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.