Holiday Lets - The Telegraph
26th August 2021
Our Cotswold advisor, Gemma Maclaran, spoke to The Telegraph on what buyers are keeping in mind for holiday let property profits.
We have seen a sharp increase in the demand for houses with annexes and outbuildings that could be converted.
The demand for second homes in the Cotswolds has massively increased over the last year and buyers are often looking for ways to mitigate some of the costs associated - an annexe which lets successfully can often generate enough income to pay for the annual costs of the second home.
50% of my clients have a specific requirement for an annexe, some use them as holiday lets other are looking for a home office. There has been a resurgence of the ‘extended family holiday so a lot of my clients are looking for an annexe with their second home so they can have the grandparents to stay too.
If you are renovating a holiday cottage in The Cotswolds it has to be done to a high specification otherwise it won’t get the footfall. To maximise rental income you have to ensure your kitchen is kitted out properly with a coffee machine, microwave and all the utensils. It is also essential to provide equipment for babies (high chairs/travel cots) otherwise you loose the family market.
Another way to maximise rental bookings is to allow pets as a lot of visitors to the AONB are walkers who like to bring their dogs. In the summer good garden seating and a bbq will be a big draw and simile in the winter months a log fire will attract visitors.
Be careful not to over spec the holiday let as whilst on paper something like a hot tub can increase your income stream they can be very hard to maintain and costly to repair.
Full article on The Telegraph, Alexandra Goss.