Tips for renting out your holiday home
If you are the proud owner of a holiday home, then you should consider renting it out as there are many benefits in doing so. Here are some top tips to get you started if you have never renting out a property before:
Choose carefully
If you have not yet chosen a holiday property to purchase, then make sure you understand your product and your customer before jumping in. Unless you have considerable experience, it’s best to choose a property in a popular location that you enjoy visiting too. You’ll have a better grasp of whether the rent you charge is a fair price and you’ll enjoy the use of it when it’s not occupied.
The best mortgage
To let out a holiday home, you’ll need a normal mortgage. It won’t be a buy-to-let or second residence mortgage as these prevent you from letting the property out as a holiday home. Contact a financial advisor to find the best mortgage for your needs.
Inform the taxman
Tax could be due from the income you make from renting out a holiday home, so you’ll need to tell HMRC when you plan to go ahead. Any income over £2500 made from rent will need to be declared. If it’s less, you should still inform the Self-Assessment Helpline.
Allowances
Your accountant can help you identify any allowances you are entitled to. A holiday let is classed as a trade as opposed to an investment, so you should be able to claim tax relief or different allowances.
Your advantage
If you use the home yourself, then you already have one over on a holiday firm as you know the area, the best places to visit and other holiday hacks. You can store personal possessions in a locked location and leave useful hints and tips for holidaymakers. This personal touch will make guests feel more at home and valued, hopefully leading to re-bookings and recommendations. For Static Caravans Gloucestershire, visit http://swallowlakes.co.uk/
Be sure to stay there annually
Having someone spot-check is useful but won’t produce much. It’s impossible to spot if the boiler needs re-pressuring or the neighbours are causing issues. You should aim to stay at your holiday home at least once a year for a few days to a week. There are things that can only be picked up on from spending some time in a property. It’s a great excuse for a break too!
Don’t forget technology
While a holiday home is meant to provide a break from the hectic schedules of urban living, most guests will still want to be able their internet, social media and emails while they’re away. Free wi-fi is a real selling point in this digital age, so you should seriously consider it.
