A new report says Brits who own property abroad could combat the effects of the credit crunch by renting their houses out to holidaymakers
Experts are predicting growth in the holiday rentals sector as more second home owners seek to make the most of their property abroad. According to Holidaylettings.co.uk around 80% of overseas homes are not let out, which means just one in five holiday home owners make use of their property when they are not there.
As Mintel research recently revealed that nearly a quarter of all overseas holidays are taken in a private home, Holidaylettings.co.uk suggests that those who havent previously rented out their holiday home reconsider in the current economic climate.
According to the ONS 850,000 Brits own land or property overseas, and one third of these properties are in Spain. 36% are two bedroom properties, while the occupancy average is 12-20 weeks for an industry which is worth over £1bn annually.
Tips for renting out your second home include:
* Make sure the house is easy to reach from a well-served airport, to make sure you will have plenty of custom
* Make sure your property appeals to the demographic who want to come on holiday to your local area, and check other properties online, and how much they are charging before fixing your price
* Make the most of your unique selling points or USPs anything from a roof terrace to a private pool will attract more holidaymakers to your property
* Check with the local authority about rules and regulations of renting out property in your chosen country and make sure youre aware of different tax rates etc which you need to be aware of
We expect the ratio of homeowners renting their property out may change in coming months from one in five to one in three as owners look to make their assets work harder for them creating huge growth in the industry, the report states.