Many people buy homes abroad for investment purposes and, rather than having them left empty, want to let them out. But it’s not always easy when you’re located hundreds of miles from the property. Here are some tips on making the most of the letting potential of your property.

1. First check that you can let your property. In some areas, there are restrictions in place.

2. Find a reputable management company located near your property, to handle the letting for you. Depending on where you’ve bought your property, and if it’s in an established holiday village, there may have been letting or management options included in the blurb when you purchased the property.

3. Make sure you know exactly what the management or letting company will and won’t cover. Do they include cleaners, for example?

4. Weigh up the potentials of both short and long-term lets. Depending on the location, there may be a demand for long-term lets from locals. Although rent may be cheaper than peak holiday lets, having tenants in place on a long-term basis may work out better in the long run.

5. Ensure your property is fully furnished and has all the necessary equipment included, especially if you’re going to offer short-term holiday lets.

6. If you’re going for a holiday let, decide who your property will be aimed at – young families, couples, older couples or high-end luxury holidaymakers.

7. Consider how your property will be advertised. A management company should do plenty of their own advertising, but you could boost it by setting up a website to promote your property too, or place ads in local publications if you’re trying to attract the holiday rental crowd.

8. Ensure you’ve sorted out any relevant insurance. You can find advice on insuring your investment property on Primelocation.com

9. Put together a pack of tourist information for your holiday home, so renters will know where the local restaurants are, where they can catch buses or trains, where the nearest shops are and any attractions worth visiting in the area.

10. Set aside a budget for dealing with wear and tear. This is inevitable with renting a property and there will be things that need updating, replacing or decorating.

This entry was posted on Tuesday, December 2nd, 2008 at 1:39 pm and is filed under Letting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.