Home You could be making more money with less headache
November 14, 2019
We are officially in the age of the staycation. Both in and out of season, Brits are opting to holiday on their own patch, seeking beautiful homes to stay in to make memories with their loved ones. Notably, they’re paying handsomely for the pleasure. Bookings for weekends away and week-long holidays in the right type of property can sport sums which rival the average long term rental agreement. More and more landlords are spotting the huge potential of holiday rentals over residential lets. Here’s what you need to know about joining them.
Never a better time to make the switch
The demand for holiday lets has grown strongly over the past several years. Plus have you also considered any tax benefits you could enjoy? Holiday letting could allow you to claim capital allowances on furnishings while also offsetting property losses against your total income. That’s only the start.
A trusted holiday rental industry expert like HomeAway eases the transition by making your assets work harder so you’re maximising the return on your portfolio. Perhaps it’s time to put this into perspective with actual facts and figures by finding out how much you could be missing out on with the online earnings calculator.
Think holiday over residential
If your head’s in the residential property game, you may not think of the location you’re letting in as a holiday destination. Whether it’s in an area of natural beauty, in easy reach of woodland and coastline, or smack dab in the middle of a city with access to theatres and museums, your area holds holiday potential for solid, year round bookings. Chances are, you’re already invested in a place that’s more popular than you realise.
Get the best start
Yet it’s not as simple as deciding to take the leap. With so many getting into the holiday rental business, getting your properties in front of as many eyes as possible is crucial to make switching viable. You also need to be confident that 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. This setup helps you securely capitalise on what you’ve already developed without headache.
Control your investment
Shifting gears, you’ll want to be sure you stay in the driver’s seat of your new holiday rental business. With HomeAway, 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 is fully equipped to allow you to easily and efficiently take control of your property’s income and the HomeAway mobile app allows you to set up and manage it all from wherever you are.
Some local authorities have implemented restrictions on short term rentals in certain areas. In particular London properties have a maximum cap on the number of nights that a property can be rented as a short term let. Make sure that you are aware of and comply with all local regulations before listing your property.
Stay ahead of the market
The swell in British tourism has provided the perfect opportunity to step away from the heavy taxation currently targeting buy-to-let investors. Signing up with HomeAway could be your avenue to successfully evolving your business. Isn’t it time you unlocked the full potential of your investment?
*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.