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Back You are here: Home Property Buying, Selling, Renting Long or short term rentals for owners?

Long or short term rentals for owners?

For several years, Elaine Maddox was buying everything in bulk for her three holiday rentals in Varna on the Black Sea coast in Bulgaria. Washing and ironing sets of linen, three welcome baskets, cleaning three apartments was hard work, especially as changeovers were all on the same day.

Even with some help, she has called it a day and decided to take it a bit easier this year.

The rental properties include three apartments, two of which are two bedroom and the third four bedroom. This year she has settled on long lets to take some of the strain. Six years of being in holiday lets is enough. Elaine explains her thinking behing making this jump, 'The market for holiday rentals is full. Six years ago, it was much easier, now it's ridiculous. So many Brits have come and bought second homes and they just want to rent them out when not using them. A lot of them just see it as a bit of pocket money and aren't trying to make a living out of holiday lets, so they don't have to be successful or good at it. I do as it is my livelihood.'

Whilst Elaine's holiday homes provide all mod cons, including under-floor heating, fabulous state-of-the-art kitchens, many other properties contain much less. She goes on 'Many holiday makers don't look closely at the facilities and quality of the rental and just go for the cheapest. A lot are disappointed after their holiday because the accommodation was not of the standard they were looking for. I wonder now if it was worth all the effort to provide such high standards as we do. Plus, of course, we lose a big chunk to advertising'.

Going for long term lets also reduces workload and involves less upgrading of furniture and replacements of items. Laundry and maintenance are cut down all round. The long term rental strategy also reduces the risk of how many weeks you can actually let a property during the year. With less bills, less work and a guaranteed long period of rental income, long term is well worth considering.