With UK staycations becoming more and more popular each year, have you ever considered investing in a holiday let? Or are you looking for a second home for you and your family to enjoy?
We understand there’s lots to think about, and it’s important you take time to weigh up the pros and cons when it comes to investing in a holiday let property. But most importantly, you need to make sure it’s right for your individual needs.
In this article, we’ve highlighted some key factors to consider:
The pricing
Holiday lets can be much more profitable than long-term letting through a traditional buy-to-let, because it allows for more flexibility in pricing.
It’s your decision what you choose to price your letting at, and you can adjust your prices to meet a higher level of demand at any time. For example, during the peak holiday season of July/August.
Maintenance of the property
Short-term lettings have a shorter turnaround time, so you have the chance to perform regular checks, cleaning, and maintenance in between each let. It also means that any issues can be sorted out quickly and not left to get worse.
Cost of utilities
For short-term lettings, it’s your responsibility to take care of the day-to-day running costs of a property, specifically the utilities.
Level of involvement
It’s up to you how much you want to be involved in the running of your holiday let.
There’s more opportunity to get involved in holiday lets, which is great if you prefer a hands-on approach. You can also have regular access to the property to do any odd-jobs or improvements.
Other external factors
If there’s sudden changes to the market or economy, short-term lettings allow you to react and adjust anything, if you want to.
Speak to a specialist holiday let mortgage adviser
If you’d like to know more about investing in a holiday let, please don’t hesitate to get in touch.
Our advisers are specialists in holiday let mortgages, and are happy to answer any questions you have. So, phone us today on 01603 405070 or click here to arrange a call back.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
Your property may be repossessed if you do not keep up repayments on your mortgage.