With the number of Brits enjoying a staycation this summer expected to be almost a quarter (23.8%) higher than in 2016, with many citing the poor exchange rate as their reason for staying on home soil, it’s never been more important for owners of UK holiday homes to ensure their property is in prime condition.
Failing to do so could prove an expensive mistake, with holiday rentals far outperforming the buy-to-let market by producing an average annual rental income of between £12,000 and £15,000. While owners of larger properties can expect to yield more than £30,000 a year gross income.
So how can you ensure you’re getting it right?
+ The devil remains in the detail. We all know holidaymakers hate lugging round lots of luggage, so save them space and ensure you’ve got the essentials they expect from a holiday rental. Hairdryers are a small investment that will go a long way in raising your guests’opinions of your property.
+ Stay connected. No matter where your property is located, Wi-Fi is expected. Lots of potential guests will include Wi-Fi when refining their online search, meaning your property will be invisible to thousands of potential tenants without it. Staying connected might make the difference between letting your property or not.
+ Be flexible. With almost four million of us now regularly working more than 48 hours per week, it’s often difficult for tenants to reach your property within what might be considered ‘normal hours’. Offering flexible check-in will make your property far more attractive to prospective tenants. What’s more, by investing in a key safe, you can offer round the clock check in for all.
+ Keep up appearances. Employing a cleaner to go into your property in-between tenants might seem like a failsafe step to ensuring your property is up to scratch however how can you really guarantee you’re maintaining standards without visiting the property yourself? Taking time to go in and check everything will pay dividends in the long run.
+ Be selective. We’ve all seen the horror stories of rental properties being trashed by tenants who think they can turn them into nightclubs for the weekend. Make sure you’re vetting your tenants properly before agreeing to let your property. Spending time checking reviews and a potential client’s rental history, will pay dividends when you come to hand over the keys.
With the financial benefits of a holiday rental property in the UK evident for all to see, and the market swinging towards staycations, there is a golden opportunity for landlords to generate a significant return on their investment this summer.
Success however will be dependent on how youmanage and maintain your property. So, don’t let this chance pass you by and follow Currys PC World Business’ top five steps to a fruitful summer.
Simon Moyle is the head of business solutions at Dixons Carphone.