Property is big business, but not everyone has the means to enter this lucrative industry. If you own a property, however, there are ways you can earn money without making the large investments that some of our landlord or buy to let insurance customers have.

One increasingly popular option is to rent out your property while you are away on holiday. Doing so can offset the cost of your getaway, or even pay for it completely, depending on how much rent your property can command – and how much your holiday costs.

There are a number of websites which specialise in these short-term lets. Most charge around 3% of the rent you receive, and charge the tenant a small fee to make the booking.

Pitfalls

While the idea of renting out your property may sound attractive, there are a number of considerations to take into account before you upload images of your property to one of these sites.

If you have a mortgage, you should ask your lender’s advice or permission first, to ensure it doesn’t contravene any aspects of your contract. Some lenders just need to be made aware, while others will need to give full written consent before such a rental can take place.

In terms of insurance, cover will normally be provided as long as the letting has been arranged through a letting agent.

Councils, too, may need to give consent. Westminster Council, for example, must give permission for lets under 90 days.

If you can tick all these boxes, you may be able to offset the cost of your next holiday by a considerable amount.

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