Managing your property
To ensure your property remains competitive and continues to attract bookings, you will need to spend time and money maintaining it.
According to Sykes, holiday let owners spend an average of £1,580 a year on maintenance, £1,190 on changeovers, and £1,000 a year on marketing.
While it’s important to keep costs as low as possible, cutting corners can result in poor reviews and, therefore, fewer bookings. Instead, it can pay to focus on maintaining high standards, from cleanliness and comfortable furnishings to updated tech and modern kitchens.
If you don’t live near the property, working with a holiday home management company can help handle tasks such as cleaning, gardening and laundry. But remember the cost of hiring help will eat into your overall returns.
Installing features such as a remote heating system in the home can help you manage energy usage and keep bills in check, while low-maintenance outdoor areas can limit the amount of upkeep required.
In addition, it is sensible to invest in the right insurance. Specialist holiday let insurance is designed to cover risks such as guest damage and loss of income.
You also have a legal duty to ensure the property is safe for guests. This includes carrying out an annual gas safety check if there are gas appliances in the property, installing smoke alarms on every floor, carrying out fire risk assessments, and arranging regular electrical inspections.
