Holiday Home Investment Properties in The Lake District
How to get started in holiday letting
Looking for Holiday Investment Properties in The Lake District?
“Compared to longer-term lets, holiday lets can be much more profitable. A very rough rule of thumb might be that you can charge the same for a week’s holiday let when in-season as you can for a month’s long-term let”
– Property Investments UK
If you’re looking to try your hand at holiday letting, This guide provides some of what you’ll need to know, from the marketing side to the legalities, we’ll help you make intelligent decisions and start making money.
With a few simple steps, you’ll be on your way to becoming a successful holiday let landlord.
1. Research Your Market
Before investing in a holiday rental, you need to do your research. Identify which clients you want to cater to, what the local tourism is like year-round and during peak season and how much competition there is in the area. Research the local attractions and learn about the popular activities that could attract guests to your property.
Armed with all this information, you can then make decisions on pricing, amenities, and other factors that will make your holiday let an attractive destination for future customers.
2. Determine Your Ideal Guest Profile
Who is your target market? Are you planning on appealing to tourists, business travellers, outdoor enthusiasts or large family groups?
Think about the features of your home that are likely to be attractive to this demographic to narrow down your choice of property and, remember to highlight these when advertising. Knowing your ideal guests’ wants and needs will allow you to cater specific offers and messages to them.
3. Choose a Property and Get Insurance
Choosing the right property can be a tricky task. Consider all possible legal and financial implications before committing to a purchase. Speak with local advisors to understand any tax obligations or regulations associated with holiday lettings in your area and make sure you have sufficient insurance coverage for your property.
Once you’ve bought the property, you need to equip it and provide amenities for guests, so take time to decorate and furnish it properly. Finally, be aware that owners of holiday lets must obey strict rules when admitting guests.
4. Become Familiar with Local Laws & Regulations
Before marketing or welcoming your first guests, it’s important to become familiar with the local laws and regulations that apply to holiday letting. In some areas, owners of holiday lets may need special permission from their local government.
A good place to start is researching how tourism works in your area as well as local ordinances and restrictions on vacation rentals.
Be aware of the upcoming Holiday Let Registration.
5. Finally, Start Marketing Your Holiday Letting Property
Now that you know some of the ins and outs of holiday letting, it’s time to get the word out! There are many platforms and methods to market your property. If you’re doing it yourself, use local directories and websites like Airbnb and VRBO, or even social media sites such as Facebook or Instagram to promote your rental. For example, create a profile on Airbnb with eye-catching photos, accurate descriptions of your rental, customer reviews from previous guests, and useful amenities.
Additionally, search engine optimization can help you rank higher in search terms so potential renters find your listing more easily.
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Whether you’re looking for your dream Lake District cottage, unhappy with your current letting agency, or you’re looking for holiday investment properties in the Lake District we can help.
If there’s anything you’d like to know that we haven’t covered below, please let us know.