The property must be fully furnished and available for let for at least 210 days of the year to be considered a holiday let.
There are also regional restrictions to take into account, such as the 90-day limit for rentals in London without planning permission.
However, holiday lets can be highly popular in high-demand areas and can help avoid long periods without tenants.
Before deciding to have a second home or holiday let, it’s important to consider all costs, including mortgages, maintenance, and potential “empty homes council tax” premium, which can be up to 200% of the usual rate.
Now read: The best places to invest in a holiday let (and it’s not Cornwall)
Consider property redevelopment
Another option to consider is property redevelopment. This can potentially lead to higher monthly rent in the future, but initial expenses can be significant, and the process can be time-consuming.
It’s important to be cautious, especially given current labor shortages. Finding available builders or tradesmen may take a long time.
According to Ms. Harper, property development may not be the answer for landlords looking to leave the rental market due to its potential challenges and costs.
Sell the property
Selling the property immediately can be a clean option for landlords.
There are various methods to explore when selling a property.
One option is selling the property while it’s tenanted to another investor. Alternatively, selling through an investment agent or considering an auction can be quick and certain ways to exit.
An alternative is offering a “rent-to-own” arrangement, allowing tenants the opportunity to buy the property over time, which can have social benefits.
When selling vacant, it’s important not to overlook the disruption caused to long-term tenants. Additionally, the costs of holding a vacant property, including lost rental income, should be factored in.
Currently, it may take a long time to sell some properties, so patience is required.
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