You may be wondering if it is worth buying a holiday home to rent out. Investing in a holiday home can be a great way to generate extra income and with the right approach, a holiday home can be a successful venture.
StayCotswold have been managing and letting out Cotswold holiday homes on behalf of our owners since 2009, right here in the heart of the Cotswolds. So there isn’t much we don’t know about what makes a successful holiday let in the Cotswolds.
We would always recommend holiday let owners work with a specialist local Agency. Not only does it cut out a lot of the work involved in managing a successful holiday let, but it also means you can hand over to the experts when it comes to marketing and the management of bookings. Take a look at our holiday home management services.
Choosing the Right Holiday Let Agent
Choosing the right agency can make all the difference when it comes to considering if it is worth buying a holiday home to rent out. You should look for an agency that has experience with holiday rentals in the exact area where your property is based and they should have an excellent track record of customer service. You should be able to find this out by looking at their website and seeing if they share both guest and owner reviews. We would also recommend you meet with your holiday letting agent – that way you can get a good feel for them and what it would be like working together. Find out more about why you should choose StayCotswold.
What Makes Profitable Holiday Homes?
Another way to look at whether or not it is worth buying a holiday home to rent out is to think about what makes a successful holiday let. Maybe you have previously stayed in a holiday home and that is why you are now thinking of investing in one. Think about what made it a memorable experience for you – was there anything in particular that stood out or a little added extra that made you feel truly welcome.
A successful holiday let is one where guests feel like they are staying somewhere even better than their own home. Guests today expect good quality king size beds, fully fitted kitchens with a dishwasher and coffee machine, Smart TVs and decent WiFi are also top of the list. When considering if it is worth buying a holiday home to rent out make sure you are able to spend a bit of money upfront ensuring it is fully kitted out to a high spec. Added extras such as a log burner and even a hot tub can make all the difference when it comes to making a holiday home profitable.
Holiday Property Location
Location is perhaps the most important factor when considering creating profitable holiday homes – and call us biassed but you can’t go far wrong when you choose the Cotswolds as your holiday home location. Once you’ve chosen the Cotswolds you then need to consider exactly where. Properties that are within or on the edge of a village always make a successful holiday let – being walking distance to a great pub or close to local attractions is always a good pull. Equally, properties that are more rural, with incredible views and walks on the doorstep are popular with guests looking to get away from it all.
Is a Holiday Home Worth Buying?
Whilst investing in a holiday home can be a smart financial decision, it is important to consider the costs involved. In addition to the initial purchase price of the property, there are ongoing expenses to consider, such as mortgage payments, property taxes, maintenance costs, letting agent fees and property insurance. All of these are key factors in your calculations for creating profitable holiday homes!
If you do decide a holiday home is worth buying you will want to ensure that you’re well-prepared. Before you start renting out your holiday home, a good holiday let agency should be able to advise on how much they think you can earn – take a look here to see our gross annual income estimates. When looking at how profitable a holiday home your letting agent should be able to advise on what they expect all of the costs associated with your home to be and therefore whether or not it is worth buying.
Are holiday homes worth buying?
In conclusion, investing in a holiday home can be a smart financial decision, but it’s important to consider the costs involved and do your research before making a purchase.
If you do decide to rent out your property, make sure that you’re well-prepared and work with a reliable letting agency to help you achieve success. By following these tips, we are sure you can create a successful holiday let that provides a memorable experience for guests and generates extra income for you.
