Should you go for a long term or short term let?
When you are renting a property there are two main types of lets that you can choose from. There are short term lets and long term lets. The type of let that you decide on will really depend on what you are looking for and your situation that you find yourself in.
So, what are the main differences between a long term let and a short term let, and why might you want to choose one over the other?
Why choose a short-term let?
A short term let is a rental tenancy agreement that usually lasts up to 3 months. These types of lets are not quite as common as longer term lets; however, they are still beneficial to both tenants and landlords.
As a tenant you might want to choose a short-term let if you are simply staying in an area for a short period of time. Maybe you are taking slightly longer due to work purposes? Perhaps you need to live in a certain area to take care of a sick relative? Or you could just need somewhere to stay whilst you are studying for a short time!
Staying in a short-term let is ideal if you only need a property for a little while and you want to save yourself money as property rental is much cheaper than a hotel room. Not only this, but you also have a space to call your own too.
Why a long-term let is better for you?
The most common type of rental letting has to be a long-term let. Long-term lettings are those rental agreements that last longer than 12 months, often stretching into a tenant living in a property for many, many years.
The main reason why some people will choose a long-term let is because they want to have the security. They will know that the place that they call their home is safe, for at least a few years. They won’t have to worry about moving, about finding somewhere else to live. You will often be looking for a long-term let if you have a family that you want to find a home for, or if you are planning to start a family in the near future.
Whilst you have the security of a home for some time when you choose a long-term let, the thing that you are going to need to remember is that you are tying yourself into a longer contract. If anything changes in your home or your situation, then you may find it harder to move home or get out of the agreement that you have signed into.
As you can see there are benefits to both short-term and long-term lets and which one you choose will really depend on your current situation. Whichever one you choose, you should take the time to think about exactly what it is that you are looking for and what is going to be best for you.