In these uncertain times it can be very difficult to know exactly when your property will sell – especially if you are reluctant to drop your price.
However, there is a solution that many sellers often overlook! If you are not living in your property, or have alternative accommodation, why not rent out your property as a short term let? We have many such properties successfully let to some excellent short-term tenants.
Likely tenants would include relocating business people who need to move quickly but who have not yet decided on a property (they may even decide to buy your property at the end of their tenancy!). There are also people who need somewhere for a short period due to building works on their own property, perhaps following a fire or flood. Corporate clients might want a serviced property for a foreign colleague, or it may be required as a film location. There is certainly a strong market currently for people who have sold their own property and want to rent somewhere for a while so they can buy from a position of strength.
It is always better to have your property occupied during the time it is on the market – not only is security enhanced, but the property is more likely to feel like a home, and therefore be more saleable. Additionally, short term rental returns tend to be much higher than long term lets.
The tenancy agreement is specifically intended to be used for short term lets, so there is no problem regaining full possession, and what better way of paying the mortgage whilst you are waiting to find a buyer! Who knows – your buyer might already be living there.
You may need to seek permission from your current lender and there are a few other regulations to consider, but if you’d like more information on how to position your property for a short term let, please feel free to contact us on 01926 43611.