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You’re thinking of starting a holiday let business? Well, that is great news!!! It really is an amazing journey from the start of the process all the way through to your first booking. The demand for ‘staycations’ or UK holidays is increasing year on year so now is a great time to reap the rewards and satisfaction from running your own holiday let in North Wales.  

Read this post to discover the major things you’ll need to think about before holiday letting in North Wales. 

Whether it be purchasing a property or converting an existing property to use as a holiday let, there are a few things you need to consider.  

 

The right property 

1. Location, Location, Location! 

Location is key, the more popular the location, the higher the rental value will be. The key is to find a location which generates enough income to cover all your costs and of course make some money on top. You can find some inspiration for the perfect location here.

Location is also key for you if you are planning on using the property yourselves. You want something within a reasonable driving distance. Especially if you plan on running the business yourself, you’ll need to be able to get to the property quickly if there are any issues. Many owners choose to manage their holiday property themselves due to the reduced costs and increased margins, however, they don’t take into account the time commitment needed. Most agents such as ourselves will have a range of service options to suit all your needs, you can find out more about these further down. 

 

2. Finances 

Have you got everything in place ready to purchase and/or convert a property for holiday letting? If so, perfect! If not, then you may need to consider specific financing such as a holiday let mortgage.

A forecast on potential earnings is also key. Our property experts at Menai Holiday Cottages will be able to give you a gross projected income figure based on the size, location and makeup of the property. This will be key in any budgeting and planning you need to do. A letting agent such as Menai Holiday Cottages can also help support any mortgage applications with a mortgage letter.  

 

Geting your property ready 

1. Furnishing your property 

Gone are the days of using your spare furniture or unwanted items in a holiday home, nowadays people expect the best, they want something that is equal to or better than their home. Furnishing your property to a high standard will ensure your property is more appealing to potential guests. 

Also if you are planning on registering the property with HMRC as a “Furnished Holiday Let (FHL)” you must have a minimum set of requirements when it comes to furnishing. Our guide to furnished holiday let taxation explains this in greater detail.

 

2. Pets 

Wll you take pets? Many property owners juggle with this question, this simple answer is, If you can accept pets, then do so! Properties that take a pet on average earn 11% more than those that don’t, so its definitely worth considering.

 Dog Friendly North Wales

3. Extra features 

When budgeting, try to leave some money for features such as hot tubs and wood-burning stoves if the property allows. These features are extremely popular, especially during certain seasons. A property with a hot tub will generally earn 14% more than similar properties without in the area. So its definitely worth considering.  

 

4. Photography 

No matter where you to chose to market your property you will need good photography. Obviously you can choose to do this yourself, but beware houses with poor picture quality don’t perform as well as if they were professionally shot. You could hire a property photographer, again it’s another cost to consider. We only use professional photographs taken by our in house photographer on our sites, and best of all there’s no charge to you the owner.  

Oh and please ensure that when a photographer is coming to shoot the house is ready. Here are some helpful tips: – 

  • Make sure all the beds are made up and neat 
  • Lay the kitchen table as you would for breakfast or dinner 
  • Use props to bring your property to life such as flowers, food, wine etc
  • Make sure the garden is freshly cut, weeded and tidy 

Photographer on the Menai Straits

 

5. Welcome packs  

Going that extra mile for your guests will be noticed. Small things such as milk, bread and fresh flowers go a long way. An information pack on the houses appliances and local attractions is also very useful. For more information on creating an amazing welcome pack, read our guide here. 

 

Day to day management 

As mentioned before running your own holiday let can reap great rewards, but be prepared to put the work in. There are a few things you can do to help reduce the burden on yourself.  

 

1. Hiring a cleaner/caretaker 

Although it’s another additional cost, its one we think is worth every penny. A good cleaner/caretaker will reduce your workload significantly, especially if you are taking multiple breaks within a short space of time. After all, they are experts in what they do, they will ensure your property is perfect for every guest that arrives 

 

2. Key safes 

Installing a key safe which can be accessed via a code means no one needs to be at the property personally. Some owners do like to meet guests to show them around etc, its entirely up to you. But if you live a good distance away, a key safe is our best option.  

 

3. Compliance 

At Menai Holiday Cottages we ensure all of our properties are compliant before they are let and we also keep track of any annual services due to ensure your property is always safe for your guests 

Menai Holiday Cottages can organise and manage a range of services such as the above on your behalf. As well as our standard letting service, we also offer a ‘managed service’ option, where we take care of everything. To find out more about this, read our Guide to Managed Service. 

 

Pricing your property 

One of the last, but certainly one the most important factors to consider, is the price! Do your research on similar types of properties in the area to get a good fall back figure. Don’t set one price for every week of the year, it doesn’t really work anymore. Remember your not competing against other agencies, you’re competing against the properties themselves.  

At Menai Holiday Cottages we research the market daily, we constantly tweak our prices daily to ensure they are at the best price possible for you and our guests, we can make hundreds and thousands of price adjustments daily, something that just isn’t feasible if your an independent or with a small agency. Most of our owners who use our income maximisation options can earn up to 42% more than their initial projected yearly figures.

 

Marketing your property 

To ensure your property generates the bookings and income it deserves, it needs exposure. This means primarily having a website that ranks well on search engines such as Google. 

Over the last decade or so the holiday letting market has become fiercely competitive, companies are investing heavily in resources to ensure their company is at the top of all search engines for a large variety of keywords that customers use to search for a holiday cottage in North Wales. It’s really difficult for an independent to get a foothold in the market, most simply can’t compete.  

We have a team that ensures your property is getting the visibility it needs not only via our own websites but using partners such as AirBnb and Booking,com for example. Read more about marketing your property in our Marketing Your Holiday Cottage Guide.  

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