GETTING STARTED IN HOLIDAY RENTALS Chapter 1a

The Luxury BnB E-Book for those looking to set up their own hospitality business.

By Abbey Warne and Dominic Johnson

If you are looking to set up your own rental property but are not sure how to get started then look no further, because we have got you covered with our brand new ebook, which will provide you with everything you need to know to get started!

This chapter (1a) will introduce you to the different types of holiday rental properties, outcomes and objectives that you may need to consider, how to choose the right location, the different types and sizes of properties available, the skills required and any legal implications which may arise.

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Types Of Hospitality Properties

There are a variety of different rental properties on the market that may spark your interest, and this section will give an outline of what each property offers in terms of services, facilities, sizes and rooms. This will help you to decide which one suits you and your guests the most.

The different types of properties available:

BED AND BREAKFAST (B&B)

• A relatively small lodging establishment offering overnight accommodation and breakfast.

• It is often a private home which typically has between 4 and 11 rooms, with 6 being the average.

• Guests will pay for the room and breakfast the following morning.

HOTEL

• An establishment providing accommodation, meals and other services for travellers and guests.

• They vary in size, but are larger than B&Bs.

• Can often have conference/meeting rooms for hire, restaurants and entertainment services.

GUEST HOUSE

• A private house offering accommodation to paying guests.

• The owner usually lives in a completely separate area within the property.

• It can be an ‘annex’ or another, smaller house on the grounds of the owner's private home.

INN

• A pub that also offers accommodation.

• Provides food, drink, and accommodation.

• Usually has a pub and restaurant, licensed bar.

HOLIDAY COTTAGE/LET

• Private renting.

• The owners live off-site.

• Have the whole property to yourself.

DO YOU HAVE A LOCATION IN MIND AND HOW FLEXIBLE ARE YOU WITH THIS?

It can be quite tricky when deciding on a particular location and how flexible you want to be with this, so this section outlines a few brief points to consider, in order to help you pick out that perfect spot which your guests will no doubt love.

• You might have a particular area in mind or a vague county.

• You might need to tweak the location or pick a property that is more marketable.

• Have a look around and check there is a rental market to see what works and what doesn’t.

Locations may include:

• A rural destination such as somewhere in the countryside

• By the seaside, near a beach and other attractions

• A particular tourist hotspot or people travelling on business - you can charge more if you are closer rather than further away.

Helpful URL: www.hermesthemes.com/how-to-start-run-bed-breakfast

What are your desires, outcomes and objectives?

This section will provide you with an insight into the different desires / outcomes and objectives you should consider when it comes to rental properties in a Q&A format, and will introduce you to the difference between Holiday Rentals and Single Longer Term Lets.

Questions:

Holiday rental vs single tenant?

“A friend of mine wants to get into holiday rental in Devon - 3 hours drive from her home. Due to her current commitments she has purchased a property and has started a long term rental. The aim is to move to holiday rental in a few years when she has more time.”

You would have put your heart and soul into this property and how do you feel about letting strangers into your house / bed week on week?

“One of the downsides of holiday rental I’m afraid is that people do mess up your house.”

• Consider how available to guests you want it to be