Use short-term lets to make most of buy-to-let investments
London landlords can make the most of their buy-to-let properties by finding short-term tenants over the summer months.
According to the Association of Residential Letting Agents (ARLA), letting out a flat or house to a short-term tenant can be useful for filling rental voids, or making use of vacant properties.
There are plenty of opportunities for London landlords to do this during the summer, with a number of events, such as Wimbledon and the Henley Ragatta, attracting visitors to the capital.
And this is a market likely to explode next summer when London holds the 2012 Olympic Games.
Ian Potter, operations manager at ARLA, said: "Short-term lets, if managed correctly, can be a great opportunity for both tenant and landlord to benefit from a let that is simple to set up, and is suited to short periods of increased demand."
However, there are a number of important things landlords must consider beforehand.
For example, ARLA advises that they agree with the tenant on the payment of utility bills in advance to avoid any future disputes.
It also says it is a good idea to ensure that funds for the rent have cleared ahead of the start of the tenancy and that taking card payments can often represent an unacceptable degree of risk for the short term landlord.
"If these tips are followed, it should be possible to strike a balance between remaining flexible with your rental offering and being a responsible short-term let landlord," said Mr Potter.
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