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Benefits of Short Term vs Long Term Lets

15th September 2017

Short Term Lets

The Rise in Popularity

The popularity of holiday rentals has skyrocketed in recent years. The rise of Airbnb has changed the way we holiday, seeing many cashing in on this growing trend and becoming landlords of their own holiday home. More families are deciding to ditch long-haul flights and airport chaos, opting for a staycation in the UK. This is a wonderful trend that short term let landlords can profit from.

Flexibility and Higher Rental Yields

As a short term let landlord, you have full control and flexibility around when you rent your home and how much you charge. Short term lets have the potential to be a profitable business option as you can set your prices to reflect rental demands. During quiet periods, you can charge lower prices to entice renters, then raise charges during peak season.

Property Maintenance and Tax

Due to the quick turnaround of short term let occupants, you can regularly inspect and maintain your property to a high standard. It is also less likely that you will experience any serious property damage during the short window of time that holiday renters are in your home. However, it is sensible to be prepared for unexpected costs to occur. Health and safety is an important responsibility for any landlord when it comes to letting out a property. Putting safety regulations in place for a short term let is less complex than that experienced for a long term let.

An Exciting Property Let Experience

Owning a property let can be an exciting investment opportunity. Knowing that you are part of creating people’s everlasting holiday memories is even more rewarding with each new holidaymaker that walks through your door.

Long Term Lets

Paying Tenants and Steady Income

If you are a potential landlord looking for stability, then a long term let could be more suited to you. Once you have found a paying tenant, the rental payment is a set amount paid consistently each month. Tenancy on a short term let can fluctuate and rent is therefore not always guaranteed each month.

Less Involvement with your Property

Whether you own a long term or short term let, both come with the responsibility of making sure you are offering renters a safe place to live. However, if you are looking for a laid-back landlord approach, owning a long term let may be best for you. Good tenants will look after your home, but will call on you if any major maintenance is required.

Housing Demand and Tax

There are more people in search of a long-term rental to call home.  The housing market is competitive but homes are currently in high demand, meaning more rental opportunities. The upkeep of any home can be costly. However, you can offset against your income any rental property expenses you incur. With very few upfront costs you will be able to see the monetary benefits as soon as you receive the first month’s rent.

If you decide that short term letting is for you, and you want more advice, please contact our friendly team.

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