Tips For Turning Your Home Into A Holiday Let

If you have a home that you want to let out as short term holiday accommodations

, you will need to perform a safety inspection, furnish the home, obtain certificates for gas and electrical and prepare to manage the home as a commercial property. The property will need an additional inspection to ensure that it meets the requirements to qualify as a holiday let.

Once the home or cottage qualifies as a holiday let, draw up a booking contract or a holiday-let agreement. If you prefer to perform your own advertising, use professional looking marketing materials in order to attract guests. Make sure that you include when the property is available and the exact sum required for rent and the booking deposit.

Before you let the property, use the following tips as a frame of reference:

Decide how you will manage the bookings and how much you will charge your guests

If you owe money on the mortgage, contact the lender to inform them of your intent

Know the peak holiday periods, it is acceptable to increase rent during this time

Obtain a self-assessment tax form for any rental property that will exceed 2,500 in profit

Options to manage the property

Self-manage-The property can generate income equivalent to a full-time job, if the business endeavor is part time, the income can offset maintenance expenses or pay for a second mortgage.

Hire a letting agent-If you do not have the time to manage the let, it is best to use an agent. The agent will perform professional services that include placement, online and print advertising, and marketing materials, which will maximize the bookings. The agent is entitled to a commission of all bookings made through the agency.

Use an online booking system- Automated online management systems allow property owners to manage their account via the Internet anytime. Managing the property online account is practical and economical. Holidaymakers can book direct reservations, view photos of the property, and read details about features and amenities.

Consider these monthly expenses

Mortgage

Insurance

Maintenance

Advertising and marketing costs

Conclusion

For multiple properties rented out as holiday lets; you will need to maintain good records for all payments received. Keep track of all property related expenses and the details of taxable income. Property related expenses could reduce the profit received from the rental properties. So make sure that you deduct allowable expenses and capital costs.

by: AIDAN CANNINGS

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