People make use of their properties in so many ways. Whether you have a grand victorian terrace in the heart of the city or you have purchased a stylish marina waterfront apartment in Southampton, it can be used as an additional source of income. Current housing market trends show that long-term renting is not the only option you have. There is short term letting to consider too. Letting your house or apartment on short term lets, say as
Letting your house or apartment on short term lets, say as short stay apartments in Southampton, is an option that has become available to a lot of homeowners in the UK and elsewhere.
Why Opt For Short Term Letting?
It is not without good reason that homeowners in various parts of the UK are opting to offer their properties on short term lets. If you own more than one house and want to put one out for rent, short-term letting is convenient. It is especially convenient when you let your property for the first time. You may not feel like your property is being owned by strangers long time, yet it yields some profits.
It is not your whole property that you can short term let either. For example, there are some elderly people who offer Short term lets in Southampton so that they get some extra money as well as have someone around the home for company. Londoners are reported to be short term letting out their homes to fund their summer holidays.
As a result, in this shift in the market online property portals like Rightmove have seen a boom for homeowners who want to let their houses for a short duration.
What You Should be Careful About
Renting your property on short term leisure lets to vacationers or business lets to corporate client is a good idea but proper planning is required and a few things should be properly analysed:
Technology
If you are new to the realms of short term lets, resorting to technology can be helpful no matter where you live. You will come across plenty of resources and guides on this topic. Sites like Airbnb are very useful for beginners.
Legalities
You need to ensure, as the property owner, you comply with regional legal norms for letting the property for any duration. Unless the documents are in place and formalities are made, you may later land in trouble.
Insurance
You need to check this carefully too. You may already have a home insurance policy. However, check that the policy is enough to make you eligible to rent out the home for a short period. It may be necessary to opt for add-on coverage to safeguard the home from damages of various types. For corporate lets Southampton you may need specialised insurance.
Renovation
Update the property and make sure it is the best rental property available. It is also a good plan to ensure any safety provisions are installed at the property before you rent it for short term to anyone. For example, you may want to execute a risk assessment for fire at the property or update your alarm units.
Word of Mouth
While using the web for finding resources and sites to facilitate short-term letting is good, talking with people still helps. You may find some of your colleagues or social media friends experienced in letting homes on a short-term basis and their tips can be quite handy.
In Conclusion
There is money to made from property whether it be in apartments in Southampton or anywhere else in the country. Research which income option is best for you, short term lets Southampton, corporate lets Southampton or even leisure lets Southampton. Research your chosen market well and get out there!