by Luke Edwards
Holiday letting in North Wales is such a popular option for those looking to invest in property. It has so many more financial and lifestyle benefits compared to those which traditional long term letting can offer. Not only can you enjoy the enhanced income and tax relief, but you can also enjoy the property yourself.
There is a lot to consider before beginning your journey. So it’s important you have all the facts and have considered all the options.
From finding the perfect holiday home, all the way through to taking your first booking and beyond, Menai Holiday Cottages are there every step of the way.
Balance is key here. You want to find a property that you can enjoy, but holidaymakers will visit time and time again.
We can give you advice on where is best to buy, what type of property does well and what features guests look for. We will even come out to the property with you and give you an appraisal.
We also have knowledge of existing holiday lets in our portfolio which are for sale. So we can put you in touch if needs be.
If you already have the finances in place then great, what are you waiting for!
For those that do not, you will often need a specialist mortgage for holiday letting. Most brokers or financial advisers can point you in the right direction.
We can provide mortgage letters free of charge to help with your application. This will outline the rates we believe you can achieve along with an estimate of potential income to help you in gaining finances to fund your purchase.
Whether your house is yet to be built, or just needs some finishing touches, we can help.
We can point you in the direction of builders, architects and much more. We also have preferential rates with a lot of local suppliers and shops, perfect for furnishing your holiday home.
Once your property is ready, our professional photographer will come out and photograph the house making sure that it can stand out from the crowd. We will start building your property on our site, ready to market to millions of potential guests.
If you need a housekeeper, we can provide you with a list of suppliers who can deal with all aspects of property maintenance. If you prefer to not have to deal with anything, we provide a managed service option where we take care of everything, you can just sit back, relax and watch the bookings come in.
Once your holiday let is ready to go, we just need to make sure everything complies with all existing legislation and standards. This can range from having the correct insurance to electrical safety certificates and more. We will tell you exactly what you need to have checked and certified before you can open the doors to guests.
We would also suggest you seek specialist financial advice. There are many tax benefits to consider. If your property is registered as an FHL (Furnished Holiday Let) and you meet certain criteria for income and booking levels. You can get CGT (Capital Gains Tax) and Business rates relief. You can also get capital allowances on furnishings and operating costs deducted as expenses.
Our online portal provides yearly financial summaries automatically, which are ideal for keeping track of the income and preparing for tax returns.
This is just a basic guide, we would always recommend you see a qualified accountant to discuss the above points.
There isn’t really a blueprint for what makes a perfect holiday home. Like every property, every customer is different in terms of what they look for. Some of our hints and tips below will ensure you’re maximising the potential of your home.
Before your first arrives, we will call you and check everything is ready to go and you are ready to accept your first guest…..your journey begins here!
You may decide you are going to handle everything yourself and don’t need an agent. But beware it’s a big commitment. Using a holiday letting agency can take away all the work. Finding the right one is key!
So why choose Menai Holiday Cottages?
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Find out more about how we can work together and maximise your holiday let income. We are a local brand with a national reach and have over 36 years' experience in self-catering holidays in the UK.
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Find out how we can work together. With over 25 years’ experience, our local expertise will give you peace of mind and bring you the bookings you deserve.
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