Rent Out Your Home During The Edinburgh Festival
Every year, during the summer festival season, the city of Edinburgh comes to life with memorable displays of cultural events, performances and spectacles to enjoy. This vibrant cultural feature of the city, with its myriad of unique experiences, attracts thousands of visitors, festival audiences and revellers every year. In fact, the city often doubles its population during the festival season, leading to many performers and tourists scrambling for a place to stay. This massive influx of visitors creates huge business opportunities, particularly in the accommodation sector.
Renting out your home or personal property for short self-catering breaks during the Edinburgh Festival is a great way to supplement your income. Furthermore, if you are planning to go off on a holiday to avoid the crowds during the festival season, renting out your vacant property can more than cover the cost of your entire trip. It can even cover the cost of putting your belongings into a secure storage facility like Len Lothian U Store while letting out your home during the festival.
Here are some vital steps that you need to take while turning your home into a rental property:
- If you live close to the festival venue, renting out your home will provide great financial opportunities. This is because you can usually get more than what your home would command from a long-term tenancy.
- When preparing your home for tenancy purposes, you can de-clutter and store your personal belongings yourself or hire the help of an Edinburgh storage company like Len Lothian U Store. Many local residents realise that the potential short-term rental income during the summer festival far outweighs the self-storage costs. At our storage facility, we provide attractive storage and removals offers for customers around the UK.
- It is also important to check on your new tenants prior to letting out your property. By finding out relevant information about a potential tenant, you will be able to determine whether an applicant will be able to pay the rent. As well as this, background checks are also important for finding out if an individual has a criminal record.
- You will always want to have a proper lease contract in place in order to avoid any kind of damage to your property or for tenants who are no-shows. It is also a good idea to have your solicitor review the lease contract before finalising the process with the tenant.
- Homeowners should also inform your home insurance company before agreeing to a short-term rental. This is because you will need to find out what is covered under your contents insurance. Sometimes, insurers are covered for conditions like flooding and fire, but are not covered for situations like theft or damage caused by tenants.
- To protect your property while letting out your home, it is also advisable to carefully pack all your belongings using strong packing boxes and other storage materials. By clearing your possessions, you will be able to create extra space for short-term lodgers.
Posted on Tuesday, 09 July 2013 under Website Edinburgh Storage Self Storage Decluttering