Once you’ve taken the first steps to buy, a holiday home can earn its keep and become both financially and emotionally rewarding. We have been letting Yorkshire holiday homes since 2009, and we own holiday homes ourselves. These are the checks we would make before you offer…
Research the many lovely Yorkshire villages and market towns. A property with a good pub, cafe or independent shop within 5 minutes can boost bookings, as do nearby well-loved attractions and scenic walks nearby, parking and outside space. A bargain does not guarantee the best investment.
Ask a Holiday Letting Agent for a no-obligation valuation in the early stages of the buying process. A local specialist can advise on commercial value as well as on the design and layout from the outset, avoiding expensive design or compliance changes at a later date.
Knowing this drives year-round occupancy. Consider enclosed gardens for dog owners, and a ground floor ensuite bedroom for all age groups. Cottages with hot tubs and a log burner appeal to visitors from towns and cities, and whilst you may dream of an off-grid hideaway, most visitors want wi-fi.
Looking at a property? Send us the listing, and we will tell you, honestly, what it could earn and whether we would be able to work with you to holiday let it. Either Will or Charlotte, the owners of Holiday at Home, will be in touch.
If the property is an established holiday let, ask the vendor for evidence of at least 12 months of income and running costs, and compare similar properties. A valuation from an independent holiday letting agent can verify that the rental figures do stack up.
If it’s all about the financials for you, consider whether you are investing for a high income return, or planning a renovation to give you long-term capital growth.
Read on for our tips on ownership considerations.
There is guest demand across the Vale of York, Harrogate, Skipton, Yorkshire Dales, North York Moors and other areas of Yorkshire. Do consider how the rental income may differ by area.
Rightmove is great for alerting you to properties with the right features in your preferred area. Research sold prices and possible planned developments nearby, as a new motorway, housing estate or train line could have a detrimental effect. On the other hand, a golf course or cycle trail could add appeal.
Can you legally rent out the property? Apartments may have leaseholder restrictions, and parking is a necessity in Yorkshire.
Larger homes are scarcer and so more in demand. A 5-bed house could comfortably turn over more than £120,000 per year. In a big holiday home, create sociable kitchen diners as well as quiet areas where guests can break away. Outside space matters, and guests love a games room and a high bedroom-to-bathroom ratio.
In barn conversions, original features add character. If you have unused farm buildings in Yorkshire, holiday letting can be a profitable way to diversify.
A hot tub in any holiday property is always a winner for driving bookings, commanding a premium price point.
Get an Income EstimateOwnership structure: Work with an accountant to consider whether ownership as an individual or through a limited company is most efficient. There are reliefs that allow you to move existing qualifying businesses into a company structure. They will also help you calculate how to draw income in the most tax-efficient structure, your stamp duty, and options for property finance.
Setting up: Expenses involved include purchasing the right inventory for self-catering accommodation, furnishing it, compliance with fire and safety legislation, insurance and utility bills.
Business rates: To qualify for business rates – rather than council tax – your holiday home must be available to let for at least 140 days a year, and be let for at least 70 days a year. This is very achievable, and may also qualify you for business rates relief. Relief is based on the rateable value of the house.
Ask before you offer: work with a holiday letting agent in your area to secure a likely property forecast, so you have a booking income target and a P&L in place before you purchase. Get a couple of holiday home insurance quotes before you purchase to ensure cover is available; this could flag up potential premiums, such as if the property is in a flood-risk area.
Holiday at Home is an independent holiday letting agent, and we have also been holiday home owners since 2009. If you are thinking about buying a holiday home, have made a purchase or want a free income and P&L forecast, get in touch.
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