There is a wealth of information regarding the practical side of running a holiday let covering topics including setting rents, handovers and tax implications. This article aims to provide you with best advice and honest guidance on what to consider when purchasing a holiday let and how best to maximise your returns
All importantly, your first consideration should be location. Think about your own self-catering holidays. Often, your primary consideration is location. It’s vital to choose an area that appeals to holidaymakers. It may be a townhouse in an historic market town, a charming cottage in a medieval village or a peaceful rural retreat in the countryside. In many cases properties with a view can command a premium.
It is equally important to choose something distinctive within its area. If the area is awash with similar holiday lets, the increased competition could negatively affect the rent you can achieve and make it more challenging to secure bookings.
Choose properties with a good selection of attractions and beautiful areas close by. Consider how easy the property is to get to, both by road and public transport. Nearby pubs and restaurants are essential. As this will be a self-catering property, close by shops and supermarket delivery options are crucial.
Be aware that in some cases, high tourism areas can have particular restrictions on using properties for holiday lets.
Amenities and essentials
Holidaymakers want a property that brings them every creature comfort from home with added luxury touches. This is their holiday – it needs to be better than staying at home!
Think about what is available in the property at the point of sale and what will need adding via renovation (and whether this is possible). Things you ‘make do’ with in your own property often aren’t appropriate in a holiday let.
Think about potential hazards and how this will affect the customers you can attract (e.g. spiral stairs and young children don’t mix!). The property will need to meet health and safety standards so consider how easy any necessary adaptations will be.
There should be a complete spectrum of modern amenities. Ensure that fast internet is available and things like heating and hot water are reliably top-notch. In addition, you’ll need to add good quality appliances before considering high-level comfortable furnishings with attractive widely-appealing décor.
Outside the property, think carefully about what will appeal to guests. Typically, people on holiday want a private and attractive outdoor space. Therefore, the outdoor area should be well-appointed and enable the all-important holiday opportunities of drinks alfresco and BBQs.
Guests choose their holiday let based on a few photographs. They won’t even get to reading the marketing description if something doesn’t stand out from your photos over countless others. They need to be able to imagine themselves blissfully enjoying their hard-earned time off in this special place. As such, think about how attractive and unique the property is. What features stand out and are begging to be showcased on Instagram?!
Get the right help buying a holiday let
Buying a holiday let requires a different approach from purchasing a private home or a standard rental. We’re here to help you make the right choice when buying a holiday let in East Anglia. Get in touch here.