Why Short Term Let your property?
More and more people are turning to short-term lets on their properties simply because the price of property in the Windsor area, and the South of England especially, makes it increasingly difficult to cover the mortgage on a standard six-month rental term. With prices for 2 bedroom properties exceeding the current stamp duty threshold of £250,000 this increased stamp duty is a hard pill to swallow and consequently difficult to claw back on a standard rental term.
Short term letting allows landlords to get more than they would on standard rentals. The risk is greater and therefore it is generally accepted that renters pay more for a weekly let as opposed to guaranteeing a 6 month tenancy. Also as an agency we don’t charge commission on short term lets – usually a saving of between 8% and 15%.
Some of the benefits of renting your property for short term lets are listed below.
- weekly lets allow you to use the property yourself when it is vacant (some overseas landlords use their properties as a holiday let for themselves or family members)
- weekly lets attract a higher level of rent than standard 6 month contracts
- the property is cleaned more often and therefore problems are spotted quicker than if rented for a six month let
- you don’t pay an agency commission like with other long let agencies. (As much as 10 or 15%)
- corporate guests tend to be away a lot – less wear and tear