It’s thrilling to purchase a second home – a house away from home with a fresh perspective and country living immersion awaits anybody who takes the risk. Second homes may be costly to maintain, therefore many property owners looking to let their properties out as holiday rentals in-between their family vacations and breaks.
StayCotswold state that the UK’s staycation tourism growing overall by 4.5% each year on average, and recent predictions predicting demand will rise by 6-7% per year until 2025*, it’s easy to see why more and more homeowners are considering a second home as a profitable investment alternative.
Searching and buying a holiday home
The location, as the saying goes, is critical! Imagine stunning stone cottages that may be pricey; therefore, think about something less attractive on the outside but which has an excellent position and impresses on the inside.
Consider how guests who are looking for weekend getaways will travel to your property. You can also never go wrong if you’re within a mile of a fantastic country pub. Remember, many individuals live in towns and cities, so when they want to book a staycation, they look for the rural experience.
If you discover the ideal cottage in the perfect location, the next thing to consider is its size. The basic guideline is that the more people you can accommodate (comfortably), the more money you will make. So, look for a house that has lots of room and if you can afford a three-bedroom rather than a two-bedroom. Getting a timeshare is also a very viable option if this is what you’re looking for. However, if you default on a timeshare, you might have trouble getting out of it.
Diversification
With more and more farmers diversifying into vacation rentals, the practice is becoming increasingly feasible. With the level of returns people are seeing, it’s becoming a lot easier to diversify from farming and other rural businesses into running holiday lets. The first thing to think about is: which market do you want to attract?
Another alternative is to turn the entire facility into one large home to attract visitors seeking to celebrate an event or birthday. There are fewer big houses on the market, making them more desirable and easier to fill.
Once you’ve determined where to sell your property, contact a letting agency. Any independent and experienced holiday letting firm will have someone on staff who can visit your site to determine whether you have the ideal layout and design for making the most of your vacation rental for years to come.
A unique experience
When designing an interior, keep in mind that guests book a holiday cottage from the pictures on a website. Make sure you consider how it will appear and whether or not the style and finish are appealing to as many people as possible while working on your house’s interiors. Make your home seem as unique and opulent as possible while sticking to your budget
Other things to consider:
Create a welcome guide for your home and neighbourhood. Guests like to be able to quickly plan their days, and you will benefit your local companies. We make full welcome guides with guidebooks, links to experiences in the Cotswolds, and walking tours that all contribute to booking conversion at Bolthole Retreats.
Pets are the most popular trend in the world, and this popularity has accelerated considerably in recent years. Since March 2020, the number of dogs in the UK has risen from 10 million to 13.5 million. Your home’s accessibility to dogs will make it more appealing if you make certain it is dog friendly.
If you have the room and cash, consider putting a hot tub in your home. Properties with hot tubs sell twice as fast as comparable homes without one, according to our research.
Letting agency versus going at it alone
Most new holiday homeowners will consider both options, thanks to the growth of online travel agencies like Airbnb and VRBO that provide a third option for marketing.
When deciding how to sell your house, the most important thing to think about is how much personal time you have available to answer inquiries, take reservations, handle difficulties when they arise, and ensure that you are legally renting your property according to holiday letting regulations and laws.
If you want to sell your property for a profit, there are numerous things to consider. A professional holiday letting agency will take care of all of the above for you, and it will have your house professionally photographed and described so that it may show its best in the market.
When you have a full-service cleaning agency with skilled cleaners, they will charge you an hourly fee or a flat rate. You may expect to pay between $60 and $100 for each hour of service depending on the cost per room. They will usually demand a commission of 12.5% to 21%, but they can provide you with a more
If you pick an online travel agency, you’ll need to take your own photographs, produce your own material, and handle your guests. You’ll usually pay a commission of 3%-15%.
Running the property
Remember to schedule your own holiday dates once your home is ready to receive visitors! You don’t want to have to postpone someone else’s vacation because of your own.
Budget 5% of your annual property income to invest in the house so that it remains in excellent shape. To preserve the property in its finest possible condition, many holiday homeowners block out dates.
Consideration should be given to whether your rental property qualifies for business rates or council tax. Speak with a competent accountant on how to offset taxes if you have a holiday home (AST) rather than a long-term rental.
Final steps
Looking for a holiday home letting agency that specialises in Cotswolds properties, that can maximise your revenue and provide unrivalled local knowledge? Someone who goes the extra mile to ensure a first-class experience for owners and guests alike. Then StayCotswold could be the right solution for you.
