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Option Homes Ltd - News- Utilise a Spare Home with Holiday Letting

Utilise a Spare Home with Holiday Letting

Date Added 19/03/2016

Holiday letting can be a great way of making money on a spare or second property you own without the long-term commitment of being a regular landlord. You can even do this if you only own one property which you live in, though of course you will be restricted to only doing it when you vacate the premises for a holiday yourself.

It can be a great way of earning money from your property, and if you are doing it with a second property then you are not committed to a tenancy agreement spanning anything from six months to a year or more. This means you are always in a position to sell up should the right offer come along.

What Properties Can Be Used for Holiday Letting

Ideally you want your property to be in a prime location, either near or in a city or by a particularly pleasant coastline. If your property is in an area where few tourists, either domestic or foreign, ever visit, then your holiday letting options will be severely limited. You never know, of course, so it might still be worth advertising to see if anyone is interested in visiting your area to view whatever local sights are there.

Good transport links are another big plus as folks on holiday will want to be getting about with as much ease as possible.

What You need to Know before Letting out a Property

First of all, you will need to check with your mortgage provider that you are actually allowed to let the property out to short-term tenants. It`s not just a yes or no situation either, as some lenders will allow it under certain conditions, so check with them first before taking any other steps. You should check with your insurance company as well to see how holiday letting affects your agreement with them.

Then you will need to check your local council`s legislation on the matter, as there are some instances of councils frowning upon holiday letting so make sure you do not fall foul of any laws. If you go through a letting agent then they will be aware of any local legislation pertinent to short-term letting.

You will also need to bear in mind that you have the same responsibilities as a normal landlord with regards to health and safety. This means installing the likes of smoke and carbon monoxide alarms, and ensuring the property has a valid Gas Safety Certificate.

Finally, don`t forget that you are required to pay tax on any earnings from letting out your property, so be sure to report your earnings to the taxman.
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