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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.

Advantages:

  • 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

Disadvantages:

  • 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.

Advantages:

  • 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.

Disadvantages:

  • Increased chance of a tenant making a late payment.
  • Damage from wear and tear, hanging pictures etc.

To mitigate the risk of a tenant missing a payment, haart work with HomeLet a company that cover tenant liability and contents insurance, take a look at our guide here.

Questions for us about letting your property? contact us.

Ready to learn more about letting? 

Next steps: Letting a property yourself vs using a letting agent

Take a look at our quick guide to deciding whether to let yourself or which agent to choose.