Running short lets is fun and varied, you can increase your cashflow, avoid section 24 tax changes and keep your property in tip top condition. This blog is about some of the challenges that I have faced and issues that have revealed themselves as I have found out about and put this strategy into practice.
Crazy summer days are upon us. Cleaners go on holiday, victorious festival prompts a tough pre-stay email (you WILL be charged £100 for smoking in the rooms, you MAY NOT continue the party here etc.), and the changes of September are nearly upon us.
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.
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 pass a neat row of large BMW motorcycles lined up outside and enter the communal Kitchen of Blue Star House where 6 handsome young German men are tucking into a hearty lunch and chatting about their weekend ahead at Goodwood. They tell me about their drive form Germany and ask about local parking. In rooms upstairs are a student, a chef, a cocktail barman, and some weekenders visiting family. This weekend it’s a full house at the Serviced Accommodation.....