Managing the luxury properties to rent in London can be a long-term job for landlords. Even with the real estate agents on board, the management of short-term leases can take up a significant amount of time. Short-term leases are undoubtedly attractive for luxury properties, but it’s worth considering long-term leases as well. There are many advantages to long leases for any property. The consistency of income is especially attractive to many landlords. Here are some of the other advantages:
Smaller yearly outlay – Renting out a furnished property always involves a small outlay, particularly with high-end properties in London where expectations of tenants are higher. However, long-term leases involve less tenant turnover, and therefore less turnover of furniture. It’s important to note that for luxury properties a change of furniture every five years is still a good idea, to encourage tenants to stay.
Lower maintenance – Strangely enough, maintenance on a longer term of lease can be much easier than short term leases. With tenants constantly in the property, faults are caught more consistently. Tenants themselves will be more inclined to keep the property in good maintenance when they consider it a home.
Security of appliances – One other hidden advantage of longer leases is the security of the appliances supplied with the property. High-end properties require a better standard of appliances, and these can be costly to replace if short-term tenants mishandle them. Longer term tenants can be expected to take more responsibility for the appliances provided, and are likely to treat them with more respect.
