If you are in the fortunate position of owning a holiday home, you may have considered whether you should let it out and earn an income from it. There will be plenty of opinions flying around from anyone and everyone you know, but the best thing that you can do to make the right decision is to research, research, research!
With that in mind, let’s take a closer look at ten tips for letting out your Rumah Dijual holiday home. We also advise you to get some financial insight from a specialist before you go for it – just to ensure that it’s a viable option for you!
Know Your Customer
If you haven’t bought a property yet, then think about the fact that you need to shop smartly. You may not be particularly experienced when it comes to buying property, and that’s okay! You can get the best possible advice from a mortgage broker or real estate agent as to whether you can afford the property in an area of your choice. They’ll also tell you if you need to be more conservative.
The Right Mortgage
This is why we mentioned getting the right advice from a specialist. The mortgage rules in the country of your choice may be different to those that you are used to. You need to speak to a broker to know that you’ve got the best possible advice for your mortgage.
Paying Tax
You should inform HMRC that you are planning to let out a holiday home from the moment you get to that decision – tax may be due on any income from it. If you don’t declare it, you could face a hefty bill!
Learn Local Laws
You may be in a different country for your holiday home, and this is fine. However, you need to work out the local tax laws so that you can be sure you’re doing everything correctly.
Advertise
When it comes to letting out your holiday home, try to let it out yourself if you are able to. You can have an edge over the usual holiday companies that could do it for you, but it’s going to be better in the long run if you have control over the advertising. You can use your own experiences to decide whether to add toys into the property for children staying. You could even advertise with welcome baskets in the kitchen. Oh, and hire a photographer to do the pictures for you – you’ll be able to really show off the property that way!
Build Your Rep
You want people to choose your holiday home among all the other choices, so you need to be proactive about it! Don’t go for all of the profits right away and don’t cut corners! You need to break even at first on your mortgage so that it’s worth it for you. Then, as you get those five-star reviews rolling in, you can then start to up the price and fluctuate it according to the season.
Sleep Over!
It’s nice to do spot-checks on your property, but you need more than that. You’ve bought this property, which means that you need to visit it and enjoy it for yourself every now and then. It’s the best thing to do to go and sleep over at least once a year and take note of any issues!
Embrace Technology
If you can’t be bothered to make your own website for your holiday home, then get online. Plenty of websites out there will advertise your Indonesian retreat for you, and they’ll do it at a small fee. But for that fee, you’ll get a full advertising adventure! While we’re talking about technology, think about installing smart features for your guests to enjoy. Free Wi-Fi will always being people in, as will anything remote controlled! The latest air-conditioning wouldn’t go amiss, either, especially in hotter destinations!
Set Rules
You have spent a lot of money on this property, which means you have the right to set some house rules. You don’t want people in the home that could damage it, so taking a security deposit is a must. This will cover you for all damages and eventualities (especially as you’ll have insurance, too). You have a right to be angry if things go wrong, but you should also set all of this out in your contract terms. Set rules for loud music and be firm but fair. You have a reputation to maintain, and people should be able to treat your things with respect.
Get The Best Advice
You have a holiday home you want, right? So, talk to people who can help you with that. Get mortgage advice and buy safely in the country of your choice.
We’re very proud to bring you this feature in association with Rumah. For more features, please pay a visit to our lifestyle page.
