property

are you looking for?

Thinking about the type and size of property is an important part of the process when you are looking to run your own, so this section will outline the different kinds of properties and their key features.

The different types of rental properties available (information from Roofstock and Mashvisor):

Luxury Homes

• These homes are aimed at more high-end renters.

• Include new, up-to-date appliances and technologies.

• Expensive to invest in.

• They tend to have less frequent guests due to higher prices.

Holiday Homes

• In locations which attract frequent visitors such as the seaside or countryside.

• Can be seasonal.

• Can be seen on websites such as Airbnb.

Condominiums And Cooperatives

• Run by a ‘Home Owners Association.’

• Privately owned.

• Part of larger complex - apartments, villas etc.

• Consider HOA fees you will have to pay.

Helpful URLs: learn.roofstock.com/blog/types-of-rental-properties mashvisor.com/blog/types-of-rental-properties-investing

LEGAL IMPLICATIONS (PARKING PERMITS, EXTENSIONS, BUILDING WORK) (LEGAL EXPERT)

There are legal implications to consider when you want to run your own rental property, so you can make sure that you don’t run into any troubles down the line.

• There are less likely to be issues if there are other holiday let properties nearby.

• Very local so a good source of this information is the local holiday let agencies.

Front End and Back End Skills

There are various skills required when running your own rental property, but fear not, because this section will cover the different skills you need and how you can achieve them in a few simple ways. These include ‘front-end’ and ‘back-end’ skills which will be covered in this section.

Don’t forget that running a holiday let is like running any other type of business!

The steps you should take to meet the skills required:

• You need to know you can cover all the bases.

• Take a look at your team and match up the skills you have with what you’ll need.

• Then make a list of what you have now, would be willing to learn and what you’ll need to buy in.

Examples of front-end and back-end skills:

Back End Skills

• Maintenance

• Marketing

• Accounting

• Website Design

• Social Media

Front End Skills

• Interior Design

• Garden Design

• Meet and Greet

• Cooking

• Cleaning

Summary Of Chapter 1a

This brings chapter 1a of our e-book to a close, and we hope this has given you a better idea of the type of property you are looking for, the location, the skills that owning it may require, as well as any legal implications involved.

Make sure that you keep a look out for the next part of the ebook (chapter 1b) which will introduce you to more complicated stuff, but don’t worry, we will guide you through it step-by-step.

The sections in chapter 1b include insurance advice, tax implications and more, so make sure you keep your eyes peeled for our next issue, because you don’t want to miss out.