Are Short Term Lets London Based Right For You?

Landlord 19 October 2016

One of the biggest decisions you need to make when renting out your property is whether to do so on a short term or long term basis. Short term lets London wide are defined as a residential tenancy that is less than six months, with the Internet, television, and utilities typically included in the rent. With that being said, continue reading to discover whether this is the right solution for you.

Firstly, not everyone who has a property to let does so because they want to make more income. Sometimes the primary reason for buying a second property in the UK is because you want to have somewhere to go on holiday repeatedly. People who live in the countryside or in the north of England are usually attracted to London as a holiday destination. You can ensure your property makes money while you are not there by letting it out on a short-term basis. A short let London based means that you still get to enjoy holidays throughout the year, yet you also make money as well.

You also need to determine what is going to be more profitable – a short term let or a long term let. This is something that your letting agency London way will be able to assist you with. With long term rents, there is a lot less hassle involved, and you are more likely to have your property rented out for long periods of time without any vacancies. Nevertheless, you can typically demand more money with a short term let.

Finally, you need to be aware of the rules that are in place regarding short term lets London wide, and if they apply to you. For instance, before the Deregulation Act came into place last year, homeowners were not allowed to rent out their property for less than three months in London unless they had the necessary planning permission.

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