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Welcome to yours2share's April 2009 newsletter.
Five top tips on renting a second home Owners of second homes love fractional rental because they have a small number of like-minded tenants using their property repeatedly throughout the year as a second home, rather than a stream of unknown holiday lets. People looking to buy a second home find renting one fractionally attractive because there is no commitment, less responsibility and lower cost. The exact rental timetable is whatever the sharers want. This could be every fourth week, every sixth weekend, for twelve agreed weeks a year, holiday periods, non-holiday periods or any other time plan that suits both parties. Fundamentally, fractional rental is the same as holiday letting, but with many separate periods booked at one time. 1 Who is allowed to use the property Make sure this is defined. For example, if you are letting a three bed cottage to a man and wife with three grown up children, it could be that:
For example, you could have a kitchen cupboard(s) for each sharer, but also a cupboard for shared items, replenished whenever anyone empties the packet etc. The same can apply to drawers, cupboards and wardrobes, so that all the sharers can leave toiletries, boots, coats, thick jumpers and a change of clothing there permanently 3 Handover One of the advantages of fractional renting is that changeover dates can be flexible unlike holiday lets. If the cottage is primarily for use at weekends, a changeover on Wednesdays may work well, or it may be variable. 4 Switching Usually the property is cleaned between sharers and this can include some simple housekeeping to ensure that the sharer's own duvet cover is put on, and that their toiletries are placed in the bathroom and removed at the end of their stay. Having your own possessions in place when you arrive is what makes it really a second home. 5 Payments There are many ways of arranging payment, but a year long contract with a 20-50% deposit followed by quarterly or monthly payments in advance is common. Spend time getting to know each other well, discussing exactly how the arrangement will work in detail. Several meetings are advisable. Follow up references as appropriate. Agree a contract which covers all these points and anything else that is relevant. We have fractional rental template contracts available here so that you can put together a draft contract yourself, but get it checked by an independent professional legal advisor. yours2share: blogging and social networks Keep up-to-date on sharing and private fractional syndicates on my blog. Recent topics include:
And finally, here are a few of yours2share's recent ads that I really like. Selected ads are entirely my choice and I favour interesting ads which have good quality photos. |
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