If it's such a great strategy, why isn't everyone doing it?
Holiday lets come and go. Fact: It really isn't everyone's cup of tea.Â
How frequently do you visit your property? Every month? Every 6 months? I have properties with steady tenants that I haven't been into for 5 years! (Yes, the checks and repairs still get done). Most landlords aim to be hands-off as much as possible.
I am at every short let property at least every few days, checking inventory, making sure everything works, reassuring guests. This alone is enough to put most landlords off.
There are plenty of hoops to jump through to set up a short let property correctly, this stalls another group of potential providers. Ignore them at your peril. Planning permission for change of use may be required, finance options are limited (a buy-to-let mortgage will not do), leaseholders need to negotiate consent from freeholders. Plenty of operators go ahead ignoring one or more of these challenges and the walls of their business, as well as their credit rating and reputation, can come tumbling down with months of future bookings that have to be honoured. This applies equally if you are tempted to allow someone else to run your short-let, but the buck will stop with you, the owner, not the operator.
If the extra work, extra red tape and extra hassle don't put you off, the rewards, both personal and financial are there but don't underestimate the commitment required!
Written & oral information and advice from the Portsmouth & District Private Landlord's Association is given in good faith, but no responsibility whatsoever is accepted by the Association or it's officers for the accuracy of it's information & advice nor shall the Association be held responsible for the consequences of reliance upon such information.