With Brexit set to raise the costs of overseas travel, Brits planning next year’s holidays are turning their eyes homeward. While most holidaymakers aren’t curbing their travel lust, the uncertain political future has focused their search on beautiful homes within their own shores. Staycations are set to boom in 2020 and landlords stand to profit generously with bookings for weekends away and week-long holidays potentially rivalling the average long term rental agreement. With so many making the switch from residential to holiday letting and next year’s guests already hot off the mark, anyone who wants to take advantage of the staycation boom needs to move quickly. To get started, here’s what you need to know.
Now is the time to make the switch
With the demand for holiday lets here to stay and ever growing, have you considered any tax benefits you could enjoy? For a start, holiday letting allows you to claim capital allowances on furnishings while also offsetting property losses against your total income. It’s only up from there.
If you’re taking a leap into the industry, working with a trusted holiday rental industry expert like HomeAway eases the transition by making the most of your assets, maximising the return on your portfolio. Find out how much you could be missing out on with the online earnings calculator to put this into perspective with actual facts and figures.
Think holiday over residential
If you’ve been letting your property residentially, you may not have fully considered the holiday potential of the location you’re letting in. Whether it’s in easy reach of woodland, moorland, coastline or cultural attractions, your area holds holiday potential for solid, year round bookings as British tourists plan to see more of the UK. The popularity of the location you’re invested in may well surprise you.
Get the best start
Once you’ve decided to get into the holiday business, you’ll want to cut through the noise by getting your properties in front of as many eyes as possible. To make switching viable, you need to be sure you’ll attract the right guests for dependable bookings. As part of the Expedia group, HomeAway makes sure your listings have unparalleled visibility, while also covering you with liability insurance. You’ve worked hard on developing your property. Now it’s time to let it do the rest.
Control your investment
Moving from residential to holiday letting, you’ll want to be sure you stay in the driver’s seat of your new business. HomeAway keeps you in control. You decide who stays in your property, when and at what price and they take care of everything else. If you have any concerns, 24-hour customer support is available. The platform offers everything you need to easily and efficiently manage your property’s income and the HomeAway mobile app allows you to do it all on the go.
Stay ahead of the market
Close to the end of the year, staycationers are already booking every season of next year’s holidays. There’s never been a better time to step away from the heavy taxation currently targeting buy-to-let investors. More and more landlords are answering the call, signing up with HomeAway to successfully evolve their businesses. Perhaps you should be one of them.
*Earning potential based on the pre-tax average earning per booking (regardless of length of stay) for the top 10% HomeAway properties in your area. Use our online calculator to find out how much your home could potentially earn. Visit homeaway.co.uk/lyp for full T&Cs.
Restrictions on the number of nights you can rent out your property in London may apply. Property owners are responsible to ensure that they understand and comply with local council regulations. For more information visit https://www.homeaway.co.uk/info/legal/owner-responsibilities/rules-for-london-owners
You should always seek your own independent tax advice in relation to renting your property.