Advice On Renting Out Your Holiday Home
PreviousNext
Advice On Renting Out Your Holiday Home
Thinking of buying a holiday home with the intention of renting it out? There are a number of considerations to take into account if you’re considering letting an overseas property.
Who is your property for?
Decide if the property is primarily for lettings or for your own personal use. Do you need it to pay for itself? If holiday lets are your top priority, then you’ll likely have to cancel visits in the peak season, when you will have the most demand and can charge the highest rates.
Many people need easy access to amenities and facilities whilst on holiday, and if they don’t need to hire a car then that’s even better. What do people visit your chosen location for? Whatever it is make sure your location is within easy reach. It will need to be fairly close to the airport, some shops and restaurants to maximise its letting potential.
Don’t forget the extras!
A swimming pool is vital for rentals in some locations. Whatever facilities your property has, you need to promote its unique selling point. Even if you are in a complex where every property is identical you can still offer services and facilities that other landlords don’t – think laterally.
A welcome hamper is a nice touch, or a bottle of wine. Kids’ toys or books and DVDs in the property, Satellite TV too, or you could even negotiate discounts from local businesses for your guests. Stylish, high-quality furnishings can also attract people – so, can holiday homes insurance and other practical packages.
Always consider your finances
Don’t be caught out by hidden costs associated with letting. The obvious ones are agents’ fees, which can amount to 20% of your income. Some include a host of services such as key holding, maintenance, cleaning, and marketing. If you choose not to use a letting agent then you’ll either need to organise all these services yourself or find a friend or neighbor to help.
Income tax is something many people ‘forget’ about, but you do need to pay it if you receive income in that country/currency. How much will depend on where you are and how much you earn – many owners also forget about utility bills and council tax equivalents. Whilst council tax tends to be cheaper in Europe than in Britain, other services may be more expensive. Water shortages can mean higher costs in some areas. Air conditioning uses huge amounts of electricity so remember to allow for this when setting your rates.
This blog post is a guest post sponsored by holiday home insurance provider Towergate Insurance, and was contributed by Charlotte Walker.
By editor|May 6th, 2022|Categories: Foreign Property, Guest Bloggers|Tags: advice, holiday, home, out, renting, Towergate Insurance|5 Comments
Categories
Select Category Architecture Blogs Banking Problems Solved Be2camp East Event Buy To Let Property Design & Decor ECO Issues Economy News Estate & Lettings Agents Ethical Property Investing Finance, Mortgages & Funding Foreign Property Garden Blogs Guest Bloggers Health & Safety Issues Investing & investments Mentor Moments Money & Tax Personal Announcements Politics Of Property Property Development Property Networking Property Related Posts Restoring Property Social Media In Property special posts UK Property Market Comment Video Blogs
Featured Posts
-
Should You Opt Out Of Your Public Sector Pension?
-
Why Tax Is About Knowledge Not Morals
-
FSA, LIBOR And Interest Rate Swap Loans
-
Facts Behind Property Valuation Data
Blogroll
- https://www.conveyancingfees.org.uk. Low cost conveyancing compare over 25 solicitors today
- Landlord Law Legal landlord and tenant expert Tessa Shepperson’s site teaching both tenants and landlords their legal rights and obligations.
Banking Debt Problems
- Copyright © MyPropertyMentor.co.uk 2025 All rights reserved
X
Username
Password
Remember me
Join Us
Password Reset Please enter your e-mail address. You will receive a new password via e-mail.
Email:
I think your opening comments about ‘Who is the property for?’ are really important. Like any business, it’s necessary to be focussed on just who your customer is. Well worth the time of thinking through what categories of user might book your property: discoverers (looking for new and educational experiences), cosmopolitans (looking for new challenges, globetrotters), functionals (traditional values but interested in new experiences) or traditionals (value individual attention and service).
Yes,an important part of any property investment is the ‘market’ you are aiming for, regardless of what type of investment it is.
Thanks for commenting.
Also well worth thinking about locations which are not reliant on tourism. Investing in cities or areas which also host conferences or sporting events can add to you rental market. Also think about how people are getting there, is the local airport a major destination from a wide variety of places or is there one budget flight a week!
Yes of course, all valid points if you rent out any form of holiday home, where ever it may be
Would love to have a family holiday.I enjoy your site. My thanks for posting this.It’s a unique share.