If you are considering letting your second home or the possibility of buying a second property for the purpose of generating extra income via letting, then now is a great time to be doing so. Tourism around the UK has been increasing and, with the growing popularity of staycation travel, it is likely to continue over the next few years.
Undertaking a second home letting, however, is not without its challenges, and those doing so for the first time can encounter issues without the right advice. So, to help, here are six essential tips for letting your second home.
The Right Insurance
There is always going to be a certain amount of risk involved with second homeownership. You won’t be able to monitor your property constantly and, while this shouldn’t deter you from renting out your home, it is paramount that you understand and purchase the necessary insurance to cover yourself.
Depending on your property and the type of lettings you allow, various insurances, such as Public Liability Insurance, will be appropriate for you. Seek out an advisor to ensure you have the right protection.
Understand Your Market
You may only have an interest in long term lets. However, depending on the location of your property, this may be limiting to your potential income. Towns near London, for instance, are popular for short-term and weekend getaways, meaning that, with the extra effort, you will be able to increase your income by meeting local demand.
Maximise Your Potential Accommodation
Families and groups of all sizes seek out properties for their getaway, often limited to the number of rooms available. While your property may be limited to two or three bedrooms, there are ways to still attract groups looking for more.
Log cabins can be established in the garden, accommodating more guests, or a simple sofa bed can increase the number of potential guests able to stay comfortably in your property.
There are many benefits of staying in your own holiday home, even outside of the luxury it brings. It allows you to see first-hand any issues that the property may have, giving you time to resolve them before guests arrive. It also allows you to integrate and become familiar with the town or village. Knowing the locals is great if you ever need a helping hand while you’re away.
There are now a wide variety of gadgets that make owning a second home easier. For example, video doorbells, such as Ring, will allow you to keep track of and interact with those at your door. Other assets, such as smart meters can now be monitored and controlled from your phone, meaning that you can switch off certain energy-consuming appliances when the property is empty, even from across the country.
Unless you’re an established and experienced letting agent, you’re not likely to be familiar with all aspects of holiday lettings. Be sure to listen to advice from professionals and your guests. While they might not always be appropriate, they’ll give you a wider perspective on your property.