgh? Start your property search here. Cairn: Edinburgh Property Investment Experts So, is purchasing a buy-to-let property in Edinburgh worth it in 2023? Absolutely — so long as you know where to look. That’s where we come in. Our property investment experts are ready to help you find your next buy-to-let opportunity in the capital. Get in touch to learn more.
Investment, Buy To Let, Glasgow, Property Finance
Property Investment In Glasgow: Where To Spend Your Money in 2023
Interested in property investment in Glasgow? Here Cairn profiles the most popular areas of the city. Investing in buy-to-let in Glasgow is a no-brainer. A bustling, modern European city with a vibrant student population, a thriving economy, vital transport links, and huge rental demand, Scotland’s largest city represents a golden opportunity for property investors. But where should you spend your money in 2023? Let’s explore Glasgow in a little more detail. Why Invest in Glasgow Property? Glasgow Fast Facts Population: 635,640 (2020) House Price Avg: £207,250 (2021) Monthly Rent Avg: £992 (2021) Rental Yield Avg: 5% (the UK average is 3.6%) Around a third of Scotland’s entire population lives in or around Glasgow. The city itself has a population of 635,640 (as of 2020), while the Greater Glasgow area is home to around 1.8 million. The sheer number of people in this part of Scotland makes property investment in Glasgow very attractive — and for two reasons in particular: 1. There’s a Huge Demand for Rental Properties According to research by Admiral, demand for rental properties in Glasgow far outstrips supply, with 998 prospective renters for every 100 available rental properties. Only Salford (1,076 people for every 100 rental properties) has a higher tenant demand in the UK. For comparison, Edinburgh came fourth in Admiral’s list, with 535 potential renters for every 100 available properties. This demand has seen the average Glasgow rent climb to £992 PCM, while the average time to let is only 31 days. Bottom line? If you invest in a buy-to-let property in Glasgow, it probably won’t be empty for very long. 2. Business is Booming Glasgow isn’t just home to almost two million people. It’s also the beating heart of Scotland’s economy. According to Invest Glasgow, the city region generates 34% of all Scottish jobs and plays host to one of the fastest-growing technology investment hubs in the UK. Beyond that, leading industries include public health, hotels, restaurants, distribution, banking & finance, insurance, transport, and communication. Glasgow’s workforce is diverse, highly educated, and bringing home, on average, £30,000 a year. So, not only is there a huge demand for rental properties in Glasgow, that demand is being driven by desirable, professional tenants. Property Investment In Glasgow — Area By Area Wondering where to invest in Glasgow buy-to-let property? Here are 5 key areas worth exploring. 1. The City Centre Average house price: £205,000 Home to both traditional properties and modern new-builds, Glasgow’s city centre boasts plenty of choices, no matter your target market. Although many people working in the centre prefer to live outside of its boundaries, many more call it home. This is especially true of Glasgow’s student population. The fashionable Merchant City is worth a look if you’re hoping to rent to young professionals, while areas like Townhead, Charing Cross, and Cowcaddens are all within walking and public transport distance of the city’s universities. 2. The West End Average house price: £245,000 The best West End estate agents rarely have trouble letting properties in this stunning part of the city. Popular with young families thanks to its green space, young professionals thanks to its transport links, and students, thanks to its bars, cafes, and proximity to Glasgow University, demand for rental properties here is through the roof. Of course, this level of demand has a knock-on effect, with many of the properties in the West End among the most expensive in Glasgow. But if you find something that works for your budget, you could be onto a winner. Consider areas like Hillhead, Kelvinside, Dowanhill, Yorkhill, and Partick for any of the target markets mentioned above. 3. The East End Average house price: £180,000 Home to Dennistoun, recently named the 8th coolest neighbourhood in the world (the WORLD!), the East End of Glasgow is chock-full of character. From the iconic red sandstone tenements to thriving independent businesses, the East of the city is particularly popular with students and young families. Thanks to regeneration activities brought about by the 2014 Commonwealth Games, the East End is beginning to catch up with other parts of the city after years of neglect. Yet it remains cheaper than the city centre and the West End, so you could nab yourself a buy-to-let bargain. 4. The Southside Average house price: £200,000 When you venture south of the River Clyde, you’ll find a mixed bag of property investment opportunities. A traditionally industrial area of the city, riverside regeneration has brought a modern feel to many areas, while others remain affected by social problems. Areas like Govan, Ibrox, and the Gorbals offer a variety of affordable property types boosted by vital transport links. Meanwhile, the likes of Shawlands, Newlands, Queens Park, and Langside have a trendy vibe popular with young families and professionals. These properties are pricier, but always in demand. 5. Bearsden and Milngavie Average House Price: £291,000 Although technically in Greater Glasgow, Bearsden (G61) and neighbouring Milngavie (G62) remain popular with families and professionals alike. With great schools and handy transport links, these commuter towns offer a divine slice of Scottish suburbia, while also linking the outskirts of the city to Loch Lomond, the Trossachs, and the West Highlands. Larger houses in these parts tend to be more expensive than in other parts of Glasgow, although several affordable housing developments have been introduced over the past few years. Cairn: Property Investment In Glasgow Whether you’re looking east, west, south, or central, you’ll have plenty of choice in Glasgow. Do you want to learn more about investing in buy-to-let properties in the city? Get in touch with our property investment experts today. We’re here to help!
Investment, Property Investment
Getting into Property Investment? Start Here
Getting into Property Investment? Start Here If you’re just getting into property investment, it’s important to take your time, do your research, and make sure you’re ready. While it can be a lucrative, exciting, and often low-risk investment, there are plenty of pitfalls that can catch first-time investors off guard. In this short post, we’re sharing our top tips for getting into property investment as a first-time investor. Our Top Tips for Getting into Property Investment 1. Start Following Property Trends Before you even think about making your first investment, you should get into the habit of tracking property trends and the health of the housing market, both locally and nationally. That way, you’ll have more confidence that your investment will see a return in the long run. Note: When you work with Cairn, we provide expert analysis of industry data, alongside in-house and subscription data covering property prices and market trends. Find out more about our investment services here. 2. Only Invest What You Can Afford The next step is to review your current and short-term financial situation to get a handle on your budget. It’s often a good idea to hold some money back for any unforeseen expenses, such as repairs or renovations. And you’ll also need to factor in the additional costs and taxes associated with investment properties, including Stamp Duty, Income Tax (if you’re renting the property), and Capital Gains Tax (the tax paid on any profit generated when you sell the property down the line). 3. Make Sure You Understand Your Legal Requirements & Responsibilities Becoming a buy-to-let landlord comes with extra legal responsibilities, so it’s vital that you know what you’re getting yourself into early doors. Landlords must ensure: The property is safe and hazard-free That they are registered to be a Landlord. All gas and electrical equipment is safely installed, maintained, and inspected regularly Smoke and carbon monoxide alarms are fitted and tested, and all fire safety regulations are followed to the letter Working with a property management agency (like Cairn) can help you make sure your property adheres to these requirements. 4. Focus on ROI When you’re viewing possible investment opportunities, you need to overlook the aesthetics and focus on the revenue-generating potential of the property. Wallpaper and layout can be changed, so try not to get hung up on the little things. Instead, consider the rental income and the likelihood the property will appreciate in value based on the demand in the area and those property trends you reviewed earlier. 5. Know When to Exit The property market has a habit of fluctuating, and the best investors know when to ride out the lean years and when to sell to make the most profit. Of course, no one’s born with this level of intuition — it takes years of experience to spot those opportunities. Luckily, working with a property investment agency like Cairn lets you tap into that experience as and when required. We’ll keep you up-to-date on current and future trends and help you offload investment properties at the optimum time. Getting Into Property Investment? Work with Cairn Our experienced team are on hand to provide guidance at any stage of the investment process. From supplying valuable insight into current market trends to advising on legal requirements, we’re with you every step of the way. Contact us today to learn more.
Investment, Buy To Let, Edinburgh, 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.
Investment, Edinburgh, Property Investment, Property Partners
Why Use Our Property Development Services in Edinburgh?
Why Use Our Property Development Services in Edinburgh? Are you looking to invest in property in Scotland’s capital? If so, Cairn can help. We offer a range of property development services in Edinburgh, helping our clients maximise their investment. Whether you’re an experienced investor or new to the game, we can provide the guidance, support and assistance you need. Read on to learn more. Cairn’s Property Development Services in Edinburgh: 1. Free guidance, analysis, and recommendations Firstly, our experienced team are on hand to provide guidance at any stage of the development process. From supplying valuable insight into current market trends to advising on legal requirements, we’re with you every step of the way. Our team can also carry out a full assessment of your property in line with market standards, advising on the type of work required to maximise letting potential. And we can even provide estimates and suggest options to help you stay within budget. 2. Complete project management Secondly, when you use our development services in Edinburgh, you’ll benefit from complete project management. We can handle every part of your project, from providing a detailed plan of the required works to receiving quotes from approved contractors (and even negotiating contracts). We can agree on timescales to reflect your needs and negotiate fixed prices to improve budget management. We’ll inspect the work as it’s being carried out and later arrange a snagging inspection to ensure that high standards of workmanship have been maintained throughout. And anything which hasn’t been completed to the specification agreed can be rectified as quickly as possible. 3. Preparation of planning permission and building warrant applications Property development often requires you to get planning permission and a building warrant before you carry out work. This can include converting, altering, extending or demolishing any part of a property. At Cairn, we take care of the paperwork for you. We complete all forms and drawings to a professional standard and with the highest level of accuracy. And that’s not all. We can also help you apply for the Completion Certificate – a key document that confirms work has been carried out in agreement with the approved plans and specifications, as well as Building Regulations. 4. Carrying out design improvement to your property Finally, our work doesn’t always stop once the building work is complete. If required, our development services can also include cosmetic improvements to your property, helping to increase both its value and letting potential. Our in-house team of designers deliver eye-catching, trendy interior design. We’ll provide expert guidance on everything from picking fixtures and fittings to choosing the perfect finishes for your property. And everything we suggest will meet with current regulations and reflect your investment profile and budget. Learn More About Our Property Development Services in Edinburgh Cairn has been delivering property development services in Edinburgh for many years. Whether you’re searching for new investment opportunities or need help maximising your returns, our team of experts can help. Get in touch to learn more.
Investment, Buy To Let, Glasgow, Hints & Tips, 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.
Investment, Buy To Let
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.
Investment, Buy To Let, Hints & Tips, HMO Properties, 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.
