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Short or Long Let?

FREEDOM TO MOVE

Before letting out a property, it is important to know the different options available to you as a landlord. There are various advantages and disadvantages for each, which we have listed in this part of our guide below:

What is a short term let?

A short-term let usually starts from one day and can last up to a few weeks or a couple of months. It is an option for any type of property, from a studio flat to a detached house.

Advantages:

High return over a short period of time.

Less damage to the property from hanging pictures etc. so the property stays in better condition.

More flexibility to use the property yourself or for friends and family.

Can be based around regular (month specific events in your area e.g major sporting events or shows

Disadvantages:

Can be more costly for landlords, needing to get a property back to standard in-between short-term tenants.

Less stability as it can leave more periods when the property is vacant.

Time consuming to find new tenants on a regular basis.

Time, effort and cost required to manage utility bills, council tax and TV license which are normally included

What is a long term let?

Long-term lets usually start from six months and can last for a few years. Again, this option is available for all property types.

Advantages:

Less time consuming for finding new tenants.

Peace of mind that the property is occupied long-term.

All bills such as utility bills, council tax etc. become the responsibility of the tenant.

Regular rent payment from long-term tenants.

Disadvantages:

Increased chance of a tenant making a late payment.

Damage from wear and tear, hanging pictures etc.

To mitigate the risk of a tenant missing a payment, Hawks Estate Agenta work with HomeLet, a company that cover tenant liability and contents insurance, take a look at our guide here.

Questions for us about letting your property? contact us.