Weighing Up Property Options
For those embarking upon property investment or who have found themselves in a position where they have to rent out a property due to a change in circumstance; considering what to do with said property is a big decision.
First of all, there is the lure of the holiday let market with big earnings over peak times and flexibility for family and friends to stay. However, there may be good earnings in peak times, on the downside the low season can be difficult to manage financially. Not only are you looking at irregular income each month, but there is now an awful lot of competition.
The holiday let market has been booming and while that has a number of positive aspects it can also be detrimental to a nightly price of a property, consequently affecting monthly income. Holiday lets are also costly to manage with the linen and cleaning costs, as well as being a 24 hour job. Guests expect to be able to speak to someone at all hours of the day.
Secondly, the long term market with a steady stream of income may seem to be a more attractive option. Long term rentals get snapped up in Edinburgh and East Lothian, however there is less flexibility should you wish to get the property back, although it depends on the circumstances.
Laidlaw Lettings specialises in both the Edinburgh holiday let market and long term rentals in Edinburgh and East Lothian. We can assist in your decision making by presenting the pros and cons of each market. For more information please contact Susan on 01875 702071 or at email@example.com.
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