Decide what you want to do with your property
First you need to decide whether you want to let it for a fixed but short term period or have several holiday lets throughout the year. The benefits of the first option are that you only have one set of tenants to deal with per rental period, irrespective of whether you handle the lease yourself or employ a letting agent.
Know the market
It is wise to research the other holiday lets for rent in the area and make a note of what they are charging at different times of the year as well as any special features or amenities they offer. Work out your sums carefully to ensure you charge an economically viable rate that will keep the property booked throughout your chosen rental season and leave you with an acceptable return on your investment and efforts.
Inform both your mortgage provider and buildings and contents insurer of your intention to let the property or you may find yourself in breach of their respective terms and conditions.
Gas Safety Certificate
It is important to make sure you hold a current Gas Safety Certificate for the property. This is legal requirement if a gas supply is connected. You should also make regular checks on all electrical appliances and install smoke alarms at each level.
Tourist information leaflets
Also, do not assume your guests automatically know the area. Help them to get the most out of their stay and make them more likely to return by leaving a selection of tourist information leaflets about local attractions, pubs, restaurants, shops, and bus and train timetables.
When letting your holiday home it is important to remember that properties are very expensive to repair. So, consider saving around 5% of your rental income each month to help cover those unexpected expenses.
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