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I am considering an offer for a property with a view to turning it into a holiday let.I am just running scenarios on the deal and would welcome your thoughts. It will be a City Centre let. So hopefully have year-round appeal.Be great to get people's views on what is a typical occupancy rate and what they would consider a good yield (ROCE).Also what sort of £provision do people make for repairs?
I would base the occupancy on June, July, August, Bank Holidays, Half Terms, Christmas, and New Year full occupancy.Then 2 x 3 day bookings in the other months.(Do not take bookings less than 3 days or charge a premium if only 2 days. The cleaning is the same cost whether they book 2 nights or 14 nights).You should take a "good housekeeping" deposit to pay for breakages. We take £250.00 per booking, returned in full if there is no damage or things removed from the property.I have not found the wear/tear/maintenance to be any more than a standard BTL to be honest.Some high traffic stairwells get the paint marked and need to be re-decorated every 2 to 3 years, but other than that people tend to treat holiday lets gently and they are out a lot of the time.With regards to ROI, I would say 9 to 17% is do-able depending on numerous factors such as location, standard of finish, how well it is marketed etc.See - Guide to sourcing & setting up a holiday letProperty Tribes partner, Sykes Cottages, have a lot of helpful information and starter packs, so definitely get in touch with them for additional support. Click the banner at the top of the page.Hope that helps for starters.
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**
Wonderful - very useful thanks Vanessa. Surprised about the maintenance - expected everything would need to be kept tip-top and therefore would need regular attention. Sounds positive!
Vanessa I have often wondered, do you need to be registered/licenced by tourist board or anything like that or could anyone just turn a property into a holiday let.
I would imagine that there is a greater need to fire safety such as extinguishers fire blankets and such like but just trying to get my head round any legal requirements.
Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk
No Chris, you don't need to be registered or licenced. Some people choose to be assessed by the English Tourist Board to get a star rating, but I have never done that myself.The legal requirements are nominal - I have fire blanket in the kitchen and a fire extinguisher on each floor.
Wow! Yet we as BTL landlords are under an ever increasing legislative burden. You would think that someone staying in an unfamiliar property for a matter of days would need more protection.
Is that the same for Wales as we have been looking for a bolt hole there and would be happy to let it out for some periods just to get it to pay for itself.
I don't know about Wales, sorry. I guess because it is not a permanent residence, the compliance is less onerous and people can leave and ask for a refund if the property does not meet their requirements.
Thanks for that Vanessa. I am really looking forward to buying mine now.
If anyone reading this knows about Wales I would appreciate your comments.
Perhaps start a new thread about holiday letting in Wales as it is a niche topic?
Wales... full details here - https://www.rentsmart.gov.wales/en/faqs/
Requirement to register Does NOT apply:
Brilliant thanks ;-)