Pros and Cons of Different Types of Tenants in Ayrshire
Landlords! Finding the Right Tenant for Your Ayrshire Property is Half the Battle
In this three-minute read, we talk about three types of tenants and the pros and cons of each.
Currently, the UK rental market is booming, with landlords finding tenants quicker than ever according to Rightmove, and demand for rentals up 3% from last year. As a landlord, this is great news, so why not maximise the opportunity by finding the perfect tenant for your Ayrshire property.
Families
As the most common type of tenant in the UK market, is your rental family friendly?
Pros: Families tend to rent for the long term and once they’re settled, they often stay put. This is a massive plus, as a long lease requires minimal input. A typical family tenant will also be keen to furnish the property themselves, saving you costs and hassle.
Proximity to a school – especially one rated Good or Outstanding by Ofsted – can boost demand for your property and command a higher yield. Similarly, if your rental offers outside space and is close to shops, you’ll see a surge in interest from the family sector.
Cons: With families comes the potential for more wear and tear. This means you’ll want to make sure your property is finished to the highest quality to protect against damage. You’ll also want to ensure that any repairs are dealt with quickly.
If a family is on a long lease, they will make the home their own by hanging pictures, decorating children’s rooms and so on. So, at the end of a tenancy, you can be pretty sure your rental property will need a spruce up.
Professionals
Often regarded as the dream tenant, working professionals want proximity to transport links or their place of work.
Pros: With professionals comes the stability of a secure rental income and less chance of arrears – a huge bonus for private landlords. Less wear and tear and reduced potential for noise makes working professionals the crème de la crème of the rental market.
Cons: Just because they’ve got a good job when they move in, you can’t guarantee your monthly rent without some sort of rent protection. As the last 18 months have taught us, jobs can easily be lost, and financial situations can change quickly.
Students
Typically, students have a bad rental reputation, but is this a fair conclusion?
Pros: If a rental property is located near a university, you have the option of renting a property room by room – maximising your rental yield.
With most students receiving some sort of finance to support their studies, your rental income is safe with a reduced risk of arrears. You may also have the backup of the ‘bank of mum and dad’ just in case funds run low.
Cons: Unfortunately, lots of students means lots of partying and could lead to a higher risk of damage. There’s also a chance that maintenance issues may not be reported promptly. You can also expect a high turnover of tenants as the academic year is only around 10 months. This means more admin, advertising, and a need for end-of-tenancy problems to be resolved quickly.
For more advice about what type of tenants are attracted to rental properties in Ayrshire, contact me. My name is Janice Molloy from Parkview Property 01292 442888
The Euros Are Here!
A two-minute read looking at the price of property across our continent.
The month-long football festival AKA the Euros 2021 kicks off today
And the home nations of Scotland, England and Wales are all competing to win the crown of the best national side in Europe.
A win for Scotland would be priceless, and we thought it might be a bit of fun to look at how property prices compare across the continent.
So, we jumped on Google to see what the average prices for a place to call home are in the following eight countries taking part in the 24-nation tournament.
England – £268,000
Wales – £178,907
Scotland – £164,099
France – £200,241
Across other parts of Europe, the focus is on the average price based on a square metre of the property.
Germany – £2,922 – per square metre (psm)
Portugal – £964 – psm
Spain – £2,071 – psm (based on new build properties)
Switzerland – £5,078 – psm
To give you a comparison, the average price psm across England and Wales was £2,954 (Jan 2021) and in Scotland £1,579 (2018).
And just like star footballers, the average values depend on how in-demand the areas are.
The cost of properties in many of the above countries is much higher in cities and areas where people buy holiday / second homes.
At Parkview Property, we can’t predict with any guarantee who will win the Euros when it concludes at Wembley Stadium on 11 July, but we can guarantee you a champion level of service if you choose us to help with Selling or Letting your property.
Thanks for reading and C’mon Scotland!
The One Thing You Can Do to Help our Lovely Ayrshire Towns Bounce Back
In this two-minute read, we look at why it’s crucial that consumers shop local.
As we emerge out of lockdown, there’s one thing you can do to help Ayrshire, recover from the pandemic – and that’s to shop local.
Independent traders are the lifeblood of communities, generating interest and footfall in our high streets and providing local jobs. But after an incredibly challenging year, small businesses need help to stay afloat.
The good news is that many of us discovered the benefits of shopping locally during the pandemic.
Figures show that 53% of us have shopped locally more in the last year, and 42% say that they will continue to do so in the future (source: Lumina Intelligence).
The momentum is there; we just need to keep it going as the economy opens up. If you’re still not convinced, here are three other reasons to support local independent businesses.
It’s character building
If we give all our business to online multinationals, what will become of our high streets?
Answer: they’ll become ghost towns. Small businesses, and the people who run them, bring character and personality to neighbourhoods. They make an area feel special and unique, rather than sterile and anonymous.
Social responsibility
Small businesses are rooted in the communities they serve and often support local charities, schools, and sporting clubs. Shopping locally is an easy way you can say thanks to them for lending a hand to the small organisations that make a big difference in our towns.
Good for the environment
Shopping locally can help to reduce the carbon footprint. For example, take the humble veg box. Many people gave them a try at the start of the pandemic – when a trip to do the food shop was like starring in an episode of Supermarket Sweep meets Gladiators – and have remained loyal customers.
Food grown in the UK and picked in season is not only tastier but it also generates far fewer carbon emissions than those transported thousands of miles around the world.
About 500 schemes in the UK provide seasonal, locally sourced fruit and veg (many also supply dairy products and eggs). We are so fortunate in Ayrshire to have as many as we do. Why not try one local to you?
From all of us here at Parkview Property, take care, stay cheerful, and support your high street.
COPYRIGHT Parkview Property Ltd 2021