Should I let for 2 months?

Raymond_Douglas

^^ Thanks a lot, G M - very useful advice.

What do others think of G M's cautioning against holiday lets?

eddddy

A challenge with holiday lets is the property has to be fully equipped - everything from plates, cutlery, saucepans, sheets, duvets, TV, microwave, kettle, toaster etc.

The rental returns may not look good for just two months, if you have to buy all that.

You also need to work out how the cleaning, laundry, changeover etc will be managed.

You should also have planning consent for change of use - but you might get away with that for 2 months.

If you have a mortgage, you may be breaking the t&cs, and if the property is leasehold you need to check if you are breaking the terms of the lease - but again you might get away with that for 2 months.

The thing you have to make sure about is insurance. If your holiday guests accidentally burn the property down, and you haven't got holiday rental buildings insurance - your claim is unlikely to be paid.

Raymond_Douglas

Many thanks, eddddy - that's very useful, informative advice.

jamie11

Raymond_Douglas wrote: »

What do others think of G M's cautioning against holiday lets?

G_M is spot on, as usual.

A holiday let makes no financial sense for such a short period. what about if someone wants it just for a fortnight in the middle of that period?

dancingfairy

One of the biggest problem I would have thought is trying to find someone who wants to move in for 2 months. Who wants to pay for removals twice in 2 months plus the cost of the letting agents fees?
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eddddy

In this situation, I might be tempted to contact local EAs and ask if they have clients who need a short term rental between properties.

Perhaps because...
- they are buying a property which needs renovation before they can move in.
- somebody wants to 'save a chain' by moving into rented for 2 months (ideally between exchange and completion).

People in that position would be much lower risk than 'random' tenants off the street.

And as they're in the process of buying a property, you could ask them for a letter from their solicitor confirming their status, and their intention to leave after 2 months.

(Still not watertight - but reasonably safe.)

Raymond_Douglas

Thanks eddddy - interesting idea.

Madmel

As someone offering holiday lets in a different part of the country, I would suggest speaking to the local Tourist Information office to find out the state of play. For example, round here there are lots of lets available, but some have no parking, some do not allow children and some will not take dogs. We accommodate all those, so when potential customers are looking, the TI sends them to us. However, we are totally unsuitable for people without their own transport, so the TI direct those people elsewhere.

You could do up to 8 holiday lets in 2 months subject to G_M's warnings but more than an Agency, you need someone completely trustworthy to manage the changeovers. You should also register for Business Rates if you are running a holiday let. For such a short time, if you have no intention of continuing, it is probably not worth it, although in the right location you may make a bit of money.

Raymond_Douglas

^Thanks a lot Madmel for this useful, detailed advice.