Holiday Lets in your Portfolio?
The holiday let business in London and in the UK has gone through a recent boom which saw lucrative returns being seen on the market. Being an island, the UK has no issue in providing incredible opportunities to invest in seafront property and arguably even more stunning scenery inland.
Renting out holiday lets does have some differences from renting out the usual property…
But let’s start off with the basics, what actually is a holiday let?
A property that is used for holiday stays including the likes of corporate travel and other such temporary accommodation.
Typical rental periods tend to range from a few days to a couple of weeks with the properties usually boasting high-spec finishes and attractive views. But not always, with the rising number of festivals and activities popping up around you’ll be sure to find accommodation nearby, providing festival goers with a safe sanctuary after a full-on day of musical entertainment.
Here is a list of things to keep in mind
- Location, Location, Location – tourist attractions, Areas of Outstanding Natural Beauty all help when it comes to putting your property on the map and driving bookings to your calendar.
- Design – Make sure you invest in the property as a good-looking property not only is enjoyable to stay in but will market itself.
- Welcome Pack Ready – a holiday let should feel like a holiday experience and thoughtful touches can make all the difference. Plenty of towels, nice soaps, coffee and tea stocked and even a bottle of wine can make win you a repeat client and more so off the recommendations that will come as a result.
- Repairs – Don’t ignore the small wear and tear – ensuring high quality throughout with high standards will reap its rewards.
- Regulation – As ever, making sure you meet any planning permission, covenants and being fully aware of leasehold rules will go a long way to making sure you don’t get any uncomfortable surprises once you have decided to go down the holiday let route.
- Mortgages – Not all mortgage lenders are comfortable with a property being used as a holiday let, make sure you have done the due diligence or even better, seek professional guidance and advice from a suitably qualified financial professional.
- Health & Safety – is an area you cannot gloss over, make sure the property is in the best and safest condition possible.
- Advertising – With all the work and design gone into making the property look good, make sure you get professional photos and build your following using holiday let websites and the power of social media to promote your holiday let and drive the bookings into your calendar.
- Attract the right guests – don’t want a stag do’s and hen parties? Make sure you set out a clear agenda on what the holiday let can do and guide potential guests to understand if this is a suitable place for their intended stay.
If you can work to focus on each point in the list you will certainly be well on your way to building a successful holiday let offering and business, which with the power of reviews and continued upkeep will certainly be an enjoyable way to have income coming in!
Happy Holiday Letting from Lofti!