A guide to making the most of a short let

Estate agent Patterson Bowe explains how a short let works and why it might be a good option to consider for those who are leaving their home for an extended period of time.

For an assortment of reasons, an increasing number of people are now finding that they are not spending much of their time in their permanent place of residence. Work commitments, travel, lifestyle changes or even a family separation or bereavement can all be driving factors for people who find themselves taken away from home.

With demand for quality rental property in London increasing by the day, one way to make your situation pay financial dividends is to rent out your home on a short term basis. Here we explain how a short let works and why it might be a good option for you to consider:

What is a short let?

Short lets work in the same way as a long term tenancy with references, tenancy agreements and inventory checks before the tenancy starts. The only difference is that utilities remain in the landlord’s name (except telephone) and the properties are always fully furnished.

Would a short let work for me?

One of the biggest advantages of a short let for people who leave their property vacant for a few months of the year, is that it provides a welcome source of additional monthly income to cover any mortgage costs or utility bills. From a security perspective, they also give the added reassurance and peace of mind that someone is occupying the property and taking care of it.

You will also find that the added convenience for tenants in need of short term accommodation means you are often able to command a higher price for your rental than with some longer term tenancy agreements.

For regular landlords, however, the major benefit is that they can fill any voids between long term tenancies and therefore also provide themselves with multiple marketing opportunities as supply and demand fluctuate with the market.

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Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.

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