Page 30 - July 2023
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EXPERT ADVICE PROPERTY ADVICE
Top five things to look out for at an inspection
Nicky Lloyd, Head of ESPC Lettings, recommends carrying out regular
inspections to ensure your property is being looked after by your tenant
and for you to address any required maintenance.
01 Silicone seals in bathroom and kitchen
Make sure these are intact and mould free. Latest ESPC research unveils property
market sentiment
02 Condition of timber windows and frames
Check that windows don’t have mould, frames are in Our new market research reveals how the cost-of-living crisis and
good condition and that they open and close easily. changes to mortgage rates have impacted the property market.
03 Ensure smoke and heat alarms are in place and ew research from ESPC has “I think the rapid increase in the cost
functioning unveiled the true sentiment of borrowing has fuelled this and
In February last year, the Scottish Government brought Nto buying and selling property exacerbated the cost-of-living crisis.
in a law that meant every home in Scotland must have in relation to increases in the cost of
interlinked fire alarms. Interlinked means that if one fire living and changes to mortgage rates. “I know there are a lot of people who
alarm goes off, they all go off, so that you will always will be worried about their mortgage
hear an alarm wherever you are in your home. The recent survey with 500 product fixed periods ending, which
homebuyers in Edinburgh, the may cause a lot of distress to a large
Lothians, Fife and the Borders number of households. All of these
04 General décor recorded that roughly two in five things will be hurting the younger
Make sure you give tenants an inventory when they buyers had been affected by increases generation with bigger mortgages.”
in living costs and/or mortgage
move into the property. An inventory should contain a rates, with younger buyers, first-time The ESPC market research results
full written description of the property fixtures, fittings buyers and those from lower income come at a time when more stock is
and its contents including the condition of the paintwork, households being the most affected. available on the market, with a 56%
walls and flooring and photographs.
year-on-year increase in the number of
A total of 22% of buyers delayed their properties available.
05 Condition of flooring plans to sell, whilst 8% of respondents After the vibrancy of the property
felt they could no longer afford to buy.
As with décor you can expect wear and tear on carpets This is a trend James Armstrong, market in the last few years, this is
and flooring. A good carpet can last a long time, Property Manager at DMD Law has actually a great time for many buyers
but carpets will need changed eventually. Check for observed: “I have noticed clients being to be securing their next home and,
unravelling near doors and signs of moths! more cautious and it’s obvious that the with careful consideration for personal
premiums being paid over Home Report requirements, the home ownership
valuations have fallen dramatically. dream really doesn’t have to end.
ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants.
Contact the team on 0131 253 2847 or landlord@espc.com.
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