12 January 2012

Tips for Renting Out Your Holiday Property in UK

Renting out your property during the holiday season is an ideal source of extra income, especially if your property is located in a popular tourist destination. You don’t have to exert a lot of effort but you are assured of an income because your property is practically working for you.
But before renting out your property in UK, there are some things you have to remember to ensure that you will earn a considerable fee while protecting a very valuable asset.

Check the Terms and Conditions of Your Mortgage
If you’re still on mortgage, check if you are already allowed to lease at least part of your property. Some mortgage companies do not allow leasing their properties to protect the asset. More often than not, this information is readily available from your real estate agent.
While checking the terms and conditions of your mortgage; also check out the additional tax you should pay and the exemptions you might enjoy. Visit directgov.co.uk for this type of information.

Create Rules…and Stick to Them
It’s always important to make some rules in your property especially if you’re only renting out a room. Even your pet peeves or small things that you really value should be indicated while interviewing a possible tenant. It may sound demanding but you don’t want your tenant to end up annoying you all day.

Sign the Document
A handshake could be considered a deal for some people but you can protect yourself from any problems in the future by letting the tenant sign a legal document. Of course, give your tenant some time to read the document and make sure they are within legal boundaries. It’s your best protection against property damages and other problems.

photo courtesy of hownowdesign

1 comment:

  1. I have been interested in investing int he UK property market. Holiday homes have the advantage of being in lower priced areas, allowing you to buy a prperty for lower price. The problem is that it can be difficult to get holiday makers all year round. I had not forsen some of these issues with tenants but it's great to see a selection of ways to solve future problems and stop beginners from making silly mistakes.