The different letting options
Before letting out a property, it is important to know the different options available to you as a landlord. There are various advantages and disadvantages for each, which we have listed in this part of our guide below:
What is a short term let?
A short-term let usually starts from one day and can last up to a few weeks or a couple of months. It is an option for any type of property, from a studio flat to a detached house.
- High return over a short period of time.
- Less damage to the property from hanging pictures etc. so the property stays in better condition.
- More flexibility to use the property yourself or for friends and family.
- Can be based around regular (month specific events in your area e.g major sporting events or shows
- Can be more costly for landlords, needing to get a property back to standard in-between short-term tenants.
- Less stability as it can leave more periods when the property is vacant.
- Time consuming to find new tenants on a regular basis.
- Time, effort and cost required to manage utility bills, council tax and TV license.
What is a long term let?
Long-term lets usually start from six months and can last for a few years. Again, this option is available for all property types.
- Less time consuming for finding new tenants.
- Peace of mind that the property is occupied long-term.
- All bills such as utility bills, council tax etc. become the responsibility of the tenant.
- Regular rent payment from long-term tenants.
- Increased chance of a tenant making a late payment.
- Damage from wear and tear, hanging pictures etc.