Why Insist on Long-Term Lets in Edinburgh?
Written by Gareth Thomas Friday, 11 December 2015 16:07
When travelling around Edinburgh, you’ll find no shortage of “To Let” signs. But what’s interesting, is the potential that lies behind each sign…
Whatever reason there is for not wanting to sell a property, it’s important to recognise that long-term letting and selling aren’t the only two options available. Short-term lets or holiday lets are becoming increasingly more popular and provide many advantages!
Location is a key factor. Some areas are high on a tourism wish list, the Royal Mile and Grassmarket being examples of this. However, for many locals, such areas may not be top of the list for a six-month or more lease.
Many centrally located properties are situated close to bars and restaurants, with music and other noise running late into the evenings and on weekends. Again, that’s not ideal for someone blocking out the noise before work the next day, but potentially a bonus for those visiting Edinburgh for a holiday or city break. Tourists would likely aim to stay in such thriving areas of hustle bustle with several bars, restaurants and other amenities right on their doorstep – no need to cook or jump in a taxi!
Edinburgh’s Festivals make August the city’s busiest and most popular month, with Scotland’s capital almost doubling in population. August in Edinburgh usually results in a checklist of places locals try to avoid, while they navigate the side streets in an attempt (albeit, often futile) to avoid the mass crowds. These “no-go areas” are exactly where tourists want to be located, they want to be right in the thick of things and this is where short-term holiday letting seems to provide an excellent opportunity.
For the owner/investor, a bonus with holiday lets is that you can continue to use the property yourself. Whether visiting Edinburgh for a few days, or coming up to the Festival with some friends, just drop an email to your holiday let management company and get the dates blocked out for your convenience.
While you can factor in months when a trip to Scotland isn’t too high on many people’s dream destination list. The dark nights in the winter months for example may not be attractive to everybody! However, with good management, a holiday let can work out much better from a financial perspective.