Edinburgh New Year's Day 2019 - What's On & Open? - Things to do & Events

If you're in Edinburgh over Hogmanay and New Year, don't worry, the party doesn't end on 31st December. The city's New Year programme has a schedule of events to keep us entertained well beyond Hogmanay itself and into the first few days of New Year 2019.

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Buying a Holiday Let – How to own the best holiday rental apartment in Edinburgh

This is a difficult question, and can be answered in many different ways by industry experts. It will obviously depend on your budget and potentially your affinity to certain types of property. But let’s use the example of the “ideal” apartment: It would: Be located in the Royal Mile, near the castle Have two bedrooms and two bathrooms, ideally one of the bathrooms being en suite Have a large living room big enough to accommodate a bed settee Have a separate large kitchen, which could accommodate a dining table Be in a modern building with large windows Be in a building, which has private parking and a lift In Edinburgh the purchase price would be under £300,000. If such a flat existed it would achieve a gross rental income in excess of £60,000 per annum. Unfortunately it most likely doesn’t exist and therefore we are left with various decisions and compromises. Obviously your decision is going to be limited by your budget. I would strongly advise borrowing to achieve as close to this “ideal” apartment as possible as your returns will exceed the mortgage. Location Let’s look firstly at the preferred location of your future apartment as this is probably the question most often asked. The diagram below shows three zones: Zone A, Zone B and Zone C. Zone A is the ideal holiday let location in Edinburgh, although when apartments in this area do come to market, they tend to attract a lot of buyers and therefore are relatively expensive. Also, the type of accommodation in this area tends to be older, with smaller sized rooms. With all old Edinburgh tenements the communal stairs are most likely very unattractive and not ideal for the first impressions of visiting guests (An important consideration for online reviews). Zone B does work but more efforts need to be put into the marketing to achieve similar revenues to a comparable property in Zone A. In this zone there will be more opportunities to buy new build developments that will tick more of the “ideal” apartment’s boxes. Zone C is an area where a lot of agencies will not take on properties. They can work, but if you are buying deliberately knowing that you are going to holiday rent your apartment it should not be your first choice. Here at Reserve Apartments we work extremely hard marketing properties in Zone C and the results can be surprisingly good. However when the location is not great it means everything else must come close to the ideal. Finance and Returns on Investment (ROI) The ideal situation is that you go to a bank and get a commercial loan. However this often requires a substantial deposit. Many lenders do not finance holiday lets when you go to get your mortgage. Buy to lets are designed for providing secured long term letting and the lenders believe that this is more secure than a holiday let. This leaves you with a small amount of lenders that do specialized loans and are more expensive than the buy to let option. I have never known a buy to let mortgage company repossess a property that has become a holiday let. For excellent independent financial advice I recommend David Louden at Louden Mortgages (david@loudenmortgages.co.uk). Below are some examples of the typical prices of apartments of varying sizes and the expected rental income in each of the zones: table { border-collapse: collapse; width: 100%; } td, th { border: 1px solid #dddddd; text-align: left; padding: 8px; } tr:nth-child(even) { background-color: #dddddd; } ZONE A Typical purchase price Typical Gross Annual Income Example 1 Bed £190,000 £34,000 https://www.reserveapartments.co.uk/apartments/view/119585-the-portsburgh-square-residence 2 Bed £295,000 £42,000 https://www.reserveapartments.co.uk/apartments/view/135168-the-old-fishmarket-residence 3 Bed £385,000 £48,000 https://www.reserveapartments.co.uk/apartments/view/115775-the-holyrood-park-residence 4 Bed £560,000 £58,000 https://www.reserveapartments.co.uk/apartments/view/37005-the-south-charlotte-residence table { border-collapse: collapse; width: 100%; } td, th { border: 1px solid #dddddd; text-align: left; padding: 8px; } tr:nth-child(even) { background-color: #dddddd; } ZONE B Typical purchase price Typical Gross Annual Income Example 1 Bed £190,000 £26,000 https://www.reserveapartments.co.uk/apartments/view/34874-the-drummond-street-residence 2 Bed £300,000 £32,000 https://www.reserveapartments.co.uk/apartments/view/34483-the-hart-street-residence-no-1 3 Bed £340,000 £38,000 https://www.reserveapartments.co.uk/apartments/view/114657-the-annandale-street-residence table { border-collapse: collapse; width: 100%; } td, th { border: 1px solid #dddddd; text-align: left; padding: 8px; } tr:nth-child(even) { background-color: #dddddd; } ZONE C Typical purchase price Typical Gross Annual Income Example 1 Bed £150,000 £21,000 https://www.reserveapartments.co.uk/apartments/view/119195-the-lochend-park-view-residence-no3 2 Bed £320,000 £36,000 https://www.reserveapartments.co.uk/apartments/view/134688-the-st-patrick-square-residence 3 Bed £350,000 £42,000 https://www.reserveapartments.co.uk/apartments/view/135235-the-fettes-castle-view-residence 4 Bed £350,000 £50,000 https://www.reserveapartments.co.uk/apartments/view/32184-the-ardmillan-residence-no-1 *Warning*3 bedded properties (and some 2 bed for that matter can exceed the rateable value of £15k, therefore excluding you from 100% business rates relief and leaving you with an unrealistic rates bill. Legals When buying a property you want to know that your lawyer is not only highly experienced, but that other lawyers will hold them in high esteem and not try and to get anything past himthem. We recommend Ross MacKay (ross@coultersproperty.co.uk). Ross has over 35 years in practice and has been past convenor of the Law society of Scotland’s Property Law Committee www.coultersproperty.co.uk *Tip* Buying in a limited company, if investing at one time in over 6 properties will ensure that you only pay 1% stamp duty. *Warning* Always get your lawyer to check that your prospective property’s title deeds do not exclude you from holiday letting. Tax Benefits Standard Lets to long term tenants are now undergoing a change in their MIRAS (Mortgage Income Relief At Source). From 2019 you will only be able to claim 50% and by 2021 the rate will be zero. This does not apply to a property run as a Holiday Rental. Different tax accounting practices also apply to holiday lets. These are advantageous to the owner’s tax position. Repairs and renewals are treated more generously, as is refurbishment costs. Developing Property There is a big advantage in developing a property to become a holiday let as opposed to buying a property that is in good condition. Firstly, of course once renovated, every thingeverything will be to the latest spec and brand new. Fashions change in property interiors and a sharp looking property will appeal much more to potential guests. Secondly, you can make some adjustments that would suit the Holiday Rental market ege.g. Buy a large one bedded flat, and create a small internal kitchen and turn the existing kitchen diner into an additional revenue generating bedroom. Of course, development is not for the faint hearted and if you like the idea of it but don’t know where to begin we recommend Cox & Co. They will not only work with us to help source your ideal holiday let but they will also find off market properties and develop them for you. Kieran Goudie is our preferred contact. *Warning* When developing a property most lenders will not allow you to remortgage for at least 6 months from the purchase date. This is related to money laundering procedures that banks have in place. For a no obligation consultation please get in touch. Whether you are a local landlord wanting to convert existing long term letting stock, a traditional property manager looking to work in partnership or an investor living outside the UK email craig @ reserveapartments.co.uk or phone the office on 0131 510 0201. Image Credit: Jonathan Ricci

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Edinburgh Doors Open Day 2018

The free two-day Edinburgh Doors Open Day on Saturday 29th and Sunday 30th September looks guaranteed to bring some fun to the city after the Fringe ends in August. The event will give access to dozens of city buildings normally out of bounds to the public - and free entry to many places that usually charge. Regularly seeing over 100 buildings participate, the event's locations in the past have ranged from a lighthouse to a curling house, and from the City Chambers to an infantry barracks.

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The Edinburgh International Festival

For more than 70 years, Edinburgh has been the place to be during the month of August. People from all around the world come to the city for the same reason: the Edinburgh International Festival.

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Edinburgh Fringe Festival 2018 - Dates, Accommodation & 2 for 1 Comedy Tickets

Visit Edinburgh and experience the world famous Festival! Festival season is underway in Edinburgh and it’s almost time for the launch of the largest of the bunch - The Edinburgh Fringe Festival. The largest arts and culture festival in the world, The Fringe, sees thousands of performers flock to the city each year for three weeks. The award-winning shows, fantastic performers and amazing venues make the festival unique and incredibly successful.

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Best Bagpipe Music & Songs Including Black Bear Tune - Famous Scottish

Pipe Bands from all over the world will be playing some of the most famous bagpipe songs whilst battling it out on Glasgow Green at The World Pipe Band Championships this August. The event is definitely one not to be missed by any piping fans! Not only will you be treated to some world class pipping and drumming but there is also Highland Dancing and Highland Games events on throughout the weekend. In honour of this event I thought I would take a look at some of the most recognisable and best loved march and bagpipe tunes known in Scotland.

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What to do in Edinburgh for Summer Holidays With Kids

Those parents among us will be well and truly aware that the kids are finished school for another year and half term has now officially arrived. So if you're wondering what to do to keep the kids busy during the summer holidays in 2018 then fear no more. Edinburgh has more than enough to keep the family entertained. Here are a handful of tips from us. Good luck!

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Festivals in Edinburgh in 2018

Every August, millions descend upon Edinburgh in search of the International and Fringe Festivals, however there’s a lot more to Auld Reekie’s festival season than meets the eye.

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Things to do in Glasgow for Kids & Toddlers - Free Things & Indoor Activities

Pay a visit to Glasgow and you’re guaranteed to find plenty of things to do and see with the kids. Toddlers or teenagers, rain or shine, Scotland’s friendliest city (officially) has a wealth of interesting experiences to offer, indoor and out and none of them will break the bank.

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Best Edinburgh Ghost Tours Including Free Walks & Those Haunted Underground

From the winding streets, spooky folklore, ominous underground vaults and eerie catacombs; there is no better place to take in the mysterious atmosphere of spectres and spooky stories than in Edinburgh. With a range of underground walks and the best ghost tours, Edinburgh is the Ideal destination for ghost hunters, thrill seekers and lovers of folklore. Considered be one of the most haunted cities in the UK, you won’t be short on choice when it comes to finding a ghost tour to shatter your nerves and test your bravery!

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