Its important to know that renting your property out will at least break-even or better provide you with a profit.
If you do this calculation it will help you establish your break-even point.
If your monthly mortgage payment is less than or equal to
1 peak-week rental rate and you rent approximately 17 weeks
a year, your property should come close to breaking even. Most holiday rental markets average 12 peak weeks. Other costs (e.g. gas & electric bills or taxes) are paid by earnings from approximately 5 weeks of off-peak rentals.
EXAMPLE: If you own a property with a monthly mortgage of £1000 and rent your home for £1000 per week in peak season, you’d only need to rent 12 weeks to break even on your mortgage payments.
Its important to have all the figures to hand and we can advise you on the costs of things like;
Changeover / Cleaning
Annual PAT (Portable Appliance Tests)
Gas Safety Certs