Whilst last winter may have been the first time many of us had to consider holiday rental properties to help with the work-home quandary, this year holiday rentals are becoming a regular fixture in our lives. In an age where we can only afford one screen saver, we’ve instead become a nation of property owners looking for ways to make extra money. And with the travel agency’s advertising whizzes back at their desks after the pandemic, sometimes it’s easier and more enjoyable to stay somewhere with a little character rather than on that same old address page.
Choose the right location
When you are looking for a holiday property, try to select one in an area where there is already a successful holiday rental market, rather than trying to set up your own in an untried location. If you do decide to take the plunge and buy off the beaten track, make sure that you have the support of local agencies like estate agents in Hove who can offer advice and promote your property on their books. When deciding on a location, consider how far it is from popular tourist attractions, as well as how close it is to all the necessities such as shops and restaurants, or even supermarkets. Local amenities such as pubs are also very important to holiday guests. Find out whether the area is well served with transport links and parking facilities, especially if you plan to buy a property within easy reach of a city or popular holiday destination. You will attract more bookings if your location offers plenty of interesting things to do and see, but if your guests have to spend hours driving around looking for parking spaces this will not encourage them to return.
Right kind of property
The type of holiday home you choose will depend on what you want to get out of it. If you’re looking to rent your property regularly, then your property must be suitable for the location and the needs of your holiday goers for it to be regularly booked. Guests will expect certain aspects to be catered for depending on the location. This winter, for example, homeowners will need to ensure that the property is suitably-prepared to keep guests warm, with adequate heating and insulation. If you’re looking for a break away from the hustle and bustle of city life, then you might want a more secluded location in the heart of nature’s best.
You don’t need to spend a fortune, just a few small changes can make a big difference to the appearance of your home. You should choose furniture that is both attractive and practical, as well as comfortable and hard-wearing. Items such as sofas and beds should be designed with holiday renters in mind, if you have children or pets then consider fabrics that are suitable for these situations. If you are looking to create a specific theme for your house then it might be worth investing in a designer. They will help you select colours, styles and furniture that fit together to create a complete look for your holiday home.
Market your property with a strategy
You should also consider what you will include in your property description and whether you need to hire an editor or proofreading service to check over it before you publish it.
Don’t forget that there are legal requirements that every holiday rental must meet. In the UK all holiday rentals must have at least one smoke alarm on each floor of the home, and there are certain fire safety precautions that should be taken too. Failure to comply with these regulations will mean that your property cannot be advertised online and may well lead to fines too, so make sure you get up-to-date advice on these issues before you list your property online.
Understand the rules and regulations
There are a number of things to consider before you decide to let your property for holiday lettings, the first being whether you will be able to make a profit. One of the biggest drawbacks of letting your property is that you may be liable for Capital Gains Tax when you sell it. In the UK, you must adhere to a series of rules to qualify as a ‘Furnished Holiday Let’. To count as a holiday let, it must be furnished and available for 210 days a year, and it must be let at least 105 days in a year.to qualify for ‘furnished holiday let’ tax status. Before you commit to letting your property out as a business, you should do some research into the area where your property is located to determine how much demand there will be during the different seasons. It is important to ensure that there is a regular stream of income coming in throughout the year if you plan on making money from your investment.
Holiday homes require maintenance and upkeep throughout the year, and this means spending money on repairs, cleaning and supplies occasionally.