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.

Questions for us about letting your property? contact us.