Moving house is the chance to start fresh and most people are relieved to leave their old house behind. Yet, if you have the available resources, keeping your old house and transforming into a holiday let can be highly beneficial.
Additional Income
The most obvious reason to turn your old house into a holiday let is because it can earn you between £15,000 and £30,000 every year. Of course, a successful holiday let needs to be based in a desirable location. If you are lucky enough to have lived in a holiday hotspot, then your income will generate itself. If not, you might have to put your own spin on what makes the place great to visit. For example close proximity to a landmark or city, without the cost of staying locally. All most people want from a holiday home is a clean, well maintained property with a good location. Contact damp proofing and timber specialists to ensure your property is in good condition and complete any renovation work before letting it out.
A Place to Stay
You’ll have your own holiday home available whenever the property is not being used by guests. Although you want to make the property functional, leaving some homely items will make it inviting to return to. This is also ideal if you have friends, relatives or other connections you want to keep in regular contact with when you move away. You’ll need to return to the property to check up on it every few months so it gives you the perfect reason to schedule a visit.
Easy Maintenance
Most guests will be respectful and leave your holiday property just as you would expect to find it. They will only be living there for a couple of weeks at a time, which is not long enough for wear and tear to be a problem. This means that maintenance is minimal, a couple of visits per year will ensure that everything is running smoothly. You could hire a cleaning company to take care of the property if you aren’t going to be living locally. Charging a deposit fee will reduce the risk of the property being damaged. But remember you’re in control of the bookings, so you can screen people before you let them stay.
Save on Selling
Selling your house can be expensive, even though it is supposed to be a chance to earn you money. Estate agent fees are high and if a potential buyer drops out it can become a stressful and time consuming process. Renting out your old house as a holiday home could save you both time and money in the long run.
Consider it a Business Venture
If you’re tired of your 9-5 job, turning your old house into a holiday let could be the start of a business venture. You might not be able to quit the day job straight away but the skills you learn through renovating and letting your old home could be applied to other properties. If you find that you enjoy the process, from designing the interior to managing bookings, why not consider purchasing and letting another house in the future?
