For those looking to take the leap into holiday letting, finding the right property is not only the first step, but also arguably the most important.
From thinking about the type of guest you’d like to accommodate, to exploring different locations and the varying budgets or regulations to contend with, there are a variety of different factors to consider.
To help prospective investors, Bev Dumbleton, Chief Operating Officer at Sykes Holiday Cottages, has shared her top five things to consider before making the investment.
Match your property to the guests you want to attract
To help narrow down your search, start by thinking about the type of guests you’d like to host at your holiday let, as the property size, layout and location will all be influenced by this.
From a cosy master bedroom for couples to a big dining room to accommodate large groups or nearby attractions for families, ensuring your holiday home fits the criteria for your future guests is key.
Choose a tourist friendly location
The UK is full of incredible destinations, but picking a location with a wide range of attractions and good transport links for tourists will consequently boost your income when your holiday let opens to holidaymakers.
Staycation honeypots are usually a safe option, including the Cotswolds and Lake District, but lesser-known gems like Berkshire and the Worcestershire are also well worth looking into and can offer lower house prices too.
Consider features that will boost income
Features like log burners and open plan layouts always go down well with guests, as well as if there is space for dining al fresco during the warmer months or if a property is pet friendly.
In our annual Holiday Letting Outlook Report, we also found luxury amenities continue to draw in bookings, with hot tubs helping owners earn up to 37% more.
Be mindful of your budget
Finding a fixer-upper property to invest in is always incredibly exciting, but there can be a lot of additional costs and delays that come with taking this approach.
When viewing different properties, consider taking a local builder or architect along with you so you can understand all the potential costs and timelines from the outset.
Consider the regulations surrounding holiday lets
In recent months, there has been talk of further rules and regulations for holiday lets, so knowing which apply to you as a holiday homeowner is important.
From making your holiday home available to let for at least 252 days and actually rented out for at least 182 days each year in Wales to be exempt from council tax, to having a licence for a holiday let in Scotland, doing some research into what you’ll have to factor into your plans can prevent any surprises later down the line.
* Bev Dumbleton is Chief Operating Officer at Sykes Holiday Cottages *
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