If you are planning to offer your new home overseas to let, the first thing you should work out are the laws that surround letting property in that particular country. There may be legal obligations and tax laws that you are unaware of so make sure you speak to your lawyer or solicitor and tell them that you intend to let out your property. If you a buying a property on a complex or a resort then there may be certain restrictions or obligations that you need to adhere to. In this case, make sure you speak to the property management company or the person in charge of the resort community.
You will also need to make sure your home has the relevant insurance for your guests as well as buildings and content insurance. Getting insurance with a holiday home specialist could save you a lot of time and stress in the long run. If you have a burst water pipe or the air conditioning shuts down in your new home will you have the time and language skills to call out and get repair quotes from local companies?
If you are able to pay for a property management company then they may be look after some of the day to day work and repairs for you but make sure you find out exactly what their service covers. For other general maintenance of the property it would pay dividends to speak to as many of the locals and neighbours as possible. Is there someone you could trust to leave the keys with? Who is the best local cleaning company?
Once you have checked you can legally let your property and you have the relevant insurance, you'll want to start to promote it to holidaymakers.
There are many ways to promote your holiday home including:
- Holiday Rentals Websites
- Expat Websites
- Local letting agents
- Social media
- Friends & family
- Referrals from previous tenants
Make sure you set yourself a marketing budget so you can expose your property as much as possible. If you've been careful and are willing to invest not just your money but a bit of your time, then letting your property could be a good income generator.
Top Tip!
Have an open guest book somewhere in the house with a section where people can write details of their best experiences in the local area. This will be especially useful for new holidaymakers so they can get an idea of trips and visits to local attractions - the more positive their holiday experience is the more likely they are to recommend your property to others!