What is the rental demand in Banchory?
Aberdeen boasts a wealth of culture, amazing heritage, great food & dThe rental demand in Banchory is consistently strong, driven by its appeal as such a desirable area in Aberdeenshire. Factors such as its proximity to Aberdeen, Prime Four and Arnhall Business Parks in Kingswells and Westhill plus quality schools, range of amenities and scenic surroundings play a part in its popularity. This makes Banchory a sought-after area for both families and professionals looking for a blend of rural charm and convenience.
How many days does it take to rent a property in Aberdeenshire?
Around a month
What is the trend of rental prices in Banchory?
Whilst the prices crashed in 2014, they picked up towards the end of 2019. Still in recovery, prices have continued to increase due to lack of supply.
What is included in my lettings fees?
This will depend on the level of service and help you require versus how much time you have available. We have services for those that just need a little help with setting things up but can then be available 24/7 for their tenants.For other landlords, we offer a 24/7 service for any and all issues that arise from boiler breakdowns to simply locking themselves out in the middle of the night. We’re there to help. We even offer a service with no fees at all that includes all of this and pays out a fixed income every month offering complete certainty to landlord especially if they have a mortgage to pay.
How much will it cost me to let my property?
Costs will vary depending on various factors such as location, safety aspects and consideration to the repairing and tolerable standard, all of which will be shared openly before you start your rental journey.
Does a landlord need to pay tax on rental income in Banchory?
Yes, generally Landlords are required to pay tax on their rental income. This is typically calculated by deducting allowable expenses (ie mortgage interest, repairs, maintenance) from the rental income received. Personal tax circumstances such as residency status, overall income and tax allowances will also determine the applicable tax rate.
We work with tax professionals who can offer tailored tax advice to ensure proper compliance and efficiencies within the legal framework.
Who will pay the Council Tax - the landlord or the tenant?
Unless otherwise agreed, the tenant is typically responsible for council tax.
What happens to my tenant's deposit?
In Scotland, letting deposits are protected through a government-approved tenancy deposit scheme. The three approved schemes are:
- Letting Protection Service Scotland (LPSS)
- SafeDeposits Scotland
- My Deposits Scotland
At Northwood, we secure your deposit with Safe Deposit Scotland.
How do I receive my income from my letting agent?
This will be paid minus any fees, commissions and invoices due via bank transfer to your nominated bank account.
What if the tenant doesn't pay?
We have several robust procedures put in place to handle any arrears with discretion, compassion and ensure the best possible solution for all including where necessary the recommendation for legal action.
Can my tenant refuse an increase in rent?
There is a legal process to follow where a tenant wishes to challenge a rent increase and we can advise both tenant and landlord what is required here.
Why do I need an inventory?
Although not mandatory, it can be crucial as evidence in a dispute over damages or even cleaning required when a tenancy ends. We always recommend an inventory so that landlords give themselves the best possible chance to minimise disputes and costs left at the end of the tenancy.
What if the tenant damages the property?
There are specific clauses in the lease with regard to tenant and tenancy behaviour. A tenant can be held liable for any damages they have caused during a tenancy and may have deposit deductions as a result.
Can I enter my property during the tenancy
As it’s the tenants home during an active tenancy, in most cases you will need the tenants permission first unless there is an emergency. Where access is refused, there is a legal process that a landlord can follow to obtain lawful access.
Do I need an EPC?
Yes, an EPC is a legal requirement when renting a property in Scotland
Do I need an Electrical Condition Report (EICR)?
Yes, this is typically renewed every 5 years and ensures that all electrical installations are safe and available for use of the tenant.
Do I need smoke alarms in my property?
Yes, there will need to be one in the main living room, one in each hallway area and a heat detector in the kitchen, all interlinked.
How do I check if my furniture is compliant?
Usually, there will be a fire label on the underside or seam of the item of furniture. More information and guidance can be found online.