Question for all of you who let out your property during the summer months, do you make enough to cover your mortgage, is it worth doing or is it more hassle than its worth?
Lisa.
Question for all of you who let out your property during the summer months,
1. do you make enough to cover your mortgage,
2. is it worth doing
3. or is it more hassle than its worth?
Lisa.
1. Yes
2. Yes
3. No
Thankyou for such a quick reply, I see you are Teneriffe, I am looking at Turkey and therefore would only be able to rent out for the summer months, would I still make enough to cover a mortgage? How do you go about letting and paying bills etc from England?
Lisa.
Lisa.
Hi Lisa, Hopefully your lawyer in Turkey would set direct debits up for you with your turkish bank account. We are in Portugal and thats what happens here for payment of utilities etc. Regards Jayjan
Although not in Turkey I have a house in a summer only area which I rent out.
It really depends on a number of things. How big your mortgage is for obvious reasons and whether you're prepared to do the work (advertising etc) yourself, as agents can take quite a slice of your revenue and may not get the clients they promise.
Another big consideration is whether you're prepared to not go yourself in high season as if you rent to British holidaymakers your main weeks will be school holidays. If you can be flexible and leave July and august purely for rentals.
Another important consideration is that there are expenses that come with renting. Cleaning, maintenance etc.
Try looking at rental sites for your area and maybe contact a couple of owners to see how they're doing.
Above try to be realistic about the minimum number of weeks you can expect to rent, especially in the first couple of years and don't believe the Agents!!!
It really depends on a number of things. How big your mortgage is for obvious reasons and whether you're prepared to do the work (advertising etc) yourself, as agents can take quite a slice of your revenue and may not get the clients they promise.
Another big consideration is whether you're prepared to not go yourself in high season as if you rent to British holidaymakers your main weeks will be school holidays. If you can be flexible and leave July and august purely for rentals.
Another important consideration is that there are expenses that come with renting. Cleaning, maintenance etc.
Try looking at rental sites for your area and maybe contact a couple of owners to see how they're doing.
Above try to be realistic about the minimum number of weeks you can expect to rent, especially in the first couple of years and don't believe the Agents!!!
We only rent to friends and family, and don't cover the mortgage. But it does go a long way towards it. Its definitely worth doing. One note of caution, if you have to rent to be able to afford, I would think seriously about buying.
mad mick is spot on
Where are you looking to buy in Turkey?? As some parts are already saturated with holiday rentals and it may be more difficult.
Have a look at http://www.holidaylettings.co.uk - this will give yo an indication of the amount of properties in each area
LA
Have a look at http://www.holidaylettings.co.uk - this will give yo an indication of the amount of properties in each area
LA
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