by Sarah Birbeck
If you are thinking of buying a holiday home to let, now is the ideal time to invest. Our property expert, Janine Woods shares her knowledge in buying and letting holiday properties in the South West.
Buying a holiday home to let has become a more lucrative endeavor, with more people across Britain choosing to holiday in the UK. Our holiday homes in Cornwall, Devon and Somerset have benefitted from unprecedented levels of demand and are achieving fantastic booking levels.
Having a holiday home to let can be fun and highly rewarding, but it is important to do your homework. If you would like to know how much your investment will return, we can help. We have been successfully managing and marketing holiday homes for over 40 years. We have the knowledge and experience to help advise you on buying a holiday home as well as how to maximise the return on your investment.
Apart from your personal preference, when buying a holiday home to let it is important to choose a location that appeals to holiday makers. A prime tourist location will ensure a high volume of bookings and a good return on investment.
Generally, the best locations are coastal, preferably with a sea view, and within walking distance to a beach or coast path. Do not forget areas of natural beauty, Devon has plenty peaceful countryside and picturesque towns and villages across Dartmoor, Exmoor and beyond!
Close proximity to good amenities is one of the most influential factors in a guests’ choice of holiday home. Situated within easy reach, or better still, walking distance to a pub, restaurant, shops and visitor attractions will boost a holiday homes desirability and booking performance.
We let all types and styles of holiday homes, from character cottages and hyper-modern apartments to grand country piles, rustic barns and luxury pads. Ultimately, it all comes back to giving holiday makers what they want in a holiday home. We would like to share with you some of the ‘top money-earning holiday features’ chosen by our guests:
Holiday lets with some form of outdoor space. Whether that is a garden, patio, terrace or balcony, is a top priority for holiday makers!
If you are buying a property to renovate or make improvements, consider budgeting to finish it to a high specification. Our luxury homes have seen a 39% growth in demand.
If you are aiming to achieve good year round occupancy, a log burner is an excellent asset to attract winter bookings and will achieve 14% more income.
It is worth considering there are still areas in the Southwest that suffer from poor connectivity and slow speeds. Remember, good wifi is a must for today’s guest.
Consider an additional bathroom, a swimming pool or a hot tub to add value to your property. Properties with a hot tub generate 54% more income than other properties in the same region.
We have seen a growing awareness of the human impact of travel with 20% of guests wanting to book more sustainable holidays. If you are buying a renovation project, consider giving it some eco credentials.
For more tips on how to make your property more environmentally friendly, read our eco-friendly blog.
If you are buying a 4 or 5 bedroom property, you will attract groups and multi-generational families of all ages. Ensure you offer plenty of space for all guests to eat, sleep and relax comfortably. Also consider a good ratio of living space to bedrooms.
On the other hand, if you are buying a one or two bedroom holiday home, your guests will include couples, small families and friends.
For many guests, a holiday home is the perfect place for special occasions such as a romantic getaway, birthday, anniversary or honeymoon. They are willing to pay a premium and expect the price to reflect the quality. A good investment in interior design and fixtures and fittings will go a long way. Holiday homes with modern or period features get noticed. Some good features to include are architectural, smart home technology, indoor/outdoor living, entertainment, gourmet amenities and spa inspired bathrooms.
Perhaps your holiday home and the area are well suited to dog owners. Pet-friendly properties earn 11% more income.
It is a good idea to speak with us to establish the potential rental income for your investment. If you require financing to buy your holiday home, you will face increasingly stringent affordability criteria from mortgage lenders. They often require a letter from a reputable holiday letting agent. This is to confirm the anticipated gross weekly rental for the low, mid and high seasons. We are a recognised source for lenders and can provide a letter including an annual projected income to support your mortgage application.
As with all investments, buying a holiday home to let comes with some risk. Our property team is ready to help you avoid the pitfalls and assist you though every aspect of buying and letting.
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