Renting your property whilst you’re away could be a really handy way to cover some, or even all your expenses relating to your home, whilst having someone there to take care of it.
But this will all depend on who you put in there, and how well you are back to check them.
I’ll go through the pros and cons of renting your home short-term, with the hope to give you a deeper perspective on whether you should take the plunge or not!
Renting Your Property Short-Term [Up to 6 Months]
Pros
Cover Your Expenses
Probably the first thing you’ve thought about, and the main reason you’re wanting to consider renting your home out short-term.
Short-term rental appeals to people that are in the area short term, and for this inconvenience will usually be open to paying a premium for this luxury.
Look at Airbnb for example, the properties you see on there are reasonably priced for a weekend but work out the cost for a month and it’ll be way higher than what the equivalent average rent is for the type of property.
If you’re heading away for a few months, maybe abroad to stay with some family, recouping the money to pay your expenses such as council tax and mortgage repayment could be more than covered by renting your property out short-term.
Keeping The Bones Of The Property Running!
Another positive point to look at is that your home won’t be sat vacant.
So over winter the heating and water system will be used regularly preventing it from freezing or causing other issues related to a boiler.
Ventilation will be looked over to help reduce the likelihood of dampness or mould forming in an unused home.
Overall, – albeit short-term – the home would be lived in, so it helps make it less likely that you’ll come back to a cold property with appliances that haven’t been active or used in a while.
Reduced Risk Of Burglary And Squatting
Depending on where you live in the country, burglary is rife, and these criminals are getting smarter.
There are too many stories of houses being watched over time, surveyed for movement, people coming and going.
It’s a chance for opportunistic burglars to try their luck to break in and steal your personal effects and cause unnecessary damage.
An empty home could also attract squatters, from experience they live very roughly and I’m sure you wouldn’t like to come home after 6 months to randomers living in your bed – especially when you expected it to be empty.
Keeping Outdoor Spaces Trim & Tidy
Depending on the time of year – especially with the UK weather – outdoor spaces with grass, shrubbery, hedges etc can grow to no end!
I’m sure whilst you live there, it’s all tended to frequently.
But having someone live there for that period as if the home was theirs, you could draw up an agreement that the outdoor spaces are tended to just as you would.
I’m pretty sure the last thing you’d want to come back to is weeds between blockwork, overgrown and damaged lawns, or overgrown bushes hindering your home’s appeal!
Do It Once, It’ll Allow You To Rent Short-Term Again!
If you’ve set your property up for short-term let once, it helps open avenues up to do it again in the future.
Things such as keeping personal items in locked cabinets, safety checks such as PAT testing on electrical items etc.
Whether it be to go on a weekend getaway, or a week’s holiday to Prague, you’ve got the option to try out services such as Airbnb to cover the period whilst you’re away.
Again, helping recoup some short-term money, instead of having your home sat empty!
Cons
The Risk Of The Home Not Being Looked After
If planning on a short-term let, you’ll likely be looking to move back in not too long after!
Having essentially strangers living in your home, you won’t know what they live like on a daily basis, and how they spend their time at home.
Ideally, you’ll have it back the way you left them with it but bear in mind these things are beyond control and it’s simply a factor of putting your hopes into them and falling back on their deposit if necessary.
Sorting & Storing Of Your Personal Effects
It’s likely you’ll have lived there a while, and if you’re anything like me, you’ll have masses of personal belongings!
You’ll likely want to store these items away, so if you have free space somewhere like an attic or garage, perfect!
If not, think about how much you’ll really need to store. You may have friends or family willing to help, but if not, typical storage fees on a monthly basis can be really costly!
You could leave it up to chance, and hope they take care of your things. Insure as much as you can to limit how much you’d have to foot the bill.
If They Don’t Leave When You Need Your Home Back
If you’ve jetted off for a three-month break, and plan to come home right after, be mindful that the occupants you have living in your home need to make their own plans to leave too.
If left too last-minute, you could face difficulties with having tenants that aren’t able to and won’t move out in time. So, you’ll be back in the UK scrambling on what to do, and where to live in the meantime.
Illegal Activity In Your Home
Illegal activity in rented properties is rife!
This is where strict vetting and referencing procedures are to be followed, there’s an important reason they’re in place.
There’s a whole variance of the types of illegal activity that could be carried out, narcotics, prostitution, trafficking, and so much more.
Be incredibly mindful of these aspects so as to best protect yourself if you do decide to rent short-term.
Anything Else I Need To Know?
That should be about it.
The best thing you can do to protect yourself is to get someone who knows what they’re doing to find, as well as a reference for any short-term tenants you have.
It helps have a fuller, more in-depth view of how they are as tenants. It could also benefit you, as when you need the property back, the agent that you worked with can help rehouse those tenants with something else on their portfolio.
It’s a win-win situation!
Get in touch with our property experts to have a chat on how we can find you, quality tenants, for the time you need them.
