Looking to rent out your holiday home? Then there are a few considerations you need to bear in mind.
- Know your market
Ensure you know your likely tenant
well. If you own property in a location with a high proportion of holiday homes, you’re likely to be familiar with the demographics of the regular holiday makers in the area. If not, then do your research. Once you know your market, you can tailor the property to meet their needs.
If your holiday home is in a rural location that attracts lots of walkers, then ensure you have adequate heating, hot water and good laundry facilities, so when people come back from a day out in the fells, they have all they need to hand. Alternatively, if your likely tenants are families, then ensure you have a safe outside space for the children to play in, a kitchen well equipped to cook a family meal and some additional foldaway beds for example.
However, if your tenants are more likely to be well-heeled couples, then you might want to think about finishing the property to a higher specification with a few more luxuries on tap. If you are yet to buy a property and you’re looking for a holiday home at the luxury end of the market for renting in Monaco
for example, then look to engage the services of a specialist estate agent
- Marketing your property
Consider how you’ll market your property. If you do know your market well, then you can market the property directly to them. You may find a local company or publication that specifically markets properties in your location. Alternatively, there may be clubs, associations or websites you could market the property through.
- Practical considerations
Give thought to the practical considerations inherent in renting out a holiday home. You’ll want to make arrangements for cleaning, maintenance, key collection and the like. If your holiday home is a long way from your permanent residence, then you’ll probably need the help of a local to ensure everything is shipshape and in place in time for each guest. You’ll need someone who can be onsite quickly if something goes wrong. Alternatively, you may find a local company who’ll manage the letting for you.
- Paperwork in place
Before letting out your holiday home ensure you have all of the relevant paperwork in place, such as the right insurance. You’ll need to confirm your property is covered when it’s empty, when holiday makers are in residence and when you’re staying there too. There’ll be lots of other paperwork to sort out too. Remember for instance that you’ll need to declare the income for tax purposes.
- Comply with legislation
When looking to hire out your holiday home; ensure you comply with all relevant laws, legislation and standards. You’ll need to have your gas, and electrical appliances tested regularly for example. Smoke and carbon monoxide alarms are also a must, and you’ll need the right fire extinguisher and a fire blanket in the property too. So, ensure you meet your responsibilities as a landlord
So there you have five factors to consider when renting out your holiday home. We hope you’ll soon have a steady stream of holiday makers coming through the door.