Homes and Villas of Marriott Bonvoy has selected House of Luchini as their first home management exclusive partner in Cambridge

House of Luchini

Why Short Stay Renting

House of Luchini

Short stay rentals are not a new phenomenon, and global platforms such as AirBnb, Booking.com, Vrbo and others have fast become the default tools that guests use to find short term accommodation.

What is it that guests look for?

Guests have a number of key things they’re looking for in a short term rental: 

Cost-effective booking

When traveling with family or extended family members, short-term rentals can be more cost-effective than booking multiple hotel rooms. Sharing the cost of a rental property can result in significant savings.

Convenience

A home away from home that offers guests many of the same comforts such as larger space, kitchen facilities, laundry, outside and entertainment spaces.
Accommodation that is conveniently located for the guest’s purposes whether they be tourists, business travellers or merely passing through the area.

Pet friendly

Some short-term rentals welcome pets, allowing you to bring your furry companions along on your trip.

Amenities

Some short-term rentals come with amenities like outdoor spaces, barbeque, etc. enhancing guests’ relaxation and enjoyment during your stay.

Residential neighbourhood

Staying in a residential neighbourhood gives you an authentic local experience. You can shop at local markets, dine at neighbourhood restaurants, and interact with residents more easily, immersing yourself in the local culture.

Laundry Facilities

Having access to a washer and dryer in your rental property can be convenient, especially for longer trips.

Flexibility

Accommodation that gives guests the freedom to have meals when they want, rather than on a schedule, check in and out when it’s convenient for them, has parking on site, and other conveniences.

A lucrative opportunity for property owners

For property owners, especially those with second homes, and for people considering investing in short stay properties, there is an excellent opportunity to develop a robust primary or secondary income stream, with a number of significant benefits and advantages.

Making your primary home, second home or investment property available for short term rental means you’ll enjoy:

Higher income potential than longer term rentals

Short term rentals are generally more expensive per day than long term rentals, meaning a higher income yield over a shorter period of time.

Control over earnings

With short term rentals you decide – oftentimes based on the standard of your fittings, furnishings, unique selling points and more – how much you can charge per day for your property. You can ‘upgrade’ your furniture, for example, to a really premium standard and charge accordingly.

Greater flexibility as a property owner or landlord

Short term rental gives you far greater control over when your property or properties are available. You may want to go on holiday and let your primary house, for example, but live there when not on holiday. Or you may want to block certain periods of the year for friends or family to stay.

Less complicated than long term rentals

Short term rentals give you the advantage of earning an income from your property without having to commit to a long term Assured Shorthold Tenancy agreement (AST), and let’s face it, less complicated paperwork is always easier!

Tax Advantages and Relief Schemes

HRMC considers Holiday Lets as a trade which means that there are special allowances and reliefs, including:

· Capital Allowances – If you are buying new beds, sofas, furniture, appliances etc, you can claim capital allowance. You can even have tax relief for upgrading the fixtures and fittings to higher standard, something you can’t claim with Buy To Let.

· Mortgage Interest Relief – Under present tax rules, you can claim 100% relief. This means that you pay less tax than you would under Buy to Let.

· Capital Gains Relief – When it comes to selling your property, HMRC will apply a capital gains tax. However, there are a number of reliefs that are available that you wouldn’t have from a Buy to Let property including Entrepreneurs Relief, Business Asset Disposal and Reliefs, Gift hold-over Relief, Inheritance Tax, Small Business Rate, and others.

Why set up as a Serviced Short Term Rental?

Setting up as a private landlord, especially in cities such as Cambridge which offer a great deal for business and tourist guests, is an excellent way to make extra income.

But managing your short term rentals can be stressful – there is much to consider from how best to present your property, creating the listing, marketing it effectively in a competitive industry, arranging for guest check in/check out, dealing with any issues that may arise during a guest’s stay, handling any maintenance, cleaning and linen laundry during changeovers, communications, payment and so forth.

As a premier Cambridge-based property management company, House of Luchini offers highly professional turnkey short term rental management services to private landlords and property owners.

From platform onboarding and marketing to guest management, professional cleaning, replenishing consumables, pricing and payment management and more, House of Luchini removes all the stress so that you can enjoy your rental income without the hassle of managing the day-to-day.

We use the most established online platforms to advertise all our properties including Airbnb, Booking.com, Vrbo & Homes & Villas by Marriot Bonvoy.

If you’re considering investing in a short-term rental property or have a second home, why not entrust us with its management?

Find out more about the full range of property and guest management services we offer . 

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