Are you looking to start a holiday let business? Now could certainly be the right time to buy a second property to let out to holidaymakers as a result of the boom in staycations over the last year or so. The pandemic forced people to holiday in the UK last year, and many found that this had plenty of benefits, so it seems that staycations are likely to be a major trend moving forward even once the pandemic has ended (especially when Brexit is thrown into the mix too). So, how can you go about finding success with a holiday let property?
Get Your Finances In Order
Buying a property to let out to holidaymakers sounds great, but it is certainly a decision that should not be made lightly as it will be a major financial commitment and one that could be difficult on top of your existing property. This is why you need to get your finances in order, including savings as much as possible for a deposit (and other fees) along with improving your credit score if necessary.
Speak To A Holiday Let Mortgage Broker
When you are in a position to buy, you then need to speak to a broker that specialises in holiday home mortgages. It is important to note that holiday let mortgages differ from your typical buy-to-let mortgage, so you need to speak with an expert that will be able to advise and help you to find the best possible mortgage for your holiday let property, based on your individual circumstances.
Location, Location, Location
As you might expect with a holiday let, location is incredibly important and will have a huge impact on your success. You could find a beautiful and spacious holiday home, but if it is not somewhere that people will go on holiday then you will never succeed. Obviously, coastal destinations are ideal, but you could also look into countryside properties too. Try to find emerging destinations as opposed to already popular places, as you’re likely to find more affordable properties in these areas and make more money. Places that look set to be popular for staycations currently include:
- Cornwall
- Scottish Highlands
- Devon
- The Lake District
Space
When it comes to the property itself, space is key. Keep in mind that people end up spending a lot of their time at the property on a staycation (especially with the unpredictable weather!), which is why you need to prioritize finding somewhere with space — you should also determine who your target market is as to how big the property should be.
Invest In Furnishing & Decor
Leading on from this, it is always worthwhile spending some time, money, and energy on furnishing and decorating your holiday let. Keep in mind that this is different from regular letting, so furnishing and decor will play a major role as this cannot be changed. You should make the property as stylish and welcoming as possible and try to find features that will give you a competitive edge, such as a garden with a BBQ, swimming pool, hot tub, and dishwasher. Making the property pet-friendly is also smart and will give you an edge over many of your competitors as many holiday lets are not pet-friendly, which will deter many.
Create A Strong Online Presence
You could have a beautiful property in an idyllic location, but if it is not easy to find online, then you will never succeed. This is why you need to create a strong online presence for your holiday let with high-quality details, including professional photographs, a video tour, and unique descriptions of the property and area. In such a competitive market, it might be worth using an experienced holiday letting agency that will be able to market your property and give you one less thing to worry about.
Make Improvements
It is important to view this as a business, which means that you should be making ongoing improvements to your holiday let to attract more customers. Be sure to seek and act on feedback from your guests, make sure that the property is always clean and in its best possible condition before guests arrive, and find ways to make it more appealing over time for continued success.
Hopefully, the advice in this post will help you to get started with your holiday let business and find some success. The staycation boom makes now a great time to invest in a holiday let property, but it is important to know how to succeed in what is now a competitive market.
