In process of getting tenant evicted for setting up business in the rented house without landlords permission, adequate insurance, planning permission Etc; This now involves solicitor etc. Because of this experience I no longer wish to rent out the property but need to get some income from it. I am thinking of using it for holiday lets What are pros and cons of this and what laws rules and regulations to I need to consider.
Moving from long term renting to holiday lets
- Thread starter Mowelb
- Start date
Just sell up like a lot of others are doing. Imagine the peace of mind you will have. You will be regulated up to your eyeballs if you stay in. You would think it wasnt you who bought and paid for your property, because others will have more control over it than you will.
Just a few things to remember. Getting the property ready for each new holiday let, beds, linen, washing same, full house clean, key holder, checking property before/after each let, insurance, damage, etc, etc. Good luck with it
NoRegretsCoyote
Registered User
- Messages
- 5,766
There is a site called airdna.com which scrapes airbnb. It will give you an impression of what occupancy rates are in your area by time of year, and also gross letting rates. You'd be surprised at how much vacancy there is, even in very central areas.
I looked into it a few years ago and it really only makes sense if you live nearby and like going things like cleaning, minor repairs, etc yourself. You can outsource these things to third-party providers but that eats up most of your margin.
Short-term letting really is a very different business from being a landlord.
I looked into it a few years ago and it really only makes sense if you live nearby and like going things like cleaning, minor repairs, etc yourself. You can outsource these things to third-party providers but that eats up most of your margin.
Short-term letting really is a very different business from being a landlord.
Ive a relative doing airbnb. She was trying to manage it herself (cleaning, greeting etc) but she decided it was too much work.
So she got someone in to do it via a property company. The cleaning fee was adjusted to pay for this service, so she is happy now. Basically the agency is paid for out of the cleaning fee now.
Sounds similiar to someone who gets a puncture in their car tyre and thinks "O my god ,i will never have or drive a car again.It is possible to find out where a tenant works[so that you will know if they can afford to pay the rent] and also to find out if they are from a decent family [so that they will look after your property.].Methinks.Holiday letting is a helluva lot of work where as long term letting with a good decent tenant is a doddle.
On the contrary.
It would be comparable to being in a three car pile up, serious injury resulting in hospitalisation, extensive post operative physiotherapy and several months off work, all totalling up to a major impact on finances.
You'd be forgiven for not wanting to drive again.
Airbnb is good if you are in the right area and can get 3-7 night stayers
One and two night stays are the same work (or more)
Another area to look at is fixed term rental of 3-6 months.
The market here is people on a short term work contract in a company and also those who might have to move out of one place and new home not ready.
A combination of Airbnb in summer and short term corporate lets would not contravene planning.
One and two night stays are the same work (or more)
Another area to look at is fixed term rental of 3-6 months.
The market here is people on a short term work contract in a company and also those who might have to move out of one place and new home not ready.
A combination of Airbnb in summer and short term corporate lets would not contravene planning.