Taking out holiday property insurance takes a back seat until other critical issues are looked at. Part 7 of our series continues…
21. Accommodation with broad appeal
When you’re in the holiday home business, it’s often a good tactic to appeal to a broad section of prospective renters. With this in mind, it’s a good idea to select a property with three bedrooms and two bathrooms – such a configuration will help attract both couples and families. A good space for living and eating will also promote the idea that your holiday home will be a pleasant place to stay.
22. Adding value to your property
Consider ways you can add value to your property. If you add a brand new bathroom or kitchen, be sure to provide quality images of them when advertising online, and show prospective renters around these rooms in particular. However, you should ensure that any improvement is in keeping with the value of the property; you’re unlikely to recoup your costs if you spend £40,000 on a new bathroom when your home is worth £200,000.
23. Selling your property on
If long term you have your eye on a big capital return, you need to think carefully about which property you buy. While some may think a remote or particularly quirky property is advantageous, such factors may make the property challenging to sell in the future. Equally, holiday properties in mass developments might be difficult to sell on.
24. Get an independent valuation
Ensure that before your pen hovers anywhere near the ubiquitous dotted line, you get your property valued/surveyed by an independent surveyor – this will highlight critical issues related to flooding risks, dampness and subsidence etc.