Buying a holiday home might sound like a luxury purchase that only the rich can afford. However, it could be a way of making an extra income by not just using it for your own leisure purposes but by also renting it out to other holidaymakers. Here are some steps to take for those wanting to make money out of a holiday home.
Find the right location
A remote property in the middle of nowhere might be your perfect idea of an escape, but it might not be what the majority of your guests want. Most people want some facilities and attractions nearby so that they don’t feel totally isolated. Make sure that your property has these amenities nearby. When searching for real estate, use local agencies with knowledge of the area – they can let you know of distances to facilities. A holiday home in a tourist area is likely to get more business, but could be more expensive to purchase due to the popularity of the location.
Add some luxuries to your property
You can make your property appeal more to guests by adding certain luxuries such as a modern bathroom or buying a good bed and mattress. This could help you to secure good online reviews, allowing you to then build a positive reputation. You can even go above and beyond and consider features like a hot tub or an infinity pool or outdoor heating. All this will cost more to run, so bear this in mind.
Hire a property manager
If you don’t live near the holiday home, you’ll need to hire a local person or agency to act as a property manager. This property manager can give guests keys as they arrive, attend to repairs and ensure that the property is cleaned each time after use. This needs to be someone that you know and trust – if you don’t know somebody locally already who can do the job, you may want to advertise this position and interview multiple people until you find someone suitable.
Find new ways to market your holiday home
There are lots of sites online that allow you to list your holiday home, take bookings and screen guests. These are the most efficient way of marketing your holiday home – most people looking for a vacation rental will use these sites and you will get most of your business this way. However, that shouldn’t stop you trying other means of marketing in order to generate more business and keep guests staying all year round. This could include offering your holiday home as a prize for a local competition during the quieter months or getting local tourist companies to help promote your holiday home. You could also set up a website and social media page for your holiday home as another means of helping people to find your property.