Real Estate in Edinburgh, Scotland
Last updated on Mar 07, 2024
Summary: Expats and retirees talk about real estate in Edinburgh, Scotland? How do you find a home in Edinburgh? Should you buy or rent? What is the cost of housing?
How do I find a place to live in Edinburgh?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Edinburgh involves several steps. First, you need to determine your budget. This will help you narrow down the areas in the city where you can afford to live. Edinburgh is divided into different areas, each with its own unique character and price range. Next, decide on the type of accommodation you want. This could be a flat, a house, a room in a shared house, or student accommodation. Once you have a clear idea of what you're looking for, start your search. There are several online platforms where you can find listings for rental properties in Edinburgh. These include Rightmove, Zoopla, and Citylets. You can also use a letting agent to help you find a place. They can provide you with a list of available properties that match your criteria. However, keep in mind that using a letting agent may involve additional fees. When you find a property you're interested in, arrange a viewing. This will give you a chance to see the property in person and ask any questions you may have. If you decide to proceed with a property, you'll need to fill out an application and provide references. You'll also need to pay a deposit and the first month's rent upfront. Finally, before you move in, make sure to check the inventory and condition of the property. This will help you avoid any disputes with the landlord at the end of your tenancy. Remember, finding a place to live can take time, so start your search well in advance of when you plan to move," said one expat in Edinburgh.
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What is a typical expat home or apartment like in Edinburgh?
"A typical expat home or apartment in Edinburgh, is often located in the city center or in popular residential areas such as Leith, Stockbridge, or Morningside. These homes are usually within walking distance to local amenities, including shops, restaurants, and public transportation. The apartments, often referred to as 'flats' in Scotland, are typically part of traditional Georgian or Victorian terraced buildings, featuring high ceilings, large windows, and period features such as ornate cornicing and fireplaces. They usually have a living room, one or two bedrooms, a kitchen, and a bathroom. Some may also have a small study or a spare room. Homes are generally more spacious, often semi-detached or detached, with a garden. They may have multiple bedrooms and bathrooms, a larger kitchen, and possibly a garage. Both flats and houses in Edinburgh are typically furnished to a high standard, with modern appliances and comfortable furniture. They often have central heating, and some may also have a fireplace. Despite the traditional exterior, many expat homes in Edinburgh have been renovated to include modern conveniences such as fitted kitchens, updated bathrooms, and energy-efficient windows. However, they still retain their original charm and character, offering a unique blend of old and new. In terms of decor, it varies widely depending on the owner's taste, but it's common to see a mix of contemporary and traditional Scottish elements. This could include tartan fabrics, wooden furniture, and artwork featuring Scottish landscapes or landmarks. Finally, given Edinburgh's hilly terrain, many homes and apartments offer stunning views of the city's iconic landmarks, such as Edinburgh Castle, Arthur's Seat, or the Firth of Forth," remarked one foreigner who made the move to Edinburgh.
What is the average cost of housing in Edinburgh?
If you are thinking about moving to Edinburgh, cost of living in probably a key consideration. Expats commented about the cost of housing:
"As of 2021, the average cost of a property in Edinburgh is approximately £300,000. However, prices can vary significantly depending on the area and type of property. For example, a one-bedroom flat in the city centre may cost around £200,000, while a larger family home in a more suburban area could cost upwards of £500,000. It's also worth noting that Edinburgh's property market has seen consistent growth in recent years, so these prices are likely to continue rising," remarked one member in Edinburgh.
Should I buy or rent a home in Edinburgh?
If you have not spent a lot of time in Edinburgh, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"The decision to buy or rent a home in Edinburgh, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Edinburgh for a long time, buying a home could be a good investment. Owning a property allows you to build equity over time and could provide financial security in the future. However, buying a home also comes with significant upfront costs, such as a down payment, closing costs, and maintenance expenses. It also requires a long-term commitment, and you may not have as much flexibility to move if your circumstances change. On the other hand, renting a home in Edinburgh can offer more flexibility. It's a good option if you're not sure how long you'll be staying in the city or if you prefer not to deal with the responsibilities and costs of homeownership. Renting can also be more affordable in the short term, as you won't need to come up with a large sum of money for a down payment. However, when you rent, your monthly payments do not contribute to building equity, and you may face annual rent increases. You also have less control over your living situation, as you're subject to the decisions of your landlord. In conclusion, whether you should buy or rent a home in Edinburgh depends on your financial situation, how long you plan to stay, and your personal preferences. It's important to weigh the pros and cons of each option and consider seeking advice from a financial advisor or real estate professional," explained one person living in Edinburgh, Scotland.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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