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Main
points to consider as a property owner letting out rented
holiday vacation accommodation
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1) PRICES: Make sure
that the price is competitive.
If the rental is too high it will not attract visitors.
Ensure that the prices are kept up to date on your entry on
jmlvillas.com
2) LOCAL AGENT: If you do not live near the holiday
property, you must employ a good local agent who can check
your visitors in and out, arrange cleaning, routine repairs
and replacements, arrange linen hire or a laundry service
and keep an eye on the property when it is not occupied.
The agent should be able to provide a "Welcome Pack"
if you want to provide one - bottles of wine for example or
more if the visitors are arriving late.( milk bread, coffee
etc) You should provide your agent with the visitor's contact
details and vice versa so that they can contact the agent
if they are delayed or lost. You might also consider leaving
a bottle or two of wine for all guests.
The agent can of course be a friend or relative living locally,
but it should be a business relationship and the agent should
be paid.
3) RENTAL AGREEMENT: If you are letting a holiday property
in France you must provide a written agreement. In other countries,
although it might not be a legal requirement it is advisable
so that your terms of rental are clearly agreed.
The document need only be 2/3 pages in length and include
the names of the visitors, the dates of the rental. The amount
of damage deposit you are going to hold, The rental price,
cancellation of rental charges. Additional costs e.g. electricity,
linen hire etc.
A clause stating that if a local agent has to meet the visitors
at an unsocial hour, then any additional costs paid to the
agent will be paid by the renter. If it is a legal requirement
in the country concerned that the renter takes out insurance,
then add it into the agreement.
4) INVENTORY: It is essential that you have an inventory
of the contents that can be checked in with your guests.
Either the owner or local agent should politely point out
that if the visitors break equipment, if they are glasses
for example then they should replace, if it is more serious
- bed, window etc, then immediately report it.
5) PROPERTY HANDBOOK: Provide a ring bound folder with
some notes about the property - how the hot water system works,
where the rubbish should be put, information on local shops,
restaurants and attractions etc.
6) INSURANCE: You must make sure that your property
is properly covered for holiday lettings. You should advise
the insurance company that it is being let for this purpose.
In some countries (France for example) the people renting
must also take out insurance by law, but you must also be
covered. If you are looking for a policy visit our Insurance
section.
7) LOCAL REGULATIONS: You should ensure that your property
complies with the country regulations for safety issues.
In Britain for example a holiday home must have furniture
that complies with the fire & furnishing safety regulations
and displays the appropriate safety label. There are also
gas and safety regulations in certain countries. If in
doubt talk to the local Tourist Office in the area your property
is located in.
In France, rental properties
with more than 5 bedrooms are legally classified as a small
hotel. Hotels are classified as public buildings requiring
specific fire protection such as fire doors and officially
approved smoke alarms. These regulations are enforced by the
Mairie. Although there is no specific legislation for fire
safety in in private properties or rental properties with
less than five bedrooms in France, in any country the owner
must have a duty of care to his/her guests and install basic
fire protection such as smoke detectors, fire blankets and
fire extinguishers. It is suggested that the emergency
services numbers are included in any Property Handbooks.
8) TAX: It is advisable to consult an Accountant regarding
any tax liability from letting out your holiday property.
If
you invest in overseas property you must declare the profits
in the UK. Unless you are classified as non-UK domiciled,
you are taxed in the UK on all your income and gains wherever
these profits arise. If you let your overseas property you
should inform the tax authorities where the property is located,
which will sometime mean completing a tax return in that country.
The income and expenses from your foreign property must be
listed on the foreign income pages of UK tax return.Any foreign
tax you pay on that income can normally be off-set against
the UK Tax duew where a double taxation agreement exists between
the UK and the country where the property is situated. Remember
other countries have different rules for tax deductible expenses.
Take professional help.
9) AVAILABILITY: Ensure that the Availability dates
are kept up to date on your entry on jmlvillas.com
10) PRESENTATION (for web
photos - brochure) Make sure that you submit good clear
photos of the property. Sun shining on it, blue skies help.
Make it look more inviting. Consider having the dining table
set, a bottle of wine on the table as well. Beds should be
made up, leave the television on and internal lights as well
(particularly lamps on tables and units that can be seen in
the picture). Try to avoid having people in the photos. If you
need extra ideas, just take a look at some of the property
lifestyle magazines available in newsagents in most European
countries.
11) PAYMENT OF RENT:
Do take great care when accepting rental payments. Some people
are able to accept credit card bookings, but for the majority
they are dependent on payment by bank transfer or when the
guests arrive.
WARNING
- RENTAL SCAMS IN HOLIDAY LETS CLICK
HERE FOR DETAILS YOU COULD BE NEXT!
Take great care — if
someone is making a booking well into the future, the ideal
situation is to obtain a booking deposit at the time of booking
and the balance two months before they are due to arrive.
Stipulate those terms in your rental agreement and also on
ay printed booking forms.
Good luck with your holiday lettings and if you have any
further tips for property owners to be added here, please
email them to
us.
Please note this guide has been compiled from experience and
jml Property Services takes no responsibility for the accuracy of
its content.
You
have read this guide and click on the logo below to let out
you holiday vacation accommodation.
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