Holiday Let Investment - Cornwall,Devon,Dorset

[JeffAllan]

ADVICE PLEASE

I'm looking to invest in the next 12 months in a holiday let house in the SW. This will be a 2nd home that we will stay in part of the year and also possibly for future retirement. Potential purchase price £250-£300k for a 3bedroom or large 2bedroom house.

I'd be grateful for advice on two points:-

1. Best areas to invest in the SW. I'm looking for nice areas but not too snooty. Towns or villages near to countryside and coast I think.

2. How to set up holiday lets - best agencies, how to arrange local cleaning and maintenance, any other tips etc

Thanks

[Davesnave]

You definitely wouldn't want to buy in our village.

We have very few holiday cottages, because we're not close to the sea, or the M5, 'Devon Expressway,' or 'Atlantic Highway.' As a result, the village is still a thriving communty that supports two pubs and a shop. We even have a regular bus service.

The neighbouring village was recently voted the top place in England to bring up children..... Luckily, people have mostly forgotten about that now, except for a few estate agents who trot it out in every other advert

No, we're right off the tourist radar......

You'd hate it here.

[shamac]

Good luck, it's hard work, we have a holiday let in Northumberland, we live about an hour's drive away and I wouldn't want to be any further afield. We have been doing changeovers ourselves for years but have recently found a reliable cleaner who has been a godsend.

Have a look at this site www.laymyhat.com , it proved invaluable for us when we were setting up and had a million questions.

Top tips:
1 it isn't easy money!

2 People do not treat the house like their own homes, many (not all) leave it a tip, don't leave any nice ornaments/rugs/pictures etc or anything you are attached to in any way in the house.

3 Accept dogs-tripled our bookings at least when we did this, we have all wooden floors/leather sofas so it stops the hair being a problem.

4 Shop around for prices with the cottage companies-ours takes 15%-by far the least. Our takings come from 3 places, almost a third equally-Holiday Rentals (have our own page)/Cottage company/Ebay (sell virtually all our winter bookings on Ebay). We have 95% occupancy so it works.

Good luck, hope you get time to enjoy your cottage yourself-we rarely do!

[Annisele]

Are you wanting this primarily to have a second home, or primarily to start a new business? Either is fine, but I think trying to do both with one house makes both tasks triply difficult.

[Itismehonest]

I think the first thing you need to do is work out where you want to be - particularly if you want to eventually retire there.
I could go into more detail about holiday letting as a business but at this stage it would be a waste of time for all concerned. It will differ enormously depending on where the cottage is.

[lincroft1710]

As you're looking at a distance of about 200 miles from Christchurch (East Dorset) to Lands End (West Cornwall) you need to narrow your search area. Anybody who lives or has holidayed in the 3 counties you mention could give a list of places, but what Davesnave, shamac, Annisele, Itismehonest or me look for, expect or need might be different from you.

Retirement needs and an ideal holiday let location aren't always the same, so you do need to decide what you primarily want the 2nd home for.

[lagoslife]

I would narrow down your location then speak to some cottage letting agents in the area to get an overview of the market.

Using a combination of an agency and taking bookings direct is a good strategy, but check agency commissions, whether they have exclusivity etc.

The furnished holiday lettings tax rules have also changed so check these.
http://www.holidayhomeinformation.co...11-update.html

In addition to laymyhat here are some other good resources;
http://www.countryholidaylets.co.uk/...ners-info-pack
http://www.accommodationknowhow.co.uk/

[COLOURBOUNCE]

Head on answer for me is Fowey, Cornwall. Love everything about the place.