Subletting Your Property
Making Money Whilst You Are Away
There are two main types of subletting:
- Subletting the whole of your property whilst you are away
- Subletting part of your property whilst you are still living there
This page discusses (1): subletting the whole of your property whilst you are away. See our page on live-in sublet for discussion of (2).
If you are looking for somewhere to live, but need to have flexible arrangements, subletting may be something to consider for the future.
Subletting is an arrangement where a tenant moves out of a property and allows someone else to use it for a limited period of time. You may need to consult the lease and/or landlord to determine whether you are allowed to do this. Better still, when you are looking for rental properties, choose one that allows you to sublet.
Main Advantages
Subletting can be useful when you have a property that you are renting, but have to move go away for a period of time (or even permanently). You can then sublet the property to someone else for the period you are away, or from when you move out until the end of the lease.
Subletting can be useful when your living arrangements need to be flexible and you want to minimise your expenses, or when you have to move away but still have a long lease to maintain.
Case study
John is an architectural consultant who lives in the city, but spends long periods abroad advising construction firms on large building projects.
When John is abroad, he contacts an agency who sublet his apartment. Short term lets generate a lot of income, which makes living in the city relatively cheap for him. This has enabled him to buy a property in the country, which he uses at weekends and for short breaks, or he allows close family to use it when they want a holiday.
Main Disadvantages
Subletting requires careful planning and management as there are several potential pitfalls, such as:
- subtenants causing damage
- failure to pay
- running up big utility bills
- stolen items
- etc..
However, there are agencies that will manage the process of subletting for you.
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