How to make money from your holiday home - Tips from Sarah Wood
Perhaps you have a second home and are looking into ways you can make money from it? Or perhaps you're considering buying an additional property to let and need some tips on how to make it work? Sarah Wood, founder of Mulberry Cottages, provides some expert advice on how to maximise your income with your holiday home.
- Destination – Staycations are very popular now so there’s a huge interest in UK self-catering properties. When thinking of where to holiday let, bear in mind that holidaymakers often want idyllic and remote locations which are different to where they live so they can relax and unwind. Also consider honeypot destinations which attract larger numbers of tourists. Holiday letting is completely different to those renting long term who consider distance to work, good schools, and local transport links. Holiday letting of a second property is an income that can often be overlooked but our owners are seeing a great return on investment. For example, a Mulberry Cottages 1-bedroom cottage in rural Sussex earned £20,500 in the past year, it would have achieved £8,200 net as a long-term rental.
- Photography – Guests won’t have visited your house before their holiday so it’s important that the photography shows off the property well. At Mulberry Cottages we use a professional photographer for all our holiday homes so that we show our properties at their very best.
- Design – We handpick every property on Mulberry Cottages and design is a huge area for us. The market is flooded with holiday rentals, so a striking design will make your property stand out. Design is very important nowadays and what holidaymakers want has changed. Guests want aspirational properties where they can escape the every day, they want somewhere interesting but comfortable, giving them a wonderful experience. We find that our properties with outstanding and unusual designs are the most popular.
- The extras – Guests want to stay in a cottage which offers extras that they can’t get at home. For example, our owners with hot tubs or swimming pools see a significant extra earning from bookings. Our recent statistics shows that due to the warm weather compared to Summer 2017, we’ve seen an increase of 234% on searches for properties with swimming pools, and an increase of 140% on hot tub searches. Remove personal items such as photo frames but leave books and games for guests to use. Spend money on a good bed – guests are more likely to remember your property after a good night’s sleep!
- Stand out from the crowd – To ensure that guests remember your property and return, it needs to stand out from the crowd. Perhaps leave your guests a personal note, a local gift or produce or even bake them a cake!