How to create a holiday let that tourists will love.
Holiday lets are an excellent option if you're looking for a high return on investment.
Rothmore Property notes that short-term rentals continue to surge in the UK, so you're bound to see increasing long-term income.
Today, Brick Slip Facades outlines how to do just that...
Choose a Viable Location
Location is the most crucial factor when choosing a holiday rental. Of course, to get the best return, you need to find the right property and optimise it for renting. Prospective renters look for holiday spots first and accommodations second, so find a city with a high influx of tourists. As you narrow down neighbourhoods, keep the following elements in mind:
Crime rate
Proximity to transportation
Proximity to tourist attractions
Research the Market
The real estate market is fast-moving in holiday areas, so do your research beforehand. Affordability is a huge factor, as you'll need to pay property taxes and maintenance costs.
Get Funding
Purchasing a rental property requires significant cash, so you'll likely need a loan. Fortunately, there are plenty of lending options:
Hard money loans
Home equity loans
Home equity lines of credit
Federal Housing Administration loans
Make Upgrades
Upgrades and amenities will make your holiday home stand out, so make renovations that offer convenience and new experiences:
Well-manicured lawns
Outdoor hangout areas
In-door laundry facilities
Modernised bathrooms
Updated kitchen appliances
If you're unsure how to match new features with the current decor, an interior designer can help.
Hire a Contractor
While it's possible to handle minor renovations yourself, a contractor will be more experienced with building codes and solving unexpected issues. The process will also be much quicker since contractors generally have a team of professionals. To find the right contractor for the job, shop around first, read client reviews and verify companies' licensing.
Consider a Property Manager
Managing the day-to-day details of a holiday rental can quickly become overwhelming, especially if you have several properties. Instead of doing everything yourself, you can hire a property manager as the point of contact between you and tenants.
Get the Right Insurance
Even if you vet potential renters, you're letting to strangers who stay in a valuable asset. Things are bound to happen eventually, through accident or negligence. Rentals United explains that having holiday rental insurance keeps you from paying out of pocket if holidayers damage your property.
Advertise Your Property
To bring people to your holiday rental, you need to get the word out. Landlord Studio points out that one of the best ways to advertise your new property is by posting on social media. Be sure to start with a strong content marketing strategy so that you know that where and how you are posting will yield higher results. You can reach a broad audience and showcase your home's many perks with photos and videos. You can even share glowing recommendations from past residents.
Try Your Hand at holiday Rental Ownership
Holiday rentals are a dependable source of income, and their value is expected to grow. But purchasing one is only half the battle. However, with the right location and remodelling, you can offer a lovely place for others to get away while making a pretty penny for yourself.
Whether you are looking to spruce up your fireplace or give the outside of your property a facelift, Brick Slip Facades are the people to call. Contact us today to learn more! +44 07411 653365
Kindly commissioned by
Charlotte Meier