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Holiday lets are a very attractive investment to those wishing to diversify their portfolio. They are not affected by Section 24 and they can deliver a healthy yield and often do well with capital appreciation as well, due to the locations of them often being sought after.See - Holiday let - why ever portfolio should have one. Why holiday lets are the new BTLI thought I would put together all our resources for setting up a holiday let.Sourcing a holiday let investmentGuide to coastal property for investmentTop 5 sign posts to a holiday let with year round occupancy potential. Holiday lets - do they work as a business model?Is my area suitable for holiday lets Cheaper or dearer area for holiday let? Best place to buy first holiday let? Top 10 seaside BTL hotspots by rental yield.Potential yield from holiday lets if I buy £400k of property established let vs newly created Financing a holiday letHoliday lets require a specialised holiday let mortgage. These are fairly limited and tend to be lower LTV than single occupancy BTL. Expect to put in around a 40% deposit. Property Tribes Financial Services have access to all the HL mortgage products on the market and can be contacted on 01206 654444.Insuring a holiday letHoliday lets require specialised insurance. Our insurance partner Alan Boswell Group provide this kind of insurance and can be contacted on 01603 649736.Setting it up ready to rentFormat for welcome packs / info packs Beds & mattresses for holiday lets Bunk beds Questions regarding first holiday letCost of furnishing Holiday Let How important is art in a holiday let? Dining table or not ?An ageing market & how to make our accommodation appeal to them How important is art in a holiday let? 10 ways to increase your property's kerb appeal - external linkYou can contact our furniture partner, Fusion Furniture Solutions on on 01565 849261 for all your furniture pack needs.Marketing Are you leveraging "anticipation happiness" in your property marketing?5 tips to increase occupancy of your holiday cottage. Advertising on holiday let portals Allowing dogs in holiday lets-yes or no Creating "purple cows" in holiday lets Availability & Booking Systems for Own Website Holiday let marketing 10 tips to get more bookings for your holiday let How I secured 52 weeks bookings for my holiday ... 8 tips for marketing holiday lets to a global audience. Marketing holiday lets using social media .... Converting enquiries for your holiday let Photographing holiday lets - how to do it ... Promoting a holiday let - importance of English Tourist Board rating?Management How to deal with unhappy guest Replying to ReviewsWhen the sun doesn't shine Contract for holiday lets Managing remotely Holiday lets myths .... BUSTED!HousekeepingHousekeeping - how often to change bed linen?Tax Who Knew - Tax Relief for Holiday Let Owners? Are Holiday Lets The Next Big Thing? FHL and Capital Allowances
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks for so much useful info Vanessa.
I'm just looking to get into property investment and would love to hear your thoughts on how best to maximise ROI (cap app and yield) on a property roughly 300k - 350k purchase price, putting down 100k deposit.
Holiday lets are certainly something i'm interested in but I only really have my eye on one small location in Cornwall so far. I've seen you've written some really useful guidance on how to identify a good area to invest in but i'd love to hear your top 3 or 4 areas within Cornwall/Devon/Dartmouth/etc.
Hi George,Glad you have found the info. useful.I wouldn't recommend starting out with holiday lets unless you have significant other income to support them if there are no bookings.I generally advise people to start of with a low risk single occupancy BTL and build a solid cash flow before diversifying.I cannot comment on the areas you mention, other than to say that I believe they are very seasonal. They will be rammed June, July, August, but there is very little Winter occupancy from what I know.This is why I recommend the South Coast within 1 to 2 hours drive of central London. You can pick up the wealthy London "long weekenders" market who take short breaks to the coast all year round.Most people won't want to drive 5 to 6 hours to have a weekend in Cornwall. They will only drive those distances for a week minimum imho.Hope that helps?
Useful guide:Increase revenue from fewer vacation rental guests
Thanks for a great thread Vanessa, I'm working my way through all the resources and learning a lot.
I'm thinking about using a flat I've bought in a nearly completed development as a holiday let. It actually doesn't fit one of the most desirable criteria in that it's not near a beach.
It's in Liverpool (L3), is absolute waterfront, is large and has 2 bedrooms, 2 bathrooms and a balcony. The curtain walling (walls) is all glass so the views across the Mersey are fantastic.
Liverpool gets a lot of European 'staycation' visitors, who come for the shopping and especially the football, and it's also popular with the domestic market for shopping and cultural activities. It has a great year round program of events.
Lots of research to do, but it's great to have this guide to help me decide if using it as a holiday let is feasible and/or desirable.
Some additional resources:Holiday let damage deposit Website and logos
Just adding:Advice needed on bedding provision for holiday let
Just adding:Second home owners, whose properties are available to rent as holiday lets for 140 days of the year, often qualify as small businesses, and are entitled to relief on 100% of the business rates payable if their properties have a rateable value of less than £12,000.
Those whose properties have a rateable value between £12,000 and £15,000 are also entitled to relief on a sliding scale, in line with the Government’s small businesses rates relief policy.
In case of doubt, holiday lets are required by law to have an EPC. It is valid for 10 years.Further information Holiday lets are NOT affected by the new Minimum Energy Standard regulations.
Thanks for the info packed post on holiday let's! I was wondering your thoughts on Airbnb?
I currently let out an entire property in Edinburgh on Airbnb, I have had quite good returns so far, about twice the amount of my mortgage payments turnover.
I do however ownt this property on a personal residential mortgage. I have set up a ltd company with the intention of using it as an spv for BTL properties.
Can you offer any advice on the tax situation I am in at the moment and wether i should buy future properties through the ltd company, and if so, which borrowing options are available to me?
Any advice is greatly appreciated.
Hi David,These threads should assist.Serviced accommodation - guide & pitfallsAir B n B/serviced accommodation - reality?Be advised that if your lender finds out you are letting your property in this manner, it would be a breach of your T & C's, and they could call in the loan!