Taking the leap into holiday letting can be daunting, but there are a number of things that prospective owners can do to make the process easier. As part of their annual Holiday Letting Outlook Report, Sykes Holiday Cottages surveyed holiday home owners across the UK to discover their top tips for those considering taking their first steps into holiday letting.
From taking your time to transform your holiday home to keeping a rainy-day fund for emergencies, Sykes has rounded up the top five pieces of advice from current owners to help new owners start their journey:
Establish a guest philosophy
Before you buy your holiday home, the first thing holiday home owners recommend is taking time to think about how you want your guests to feel during their stay.
A popular mantra amongst current holiday home owners is ‘treat your guests the way you’d want to be treated.’ Whether this means choosing a holiday home located near your actual home so you’re on hand to quickly solve any issues or putting together a welcome pack to be left to guests which is full of information on the area, there are a number of ways you can ensure your visitors have the best experience possible.
Through your holiday home, you’re helping guests create lifelong happy holiday memories, so try to keep this front of mind – particularly if the process ever gets stressful.
Think long term
Whether the holiday home you choose is a new build ready for personal touches, or a characterful cottage which needs updating, keep in mind that the next key tip among owners is to think long term when it comes to growing your investment.
While it can be tempting to make a lot of immediate changes to your holiday let, taking your time to explore which features will maximise your income can be much more beneficial. For example, adding a hot tub to your property can earn you up to 37% more and ensuring it is pet-friendly can earn you up to 31% more.
Have a rainy day fund
While owning a holiday let offers a good source of income due to the continued popularity of staycations and a fulfilling full time or part time job, emergency repairs can crop up at any time.
To ensure you can jump on any issues immediately, establish a rainy-day fund which is specifically for repairs, maintenance, or for off-peak season.
This can help to reduce financial stresses and give you confidence that you’re ready for anything that might get thrown your way.
Find your property’s USP
From a sprawling garden to original features or an outstanding interior, finding your property’s unique selling point can be a great place to start when it comes to marketing it.
Not only will a USP help it stand out from competitors based in the same region, but it can also be something to emphasise when it comes to decorating and photographing your holiday home, as any quirky features can help to maximise bookings.
Research your location
Our final tip from owners is to do your research when picking a location to invest in.
Looking up which UK regions offer the best rates of income can help ensure a smooth journey from investment to receiving your first profit and ensure your holiday home has longevity.
This year, Sykes revealed Cheshire as the best place in the UK to invest in a holiday let, with house prices averaging £256,500, and an average revenue potential of over £46,000 per year. The region also has a destination offering plan in place for the future, which will attract even more domestic visitors.
