Do you own a home in Edinburgh that you are not currently residing in? Perhaps you’ve been stationed abroad with the company you work for or perhaps just wanted to experience life in another part of the UK. For whatever reason, if you have a home that you aren’t quite ready to sell yet but hate the fact that is just sitting there devoid of life and all things that made that house a home, you might want to consider converting it to a holiday let. Not only will this bring in a bit of income, but it will be there for you should you want to return ‘home’ for one reason or another.
Let’s Get the Legal Stuff Out of the Way
One of the most frequent questions homeowners ask when converting a family home into a holiday let is whether or not they will need planning permission. This is more often than not something that the local council can answer best but usually, it is not a problem. Sometimes it depends on how many nights per year the home will be let out and other times it might be dependent on any work that needs doing to make it ‘fit’ for a holiday let.
You may need to speak with your lender if you have a mortgage on the home because some home loans are for residential properties only. Then there is insurance you may need to consider. You will want to protect yourself against any liability claims. Also, if this holiday let can be in any way construed as a business venture, property and business insurance may be required. Always get the legal stuff out of the way before preparing your home for its new function as a holiday let.
Those Little Extras That Go a Very Long Way
Nowhere in the world are there self-catering cottages and homes quite like the calibre of those in the UK. They truly are world-famous and so anyone looking to spend a holiday in Edinburgh would be thrilled with those little extras UK self-catering holiday lets are renowned for. You have obviously left it furnished if you are going to offer it as a holiday let, but above and beyond things like pots and pans, dishes, and kitchen linens, you might want to add a few extras to the bathroom and bedrooms.
Besides bath towels and bath sheets, you might want to consider stocking towelling robes like this range from The Towel Shop for husband and wife. These offer something extra that makes it so much nicer to step out of the tub. Some self-catering holiday cottages also keep a stock of small, individual-size shampoos and body soaps that they can use without the need to run out to a shop to buy their own. In fact, you might even be able to partner with a local artisan that crafts their own ethically sourced, organic body care products. It’s good for you in terms of a discount and just might bring foot traffic in their doors to purchase some of those lovely products they just got to try.
Do You Need Property Management?
This is also something you should seriously consider. It can be quite difficult overseeing your home in Edinburgh if you are currently living across the pond in the States or perhaps are doing a year-long sabbatical in Rome. It is highly recommended that you contract the services of a property management team that can do everything from the point of advertising your holiday let to doing the exit inspection, which will most often be required. Look for property managers that have a team that handles nothing but holiday lets. These are going to be your experts in terms of seeing to it that everything is taken care of. They handle everything from being on call 24/7 in the event of an emergency such as a burst pipe to receiving payments for tenancy. Probably the only thing you can handle as an absentee owner is to collect rent, and that isn’t what’s best for you or your short-term holiday renters.
This Might Evolve Into a New Venture For You!
Many property investors have started this way. They let their home out, which led to an income they never planned on having. It was handled so efficiently by a property management team that there was little they had to do except collect those payments as they came in. Imagine using the equity in that home along with the rental payments you receive to buy another house to offer as a holiday let, located in a popular holiday destination busy enough to ensure sufficient occupancy. Wouldn’t it be lovely if this became a second career in which you were responsible for little else other than purchasing and stocking homes to be fit for holiday lets? Now, that’s something you probably hadn’t considered, is it?
