There's an article in the Times about self catering being hard work and not being the road to riches. They are right; in recent years the market has become more competitive, with it harder to guarantee occupancy and customers more demanding.
On top of this property price rises have reduced percentage returns - your property may now be worth £500,000 as opposed to £250,000 but rents haven't doubled.
It is possible for properties to do well but you need to:
- Find a property in a good location with clear appeal in photographs - internally, externally and with views
- Make sure you pay a good price for it
- Fit it out well but stay on top of your budget
- Maintain standards
- Spend a lot on marketing or find a good agent
- Expect to offer last minute discounts
- Treat your customers well[...] Continue Reading…