Renting your property for short-term during festivals has become popular in Edinburgh. But some people are skeptical due to the risks of putting themselves into a serious contractual and legal issue. However, with a little awareness, you can make good profit from Edinburgh lettings while minimizing the risk factors.
To avoid any risks you must consider the following measures beforehand:
Make Sure You Don't Breach the Terms of Your Mortgage
Before beginning to advertise your property for festival let, you need to ensure if your mortgage allows you to do so. Don't rely completely on buy-to-let mortgages, as they don't allow holiday lettings to homeowners. You need to make sure that you have a right mortgage in place and have your legalities and coverage in order.
Vetting Potential Tenants
The big problem with holiday Edinburgh lettings is that guests or visitors often expect a higher level of service from their host but feel less responsible for taking care of the property - as they will be staying there for just a few days or weeks.
Sometimes the guests even don't move out after the festival or holiday season is over. To avoid this situation, it is best to consult a professional Edinburgh-based lettings company to take care of vetting potential tenants and recovering charges from them, in case of property damage.