If you have decided to take the plunge to buy a property to let, finding a long-term tenant isn't the only option open to you.
Depending on whereabouts in the UK you live, you could rent your property out to holiday makers. If you don't live in a tourist area, consider buying a property to let somewhere else.
There are pros and cons of doing this. On one hand you (or someone you employ) will have to clean the property two or three times a week. And you will be required to keep it in an extremely high state of repair at all times.
But the biggest benefit of having property to let in this way is the money you can make. Again, depending on the location of your UK property, you can rent your house for much more on a weekly basis than you would get if you had a long-term tenant. If you live in an area that attracts a lot of tourists, it would make sense to look at this.
Here are some tips to get the best return on your investment.
You will be promoting your property to let consistently throughout the year, so need to work a little differently and appeal to a different kind of audience.
Unlike when you are dealing with long-term tenants, people will not be trying to decide if they will be happy living in your house. Instead they will be looking to see if it suits the kind of holiday they want to have, and if they can have a good time there.
First off you need to ensure that you correctly furnish your property to let to suit the kind of holiday makers you want to attract. It should always be clean and simple, but with everything they will need.
For example if you are targeting family holidays, you will need to provide an iron and maybe even a washing machine.
Have lockable areas if you need to store your own private possessions. And consider adding luxury items such as an open fireplace or hot tub. These can be a big capital investment up front, but will help to ensure your property to let stays busy all year round (and can attract higher prices too).
Next up you need to ensure you advertise the property well. Consider using a letting agent who will take responsibility for filling your property. Alternatively there are numerous websites you can register your property on, which attract a lot of traffic. You could even build your own website; the perfect way to get across lots of details about your holiday home.
Whatever you do ensure you respond quickly to inquiries when they arrive. People may contact several properties to check availability - the quickest to respond may get the bookings. Give a phone number as well as email for inquiries. In an ideal world you'd publish your home's available dates online and keep that fully up-to-date. This will help to ensure you only get genuine inquiries.
With your property to let it makes sense to be as flexible as you can. Give guests the opportunity to change the length of their stay or come out of season. The more flexible you are, the more likely they are to recommend your home to their friends. You can't beat word of mouth marketing like that.
And ensure there is a local contact, especially if you don't live near your rental home. Having someone on site or nearby will help your guests settle in quickly, especially if small problems crop up. It's also nice to have someone to meet and greet guests, or leave little touches to give their holiday a nice start, such as a bunch of flowers or a home made cake.
Compile details of the local area and nearby tourist attractions, plus restaurants and takeaways you recommend. Don't forget emergency details such as the nearest hospital, doctor and dentist.
Finally it's vital you give your visitors a clear way to leave feedback. Provide a guest book they can sign or a form they can fill out. Not only will this encourage them to report anything wrong with the house that needs fixing, but you will have a set of testimonials ready to use in the future marketing of the property.
