Holiday Home Rental Tips for Owners
Posted on 15. Feb, 2009 in Advice
More holiday home rental tips for owners of a holiday home :
- Prioritise getting the high-value weeks booked, and be prepared to do deals. In case you hadn’t noticed, there is a recession on, which means people will have less money to spend on holidays. You are also competing with a growing number of owners.
- Market your property to specific groups. “The romantic-breaks offer is a good year-round one for smaller properties,” says Sylvia Blomeley, senior property consultant at Toad Hall Cottages. “People want detached cottages somewhere pretty, where there are good walks or views.” An open fire will add to the appeal, as will a large hot tub if you can squeeze one in.
- Invest in contemporary furnishings: there is no shortage of discounts at stores right now. Choose wipe-down leather sofas or designs with removable covers, such as those at Ikea.
- Listen to the letting agents’ advice: if they tell you to put in a flatscreen television, then do so. In a tough market, such details can be all-important. The more expensive the property, the more holidaymakers will expect the latest high-tech equipment.
- Read up on tax law. Revenue & Customs treats holiday lets more favourably than ordinary buy-to-lets – and even allows you to offset any loss you make against your income as a whole. At the same time, you must follow certain rules: the property must be furnished, available for a minimum of 140 days and actually let out for at least 70 of them at a market rent (which means no mates’ rates). They can be let for longer-term occupation (more than 31 consecutive days), but not for more than 155 days a year. Confused? Go to www.hmrc.gov.uk and search for “holiday lettings”, or consult an accountant.
These holiday home rental tips I spotted at an article in The Times aimed at UK second home owners.
Sarah Wood
Jun 4th, 2009
Good tips! but after the April 2009 budget the tax laws for holiday cottage owners are changing in April 2010 so that holiday lets will not be more favourable than ordinary buy-to-lets and you will not be able to offset any loss against your other income.
I would also add on tips ‘be flexible’ – in this market if they only want to come for 5 days and its available – let them it might help you fill the weeks outside the very peak times – essential if you are going to make any money – the high season weeks should be easy to fill its the other weeks that make the difference!
Mike King
Sep 24th, 2009
Hi Rob
We discussed the new Costa Blanca tourist renting regulations in the section about the “Morairaway” scam and I mentioned that one advantage of the regulations would be to stop scams like this.
Anyhow, the regulations are here to stay and Costa Blanca holiday property owners will have to comply – the sooner the better!
It might be good to open a general discussion on this. I have written several articles if anyone is interested -
http://www.moraira-info.com/Articles/Renting-Regulations-Comply.htm
Mike