"If you are thinking of letting your property or would just like to find out the letting potential we'd like to invite you to discover the difference and we can offer helpful advice with a free property visit without any obligation..
Our 'Preparing Your Property' Guide provides some of our recommendations on how to dress your property in order to generate the maximum number of bookings and income. These suggestions are just to give you an idea of what is expected. For full inventory listings and requirements for your property to receive a 4 or 5 star rating please refer to the Visit Britain website www.qualityintourism.com or contact The Coastal House.
We work closely with Blue Chip a family run local company representing a large portfolio of holiday properties in South West England, the majority of which are rated 4 or 5 star by Visit Britain. They provide high quality holiday accommodation with a portfolio that includes a diverse range of properties including modern apartments, traditional town houses and quaint cottages. Blue Chip holiday homes are typified by great views and high quality interiors and recognise the individuality of each property and their owners and strive to maximise the potential income that can be generated in each case.
Properties qualifying as Furnished Holiday Accommodation have a number of benefits over long-term rentals or second homes:
Capital Gains Tax on any sale is charged at a flat rate of 18% and should qualify for entrepreneur relief giving a rate of only 10% on the first £1m of lifetime gains
Any losses, such as initial furnishing costs, can be offset against other income to reduce income tax overall (subject to conditions)
If occupied by you for a period, further relief can be obtained through strategically designating the property as primary residence during ownership
The property can be used to reduce inheritance tax, dependent on the level of services offered
General running expenses, including mortgage interest and agency fees, can be claimed as expenses against pre-tax earnings
Capital allowances can be claimed on the costs of furnishings and fittings
The ability to frequently access property allows regular monitoring to reduce wear and tear, which is more difficult with long-term rentals. There are no sale restrictions because of long-term tenancy agreements and, of course, you can use the property for your own breaks
It is important to ensure that your property is maintained to a high standard and, where possible, guests are met by a friendly face. Owners have a number of options on how to manage maintenance and changeovers:
Manage the property themselves
Employ a local individual to manage the changeover on their behalf
Use a local firm who specialise in changeovers across a portfolio of properties
If you are unable to manage and clean your property yourself we can introduce you to reliable local companies who can provide that service for you.
Please contact us for accurate information on the likely income that can be generated from your property. We can also offer advice on issues such as insurance, how best to furnish your holiday home and what you need to do in order to get a 4 or 5 star rating from Visit Britain.
