Letting your Property

Many people purchase an overseas property as an investment. Even if your primary reason is to have your own holiday home then you may at time consider letting it out.

At SimpliGroup we ensure we find out the options for letting your property and make you aware of the advantages and disadvantages of these options.

Below is a list of a few things to think about when considering renting your property.

1. Guaranteed Rentals - These are not always as good as they seem. If I add 10% to the price of a property and then give you 5% back for two years, is this really a good deal?
2. Management Fees - Management fees for holiday rentals are higher than long term lets. The fee for managing holiday properties can be up to 50% of the rental income.
3. Turn arounds - If you are using a lettings company or arranging the lettings yourself then you will need to pay for the property to be prepared before each tenant. This may be included within the management fee or charged as a separate item.
4. Demand and Supply - Areas where there is a lot of holiday property may be harder to rent. Lots of people go on holiday there but there is lots of property to choose from and rents may be slightly lower. You need to make sure your property stands out from the crowd. Best not to compete just on price but quality also!
5. Let it yourself - Try and get friends, family and work colleagues to stay at your property. Just a few extra weeks on top of what the management company provides can make a big difference.
6. Regular rent - Holiday accommodation is usually seasonal and does not always provide a regular rental income. If you need a set income every month then concentrate on properties that be let on a long term basis and provide security. This is usually UK Buy to Let or overseas cities.