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LONG TERM LET or HOLIDAY lets, advice required

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Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
19/07/2009 10:12

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Message 1 of 6 in Discussion

In the past I have always rented property on Long term lets...for a steady, fairly reliable income.



Has anyone got experiance of HOLIDAY lets? ....... ie what is the take up on 2 bedroom apartments against 3 bed villas?...how many weeks per year are booked, on average?



Who does the changeover for you, or do you do it yourself?



Given the choice..what would you do, and why?



kavenkoy


Joined: 10/04/2008
Posts: 1787

Message Posted:
19/07/2009 10:21

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Message 2 of 6 in Discussion

holiday lets woud give you more money ,but occupancy would be limited (ie 3 or 4 months) .



went onto ebay a day or so ago and typed NC ,villa for let at approx 400 per week through out the year .

then went on holiday-rentals.co.uk and they have appartments and villas from 200 per week ,you deal direct with the owners here .



biggest problem i see in NC with full lease is the tennants that dont want to pay after 2 months say and then it takes you 3 to get them out ,with no money and all the bills to pick up.



kav



kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
19/07/2009 12:11

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Message 3 of 6 in Discussion

Hi. We did do holiday lets on our 3 bed apt in Kyrenia which was fairly successful. Occupancy was about 50% for the summer & a few winter lets. We quite often let to people looking for property, waiting for property to be finished etc. We had a local friend who organised everything for us, cleaning, keys, laundry etc. who we paid. Couldn't have done it without him on the ground, but by the time we'd paid for everything we weren't making enough to warrant the effort invloved. We have now let it long term as we weren't able to come out ourselves & use it for a while. After a couple of false starts we now have good Turkish tenants but nothing is certain. We had one tenant who took most of my (fairly expensive, as we'd bought for ourselves) bed linen. A "friend of a friend" who ran off without paying. Another who imported fleas/sand flies (never did pin it down) & had to pay for fumugation. Aircon is a problem with holiday lets, if we did it again I'd get timers fitted. Hope this helps.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
20/07/2009 09:53

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Message 4 of 6 in Discussion

Holiday let or Long term let?.....any other views?



Pixie


Joined: 18/03/2009
Posts: 489

Message Posted:
20/07/2009 10:06

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Message 5 of 6 in Discussion

long term lets your best bet would be to take the yearly amount of rent upfront.



My family has a building in Lefkosa and they were constantly having trouble with the tenants.After deciding to take a 2 month deposit and the yearly rent upfront it was easier to get rid of those who wouldnt be continuing the next year.



They also have something like this in Turkey called tahadutname (Ive spelt it wrong) If you dont pay the rent for 2 months legally you are out. Both parties sign this.



Although the law here is definitly on the side of the tenant Ive found that landlords are able to increase the price of their property according to their own whims.



It still strikes me as funny where in Nicosia you could rent out your flat which is worth anywhere from 22,000-40000 for 300-400 per month and rent a villa worth 150,000 for around 400-500 per month.



Seems easier just to buy turkish title flats and put them out to rent through a reliable agency, and in turn rent a luxury vill



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
20/07/2009 10:09

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Message 6 of 6 in Discussion

Thanks pixie...good advice as ever



any more thoughts?



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