HEAD OF RENTALS AT AYLESFORD INTERNATIONAL, A TOP END SALES AND LETTINGS AGENCY
Q. I hear that some landlords are introducing “break clauses” to take advantage of premium short lets over the Olympics. Is this something you advise?’
A. Be careful, the Olympics lasts only 16 days. If your property is an investment, you need to ask yourself whether it is cost effective to have the property vacant before and after the Olympic let. If you are renting, have an immaculate family house or large flat in central London, however, then this might be a better idea since short lets usually command up to 30 per cent more than long lets. This could increase to 50 per cent with the Olympics, depending on the type of property. If you’re keen on doing this, check with your local Council, insurance company, landlord and managing agent to see if you are allowed to accommodate short lets.
Q. My property has been on the market for six months now without securing a buyer. Should we think about offering it for both sale and for rental?
A. This can be tricky since you will probably have tenants in residence while you market the property. This gives you two options: you can either have tenants and wait a full year to re-market it or offer it to tenants on a short letting agreement. If you opt for shorter tenancies, remember that you will have more frequent periods without tenants and therefore make less money. Also, you will need to give more of your time to the project. You will have to organise inventory checks, cleaning and viewings with your tenants.
These might not be the only options though. If you target property investors, they might well be attracted to the fact you have tenants in situ – they will see them as easy and valuable revenue generators.
Contact: Aylesford International on 020 7351 2383 or go to www.aylesford.com