Renting out property for travel

Travel Forums Off Topic Renting out property for travel

1. Posted by lauraloug (Budding Member 11 posts) 7w Star this if you like it!

Hi All,

I am based in the UK (London) and looking to get away towards the end of December/ beginning of 2023. Does anyone have any recommendations or advice on how they rented out their properties for long trips? I have been looking at estate agents for a year let (although you have to spend 700 for a landlord license) and managed services (for air bnb etc for short/long term). I want to keep my options open to travel from 6+ months to India, Central/South America so wondered if anyone had any recommendations.

I need to get this arranged in the next few weeks so I can book my flights before they become too expensive. Would prefer 1 tenant for the whole period, I do not like the idea of people coming and going.

Any help would be greatly appreciated.

[ Edit: Edited on 5 Oct 2022, 21:41 GMT by lauralougillard ]

2. Posted by karazyal (Travel Guru 4627 posts) 7w Star this if you like it!

Any help would be greatly appreciated.

-

Relatives or close friends looking for a place to stay would be my first choice.

I personally would not want anyone going through my stuff when I am out of the country.

Do you need the income from this short term rental or just need security?

Take shorter trips and return home from time to time if leaving the place vacant.

  • Do you trust your neighbors?

Good luck.

3. Posted by leics2 (Travel Guru 4807 posts) 7w Star this if you like it!

I assume you own your own property?

If you'd prefer one tenant for the whole period airb&b-style letting is unlikely to suit you. I also suspect it would cause you niggles of worry while you're away, which isn't ideal.

On the other hand, if you have one tenant for the whole period there's no absolute guarantee he/she will leave on time. That could cause you a lot of hassle and expense.

If you just have one tenant have you thought about who will pay for utilities (gas, water, electricity, council tax)? Will everything be included in the rent (with the risk of potentially much higher bills) or will you need to get account names changed?

If you go with short-term airb&b-type lettings, have you factored in the probable additional costs for e.g. gas & electricity?

How would your neighbours feel about airb&b-style lettings? Have you asked them?

>I need to get this arranged in the next few weeks

To be honest, you haven't left yourself much time to get things sorted.

As well as applying for and being granted a licence there may be things to organise in your property (e.g. gas safety certificates), you'll need to sort out and organise storage for things you don't want to leave, you'll need to deal with the legal side of the tenancy agreement and you'll need (I assume) to meet potential tenants. I suspect you may have to delay your trip for a while.

I suggest you actually visit some estate agents and ask their advice about what is/will be required if you let to one tenant for the whole period, what rent is likely to be feasible, what the risks are and what their fees will be.

[ Edit: Edited on 6 Oct 2022, 09:00 GMT by leics2 ]

4. Posted by AndyF (Moderator 2680 posts) 7w Star this if you like it!

With the overheads of lettings - letting agents, landlord licencing, gas safety certificates, tax, etc etc, I wonder if it would be worth looking at getting a lodger instead?

The Rent A Room Scheme allows you to earn up to £7500 a year taxfree. As I understand it there are none of the above formalities, and you don't need to give extended notice periods - eg if they pay weekly you can give them a week's notice.

That you are not there for most of the time is just a happy bonus that the lodger gets full run of the place.

[ Edit: Edited on 6 Oct 2022, 10:14 GMT by AndyF ]

5. Posted by leics2 (Travel Guru 4807 posts) 7w Star this if you like it!

I should also have noted that if you have a mortgage on the property you'll need to check whether the mortgage t&c actually allow you to rent it out or have a lodger.

The same applies to your home insurance. You need to check the policy will continue to cover the property if you have a tenant or lodger.....and that it will still cover you if a lodger is in residence for months on end whilst you are out of the country.

[ Edit: Edited on 6 Oct 2022, 12:00 GMT by leics2 ]

6. Posted by lauraloug (Budding Member 11 posts) 7w Star this if you like it!

Thank you, everyone, I have started conversations with estate agents and management service companies. Even though there are extra costs with estate agents it seems to sit better with me for many reasons, a tenant is locked in for the full period and my furniture will not be left in the property. The peace of mind is priceless once away for a long period of time, and I know the mortgage is going to get paid.

Unfortunately, I cannot get a lodger as it is a 1 bed flat.

[ Edit: Edited on 6 Oct 2022, 16:38 GMT by lauraloug ]

7. Posted by greatgrandmaR (Travel Guru 2391 posts) 7w Star this if you like it!

My daughter rented a house in Cheltenham for the two or three years she was there. She had a job exchange at the military base. Mostly when I rented a place (and we moved 14 times in 20 years) we got information on rentals from the base we were going to. I don't know if that's an option for you.