If you’re thinking of buying and letting a holiday property it’s important you do plenty of research. The first thing you need to consider is exactly where it is going to be. After all, you’re going to want to spend a lot of time there and it needs to appeal to holidaymakers in order to make a decent profit.
When it comes to buying your chosen property, it is certainly worth looking into the possibility of a holiday let mortgage rather than the one you might have on your home. A lot of high street banks opt against this type of offering as they cannot see proof of income at this stage, but there are banks that will definitely offer them if you shop around.
Rosemary and Ian Alexander rented out their cottage in the Cotswolds five years ago, and Mrs Alexander said in a recent Guardian article that "I was a bit concerned about whether rental income would cover the mortgage, but that’s never been a problem." They have since invested in two further holiday properties in the Cotswolds and are bringing in around £40,000-£45,000 every year.
I was concerned that rental income wouldn’t cover the mortgage, but it’s never been a problem
Having bought your holiday home, it’s time to start thinking about how you’re going to rent it out. Here at cottages.com we've been helping new homeowners get started for over 30 years. We have expert regional managers around the UK who can offer expert support and advice about the holiday letting market in your area. We'll also provide a free annual tourist board grading, which is something all holidaymakers like to see.
One of our owners, Mrs Stewart said "Our regional manager was on hand to offer advice and insights on how to make Snookie’s Cottage stand out to holidaymakers and we received 19 bookings in the first few months!"
We had 19 bookings in the first few months!
Here are a few secrets we can reveal that will help you to maximise the letting potential of your property:
The right location can make all the difference. All of our regional managers are letting experts within the areas they operate, and can help you make the most profit by advising on the best places to buy.
By making your property pet friendly you can attract a much wider audience. In fact, pet friendly properties sell on average +2.5 more booking weeks than those that don't accept them.
First-time visitors to the region might not know what to do or where to go when they get there. Providing maps, tourist guides and things to do on rainy days can help them to settle in and pick activities.
By employing professional cleaners you can ensure that your property is clean and welcoming, even if you live hundreds of miles away.
According to a study released on thisismoney.co.uk, Cornwall is the UK’s holiday home hotspot with 6.2 per cent of all properties in the region rented out to holidaymakers, and 20 per cent more bookings year on year.
As your holiday home is a key source of income, make sure that when you want to go away with your own family you are not doing so in peak holiday season.
Think about tax, insurance and health & safety right from the start. Whilst not the most exciting part of being a cottage owner, it's really important to get it right. Our regional managers are always on hand to help and we have links with respected industry specialists in all of these fields.
Choose the right places to promote your property outside of the area it is in to ensure maximum bookings. Cottages.com will promote your property on over 500 other websites and many owners achieve over 40 bookings every year.