4 Reasons Why Property in Grassmarket is High Value Rental Real Estate
Anyone who owns property in Grassmarket can potentially start generating an additional, hefty, and consistent income by renting it out. If you have real estate in or near the place that isn’t occupied by a tenant yet, here are a few reasons why you should consider getting into the Grassmarket property management sector.
Grassmarket is a Prime Junction in Old City, Edinburgh
The marketplace we know today as Grassmarket was chosen as the designated marketplace for the town centuries ago because of its very location. Even back then, it was a major junction for several major streets and that has not changed. For example, Cowgate Street and Candlemaker Row meet on the East End of Grassmarket, while people pour in and out from the West Port Street (western side) and the West Bow (North-Eastern corner) all day.
Then there’s the historic King’s Stable Road on its north-west side that leads straight up to the Edinburgh Castle itself. Even if we were to completely disregard the historic significance that the place holds, it’s a fact that Grassmarket is either an opening or a meeting point for some of the Old City’s most important streets. Since easy access to avenues of daily commuting is one of the main factors that always drives up the value of rental property, that’s the number one reason why landowners should consider becoming landlords.
Grassmarket is a Major Tourist Attraction
Old Town in Edinburgh is a UNESCO World Heritage Centre and Grassmarket is one of Old Town’s most iconic and historically significant locations. Both domestic and international tourists visit the marketplace in their droves every year. The unique and wonderful view of the Edinburgh Castle that Grassmarket offers has alone turned it into a hotspot for painters, photographers, and even social media channels in recent times. Although no actual trace of Grassmarket’s days as a place for public executions (1660 - 1784) exists anymore, the darker history of the place still draws in visitors with a macabre fascination.
People arrive in Grassmarket for its historic, scenic, and cultural attractions, but they stay for the quaint bars, cafes, and inns there. In fact, it’s these businesses that have kept Grassmarket an active marketplace today, as you are no longer going to find cattle and horses being sold here. At this point, someone looking to explore the Old Town in Edinburgh will have a hard time finding any other location that’s better suited to act as their central halt and therein lies your opportunity. Rest assured that once your flat is made available for rent, chances are that it will be booked in full for the next season, well ahead of peak season.
You Don’t Need to Look for Tenants or Collect Rent in Grassmarket
People without prior experience as a landlord will often avoid letting out their property simply because of the long list of responsibilities that it entails. Everything from finding and screening tenants, collecting rent, and ensuring property maintenance, to assuring tenant safety and protection are technically part of the landlord’s responsibilities. Unless the property owner has relevant experience, knowledge, and the resources necessary to manage all aspects of rental property management smoothly, things can become overwhelming fast.
Be that as it might, there is an easy solution for that. There are professional property management companies Grassmarket landlords generally work with and they take care of nearly everything on the landlord’s behalf. For example, UpperKey is the leading name in Grassmarket property management and protection. They assume the dual role of being both the landlord’s primary tenant, as well as their property manager.
UpperKey’s Guaranteed Rent plan ensures that you will continue to receive timely rent from the beginning until the end of the agreement. This is irrespective of whether they have secondary tenants occupying the property at any point during that tenure or not. As your Grassmarket property management company, they will also:
Find and screen all potential tenants to only rent the property out to trusted and respectable tenants.
Handle all responsibilities related to regular maintenance, housecleaning, electricity, gas, heating, etc.
Ensure the safety, security, and wellbeing of all secondary tenants through a set of customised professional services.
Therefore, if you have a flat or any other property in Grassmarket that can be rented out, just contact them to start earning an additional, hassle free paycheck every month.
Grassmarket is One of the Safest Places in Edinburgh
Edinburgh may not have the highest crime rate in Scotland, but the capital is certainly in the top ten. This naturally makes both landlords and tenants anxious. Landlords in comparatively less desirable sections Edinburgh have to be extra careful, so as to not end up renting out their property to the wrong tenants. Tenants, on the other hand, must be picky while choosing their new neighbourhood to avoid landing themselves and their families in a potentially dangerous situation.
Old Town has the third lowest crime rate in Edinburgh, while Grassmarket is the safest place to be in Old City. From the landlord’s perspective, its advantageous on all ends because landlords are far less likely to get rowdy/problematic tenants in Grassmarket, and it’s generally the respectable tenants who look for safe rentable property in Grassmarket.
As is to be expected, low crime rates, ease of commute, scenic views, and major local attractions all come together to raise the value of all real estate in Grassmarket. Now, crimes are never completely absent anywhere with a human population and Grassmarket is not an exception to that rule either. However, you can safely leave your Grassmarket property management and protection responsibilities in the capable hands of your property management company.
There should never be any legal issues with reputed property management companies Grassmarket property owners have learned to trust. However, be wary of new names that do not have any significant history within Scotland’s property management market elsewhere. In any case, a legal introspection of the landlord and property manager agreement is always advised. Do make sure that the terms and conditions of the contract do not hold you responsible for any of their potential mistakes.