If your tenant has moved on and you find yourself wondering whether selling your property is the better option for you, then committing to another long-term tenant could be a conflict of interest. In Dubai, a landlord must give a year’s notice to a tenant if they would like to sell the property and as we have seen in the last few years, property prices can change drastically within that time.
So, with this in mind, it is a great option for landlords to let their property short-term before they make a final decision on whether to sell.
Letting your property out short-term could earn you up to 30% more than an annual rental contract. So, instead of having your property left laying empty, you could be gaining a decent return from it before you achieve your desired selling price.
Your property will be well looked after, maintained and managed by a short-term let operator meaning you have no stress of dealing with the upkeep of an empty property and the problems that can arise from leaving it vacant. A vacant property can become very dusty, A/C units can clog up, mold can accumulate if there is humidity and an insect infestation could possibly be on the cards - none of which leaves for great viewing potential.
You will have flexibility if you let your property short-term. You can arrange viewings when the property is vacant and be rest assured that it will be in great condition due to the cleaning and turnover services from your short-term let operator. It also gives you a chance to stay in the property yourself if need be, or have it book in a slot for your family and friends.
If you are thinking of letting your property short-term whilst also considering selling the property, you must take into consideration the rules and regulations of short-term letting and make sure you can adhere to these.
Your property will need to be furnished and we all know that furnishing a home is not cheap! You may have some furnishings that can be used but if you are starting from scratch, the cost of these furnishings will need to be taken into account. You must also be aware of the essentials list when preparing your home to be let out short-term. However, a staged home can be more appealing to a potential buyer and a well-furnished STL will attract a higher price and attract a higher number of potential guests.
Utilities is another cost to take into consideration. You will be responsible for the payment of all utility bills and your guest consumption may vary depending on the number of guests and their time spent in your home.