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

Comments

  1. Tim Holton8:00 AM

    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.

    ReplyDelete

Post a Comment

Popular posts from this blog

Never a Better Time to Buy Abroad

-
Image
Buying properties abroad can be nerve-wracking, especially in today’s economic climate. The fact that you will be dealing with a wholly different market from the UK, and you have little interaction or immersion with different areas, can make selecting and committing money to a property incredibly daunting. Now is the best time to start considering making an investment in holiday property though. The Great British Pound is slowly growing in strength against the Euro, in fact buyers can expect to buy 25% more Euros per pound than they could three years ago, when the exchange rate was almost equal. It means that you get a lot more for your money. This is coupled with a housing crash in many European countries. Spain in particular is a hotspot for those looking to purchase a holiday home. Due to the severe economic downturn in the country, house prices have plummeted, with some Spanish banks offering some properties discounted up to 70% against their 2008 price. Head of Savills
Read more

3 ways to make your guests book again next year

-
Image
For anyone renting out a property short term, there are a few things that make life easier and less stressful. And the way you can make this happen is by going the extra mile for your guests, to make sure their stay is as convenient as possible. So as well as making sure the basics like cleaning are sorted, you can add to their experience by adding a few special touches, all of which will more than pay for itself if it means the guests come back next year.  
Read more