I have just purchased a flat and am in the process of refurbishing it prior to renting out.
Just to feel the market how do I advert it?
Also, if I was to rent it out on a weekly basis do I need a tenancy agreement?
Would appreciate your advise
It sounds like you’re an absolute beginner, so if I were you I would either hold on letting it until you joined the NRLA and done their Landlord Fundamentals training or if you don’t have the time, arrange for a local agent to let and manage it for you. If you attempt to let it without any knowledge of what you’re doing, you will likely lose a lot of money and sleep.
Hi Seulin, feeling a bit sorry for you for the reply given! It is true, NRLA would be able to give you a lot of advice, but we have been LLs for 40 years and do not belong to NRLA. OpenRent could advertise the property for you, more cheaply than a high street estate agent, but they will expect you to be able to provide all the gas, electric etc. safety check documentation. They have a lot of advice and information on their website, which should help fill any gaps in your knowledge. Good luck with the renovations, and I hope you find a good tenant.
It doesn’t sound like Seulin has 40 years experience Anne, and I don’t believe my reply was in any way demeaning if that is what you were suggesting.
I appreciate very much your kind encouragement, understanding and kind advises.
I do have about 5 years BTL experience dealings. All the properties are rented out on AST basis. One of the property is rent via OpenRent and a couple of them via estate agents. Also a couple of storage units rented via friends recommendation and by word of mouth.
The reason I put the feeler in the Landlord forum was to test the market demand for Holiday lets and short term tenancy (I.e 30 days)
The flats that I am renovating is in a historical market town centre with huge influx of tourists nearly all year round…
I am looking to renting them out as holiday lets. I am doing researches into these matters.
Maybe I did not explain it clearly. My sincere apologies to all.
Once again thank you for your kind words…
Thank you for taking the time to response
I have noted your kind advise with thanks
If someone replied to me by saying, “It sounds like you’re an absolute beginner,” I would be deeply offended. I was trying to see it from someone else’s point of view. Someone who was only seeking advice. We can all ask questions here; some of those questions might seem like “absolute beginner questions” to others, but people can still ask without aspersions cast! And five years is not a newbie!
It was me who said I had 40 years experience behind me, not Seulin!
Seulin, you sound to be in a wonderful place for holiday rentals, so go for it! They are commercially very rewarding if you are, as you are, in the right place. I own a flat in a building of 12 flats right on the beach, and mine is the only one with a regular tenant! If you haven’t gone down the holiday let route before, I am sure you know that deep cleans, between each let, can be time-consuming and expensive, because holiday-makers tend not to give a damn! The communal areas of my building are a sight for sore eyes! You will also need a very good inventory, because things might “walk”! If I did go down that route, I would do it all through an agent who finds the holidaymakers, and deals with any hassles. Just my thoughts but hopefully helpful!
If you would be offended by that Anne, I would suggest that a forum is not the right place for you to seek advice.
This industry is now so overburdened with regulation that a simple admin mistake can cost landlords tens of thousands of pounds in penalty payments or in some cases potentially a prison sentence. Many landlords don’t understand the risks they’re taking by letting property with only basic knowledge of the law. Speaking plainly, (without being offensive) tends to make people sit up and take notice and if the cost of that is that some people feel affronted then so be it.