Latest / Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights / Holiday Let Costs Explained: What First-Time Owners Get Wrong

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Holiday Let Costs Explained: What First-Time Owners Get Wrong · Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights

• 0:00
  Welcome to Holiday Let's Insider, the podcast that takes
• 0:03
  you behind the scenes of the holiday letting industry.
• 0:06
  Brought to you by Host Planner and Sykes Holiday Cottages, the
• 0:09
  show is packed with expert insight, real world strategies
• 0:12
  and actionable advice to help you succeed as a holiday let
• 0:16
  host. I'm James Farley, the founder of
• 0:18
  Host Planner, and in each episode we'll dive into key
• 0:21
  topics like property management, guest experience and revenue
• 0:25
  growth, and we'll be joined by industry experts who know what
• 0:28
  it takes to thrive in in this sector.
• 0:30
  In today's episode, we'll be talking to Natalie Johnson about
• 0:33
  the costs of running a holiday let.
• 0:36
  Are you looking to take the hassle out of holiday letting
• 0:39
  while setting yourself up for success?
• 0:41
  With Sykes Holiday Cottages, you benefit from working with a team
• 0:44
  of real people with fast experience and knowledge or
• 0:48
  providing a unique service to support you every step of the
• 0:51
  way. Eleven time consecutive winners
• 0:54
  of the best large company for UK holiday home rentals at the
• 0:57
  British Travel Awards. Sykes users industry leading
• 1:00
  pricing systems, dedicated account management and a network
• 1:04
  of more than 700 booking partners to help get the most
• 1:07
  out of your investment. Sykes aims to combine trusted
• 1:10
  experience with local expertise to help make your holiday let's
• 1:14
  a success. Get in touch today to find out
• 1:17
  more. Head to
• 1:18
  sykescottages.co.uk/letyour Cottage for further details.
• 1:27
  Hello and welcome to Holiday Let's Insider.
• 1:29
  Today's special guest is Natalie Johnson, a property consultant
• 1:33
  and Holiday Let's owner who works with Sykes Holiday
• 1:36
  Cottages. How's it going, Natalie?
• 1:38
  Very well. Thank you.
• 1:39
  How are you? I'm really good.
• 1:40
  Thanks. Looking forward to this episode.
• 1:43
  So we're going to focus on the costs of running a holiday.
• 1:46
  Let's so tell us what are the costs that tend to surprise
• 1:50
  first time owners? Well, there's there's quite a
• 1:54
  lot of costs that tend to surprise first time owners.
• 1:57
  Some things may seem very obvious when you're buying your
• 2:00
  own property, but when you're buying a holiday let it's a
• 2:04
  different thing. So I think the most surprising
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  things are so for example, the way you purchase the property.
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  So the mortgage, it's a different mortgage interest rate
• 2:15
  which tends to be a little bit higher.
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  So that's sometimes a surprise. Stamp duty is another thing.
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  So it's a higher stamp duty for a holiday let than it is for a
• 2:25
  normal residential property. That can vary depending on the
• 2:28
  the price of the property, but anywhere between 5 and 17% more
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  depending on the price of the property.
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  That's something that that needs to be factored in and things
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  like setting up the property, you know, those, those costs can
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  be quite surprising to people. I think they, they initially
• 2:48
  have a figure in mind before they've done any research and
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  before they've talked to maybe the property consultant.
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  And the figures that they often come out with are quite
• 2:58
  different to, to what they end up paying in the end.
• 3:01
  It's a little bit like these house renovation programs where
• 3:04
  they intend to spend a certain amount and then it it's
• 3:07
  significantly higher. So that is is probably the
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  biggest surprise to people. But then things like stocking up
• 3:16
  the property just on laundry towels can be a massive cost and
• 3:22
  then maintaining, maintaining the property you've obviously
• 3:25
  got cleaning costs and upkeep, etcetera.
• 3:28
  So those are the main things that surprise people, I think.
• 3:32
  Yeah, the, the maintenance and upkeep, that's a great one to
• 3:35
  mention because even if you've got, you know, I've only got a
• 3:39
  couple of properties, but even with a couple of properties,
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  you're going to contact a plumber more than you think.
• 3:44
  You're going to contact an electrician more than you think,
• 3:46
  A handy person as well. And great point as well.
• 3:49
  When you're starting out, Yeah, you know that the mortgage, the
• 3:51
  deposit is going to be higher. You're looking at a minimum 20%
• 3:55
  deposit and that stamp duty has only gone up and up and up the
• 3:59
  last definitely over the last 10 years.
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  And now it's, it is, it is pretty high.
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  So people will be in for a bit of a shock.
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  And I think as well when you're when you're kitting out the
• 4:07
  property for a holiday let, it's very different to other forms of
• 4:11
  property investment. A buy to let you probably pay
• 4:14
  for the white goods, maybe a small amount of furniture, but
• 4:17
  with a holiday let, you need to kit it out completely.
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  You need all the kitchen utensils, you need all the
• 4:24
  furniture, you need all the bedding, all the towels and and
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  it can add up. Yeah, yeah.
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  And I think sometimes particular people that have done long term
• 4:33
  let's before they have an idea of what they spent previously.
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  But with a holiday let it's completely different.
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  The quality of the items are completely different and things
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  like, you know, the quality of the furniture, getting something
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  that's hard wearing because ultimately yes you can get
• 4:51
  cheaper things, but it's false economy.
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  You're just going to end up replacing.
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  Whereas if you get quality to start off with, that tends to
• 4:59
  last and you need to have that luxury feel with a holiday light
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  as well. Absolutely, yeah.
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  So I mean, if you're consulting with somebody and maybe maybe
• 5:09
  they've got the property, they've bought it, but it's
• 5:11
  empty at the moment, what are the key setup costs that they
• 5:15
  need to budget for? Like where do you start in terms
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  of making sure that you've got the right amount of cash ready?
• 5:21
  Yeah. So first of all, obviously once
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  you've purchased the property and you've done your stamp duty
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  and all of those things, you've got your obvious things.
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  So you've got your furnishings, but it's your decorating as
• 5:31
  well. You know, you've got to get it
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  painted sometimes you've got to have it replastered, rewired,
• 5:36
  all of those things. And then obviously all your
• 5:41
  purchases, like you said, for your kitchen cupboards, all of
• 5:44
  those things, they're not insignificant costs, but then
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  you need to think about the upkeep.
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  So cleaning your biggest cost really are utilities I would say
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  and your cleaning. So and they're the two things
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  that you've got to get right on a holiday, let you want good
• 6:00
  reviews for your cleaning. So cleaning costs now anything
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  between 20 and 25 lbs an hour. I did a little calculation
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  actually earlier just to say on a on a sleeps 2.
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  So we know we're getting more shorter term.
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  Let's at the moment there on the increase.
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  So if we took a sleeps 2 property that's getting 2 short
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  let's a week for 52 weeks and you average that as a 2 hour
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  clean just without your laundry, you're looking at a cost of four
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  and a half 1000 lbs. So that is not an insignificant
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  cost when it comes to cleaning and you've not even done your
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  laundry at that point. So I think people underestimate
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  the cost of that. In their minds, they're not
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  really thinking of an hourly rate even at that at that price.
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  But but this is what things cost now and then.
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  Your utilities, of course, they've gone up a lot.
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  And people are perhaps not as careful with how they use their
• 7:03
  utilities when they're in a holiday let.
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  So if if you're living at home, you turn your heating down when
• 7:08
  you go out, you're careful about how your bills are mounting up.
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  Whereas in a holiday let they are are using all the facilities
• 7:18
  including your heating, your lighting, all of those things.
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  So as a rough guide, I would say that those costs are sometimes
• 7:27
  three or four times the cost that you would find in your own
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  residential property. That's in my experience as an
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  owner. Yeah, I think it's good advice
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  and I think it's a good tip really to extensively do your
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  research and then whatever you think it's going to cost in
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  terms of the budget when you're getting the place out or even
• 7:47
  the budget when you're running the place, add a chunk on, you
• 7:52
  know, you know, but you know, make sure that you're covered.
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  And I think as well, this kind of really showcases the
• 7:58
  importance of knowing your numbers and getting your rates
• 8:01
  right, because you want to make sure that your property can can
• 8:05
  earn you a profit at the end of the day, or at the very least
• 8:08
  pay its way. And I guess like, I feel like
• 8:12
  there's a lot of host and property managers out there that
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  don't really know their numbers that closely and kind of they're
• 8:19
  just happy to get the guests in. So I think, yeah, I think doing
• 8:22
  your research is, is so, so important.
• 8:26
  So beyond the obvious, then. So we've kitted the place out.
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  What are the ongoing costs that owners sometimes underestimate
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  year after year? Yeah.
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  So you've got things like your council tax or your business
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  rates, they're all things that need to be paid for.
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  Things like, so we've talked about utilities, but things like
• 8:49
  Internet, you need a really good Internet.
• 8:51
  It sounds like a really basic cost, but Internet prices, you
• 8:55
  know, you might get a deal for 1499 a month and then when that
• 8:59
  deal lapses, often that'll go to £5060.00 a month.
• 9:03
  And, and people don't realise, and I know it sounds really
• 9:06
  obvious, but just reviewing your costs annually just to see where
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  you're at. So things like your mortgage
• 9:13
  cost, if you tie in for a couple of years, you know, once you've
• 9:17
  come out of that deal, that can make a massive difference.
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  So diarise things and just regularly check and, and do your
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  research. There's always a cheaper deal
• 9:27
  out there and, and now more than ever where things, you know,
• 9:30
  costs are enormous for people. We've got to make a profit and,
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  and everybody's running their business for different reasons.
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  So some people, you know, want to hang on to the property, they
• 9:41
  want to just break even. But for most people you're
• 9:45
  interested in making a, a profit.
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  I mean, I know I am. That's why, that's why I'm in
• 9:49
  this business so regularly checking on those things.
• 9:54
  There are now additional costs coming in.
• 9:57
  There's new legislation, so there are licensing implications
• 10:01
  in some instances, depending where you live.
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  Yeah, definitely keep an eye on your utility bills, your
• 10:07
  Internet, your energy bills, that kind of thing.
• 10:09
  You might find with some suppliers, if you have more than
• 10:13
  one property, you might be able to get kind of a bit of a
• 10:16
  discount if you're with the same supplier.
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  So, you know, make a call, you know, you might as well ask and
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  definitely, definitely shop around.
• 10:25
  You've mentioned they're kind of potential regulatory changes
• 10:30
  when when it comes to marketing and agency fees.
• 10:34
  How should owners think about value versus cost?
• 10:38
  And I guess, is professional management worth it?
• 10:43
  Absolutely. So without a doubt, really what
• 10:48
  you're buying into when you go with a professional firm.
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  So you know, whether you're with an agency, so Sax Cottages for
• 10:56
  example, if you try and do it on your own, you can be the best
• 11:02
  marketing person in the world. You can have the best website,
• 11:04
  you can have all of those things, but you just don't have
• 11:07
  the reach. You're not spending the amount
• 11:09
  that these companies are spending.
• 11:11
  You're not advertising on all these platforms.
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  So at the end of the day, I might be fantastic as an
• 11:17
  individual owner and I might have a beautiful website, but
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  I'm not going to come up even in the top 250 on a search.
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  Whereas a company like sites, they're always going to be in
• 11:27
  the top 2. They're advertising with 750
• 11:31
  different partners. So it is more expensive to go
• 11:34
  with a company like that. But ultimately, if that brings
• 11:37
  you the levels of bookings and you're getting the return on
• 11:40
  investment, then it's absolutely essential.
• 11:43
  I don't even think it's better. I think it's essential in this
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  day and age. I don't believe you can do it
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  any other way. You know, if you're an owner
• 11:50
  with 123 cottages, you've got to, you've got to go on a
• 11:55
  platform like that. So yeah, it's absolutely worth
• 12:00
  it. Definitely.
• 12:02
  And in relation to like working with a management company as
• 12:05
  well, how much does it help when it comes to maintaining your
• 12:09
  property, making sure that you're completely compliant and
• 12:13
  just keeping on top of things? Because if you don't keep on top
• 12:17
  of things as a holiday let owner those costs later on, they they
• 12:20
  can spiral out of control. Absolutely, yeah.
• 12:23
  So they have lots of information on on their website and they
• 12:28
  will notify you when new legislation comes in.
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  So it's very difficult as an individual to keep on top of
• 12:34
  everything. But they have a compliance
• 12:36
  department that that look at that they remind you when your
• 12:42
  gas safety check for example needs renewing when your holiday
• 12:47
  let insurance is up for renewal. So all of those things are a
• 12:51
  really useful tool because obviously if you lapse with any
• 12:55
  of those, you could find yourself with a very hefty fine.
• 12:59
  So all those things are important.
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  So I think it's essential to go with a company like that.
• 13:06
  I don't think I'd manage without it to be honest.
• 13:09
  Running mine SO. And once you are set up as well
• 13:13
  and you think that everything's in your rental and you know
• 13:17
  you're going to provide a great guest experience, how important
• 13:19
  do you think it is for you or maybe somebody you trust to
• 13:23
  actually go and stay at the place to test everything and
• 13:27
  make sure that you're up to scratch?
• 13:29
  Yeah, I mean, I know a lot of owners that do that and they're
• 13:33
  saying it themselves before before they rent it out.
• 13:36
  I think it's good because you're getting a real customer
• 13:39
  experience at the end of the day and getting good reviews is is
• 13:43
  essential. And really you're only going to
• 13:46
  know what's missing by either trying it out yourself or having
• 13:49
  somebody that you trust to try that out.
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  There is a, there is a sort of a negative to doing that in that
• 13:58
  you then have to clean your property and turn it around,
• 14:01
  which is a cost in itself. But I think it's worth doing
• 14:04
  just to make sure that when that first guest comes in, you've
• 14:07
  covered every angle you could possibly think of.
• 14:11
  There will be things that come up along the way, but I think
• 14:14
  it's about being transparent as well that you're a new owner.
• 14:17
  I always say to my to my new owners coming on board with
• 14:20
  sites, tell, tell people that you're a new owner because you
• 14:26
  know, there might be something missing.
• 14:27
  It might be something that that can help you with your other
• 14:30
  bookings. And I think people are a little
• 14:32
  bit more forgiving if you've forgotten something and you're a
• 14:35
  new owner, because everybody's human at the end of the day and
• 14:38
  you learn as you go along the way.
• 14:41
  And how important is it? If you as an owner, you know
• 14:44
  there's something that's not quite right and it might break,
• 14:48
  or you know there's going to be a problem at some point and it
• 14:51
  might get mentioned in a review? How important is it to fix
• 14:54
  something if you know there's an issue ASAP?
• 14:58
  Essential. If you've noticed it, other
• 14:59
  people are going to notice it. And what might seem like a
• 15:02
  really small thing is enough for that customer staying in your
• 15:07
  property to look for other things.
• 15:10
  So for me, it's essential. So we talked about costs and
• 15:14
  unexpected things coming up. Have a little sinking funds.
• 15:18
  You know, you need to have a little sinking fund.
• 15:21
  Something might happen, You know, a chair might break.
• 15:25
  It might only feel like a small cost that I actually did it.
• 15:28
  Last week I broke a vase and you know the vase it's £50 but it
• 15:33
  might be 50 lbs that you've not accounted for.
• 15:35
  But you need to have a fund for those sorts of things.
• 15:38
  Things do happen and things wear and tear as well.
• 15:43
  You know, it's important that you replace things as they start
• 15:46
  looking old and shabby and things like white goods, you
• 15:51
  know, they have a shelf life. So you pretty much know when you
• 15:54
  get into your 10 year mark, everything tends to go wrong at
• 15:57
  the same time. So things like an unexpected
• 16:03
  boiler, you know, that's a massive cost.
• 16:05
  That's a massive cost. It's not something that you'll
• 16:08
  be able to go and just pick up that money to replace that.
• 16:12
  So, so having a pot of money for these sorts of things, it's just
• 16:17
  part of the maintenance of a property.
• 16:21
  Yeah, has to be done. You need, you need that fund
• 16:24
  there, the emergency fund just in case Getting back to kind of
• 16:28
  like the the day-to-day month to month running, then how should
• 16:31
  owners plan financially for low season periods, you know, when
• 16:35
  occupancy is not going to be as high as it is maybe during the
• 16:38
  summer? Yeah.
• 16:40
  So in, in some parts it's not as high in some parts of the
• 16:43
  country, but in other parts it might be as high the occupancy,
• 16:46
  but the revenue is significantly less.
• 16:49
  And unfortunately in the winter time that's when our costs are
• 16:52
  the highest. So we have the highest cost, but
• 16:55
  the lowest income. So for me holiday letting is
• 16:58
  very much looking at it on a 12 month basis.
• 17:01
  You know your income is going to be lower in the low season and
• 17:05
  higher in the peak season. So it's thinking about how you
• 17:09
  spread your cost over 12 months, maybe when you close your
• 17:14
  cottage off for things like essential maintenance.
• 17:16
  Don't do that in a peak week in August.
• 17:18
  It may seem obvious, but people don't plan ahead and then
• 17:21
  sometimes they have no choice but to take the slot that's left
• 17:24
  from the painter. So for things like that, with my
• 17:28
  painter, for example, I book him in every year, a year ahead,
• 17:31
  he's booked in in January, the second week of January.
• 17:34
  That's when I close my cottages off for that sort of maintenance
• 17:38
  and then I'm losing much, much less.
• 17:42
  Quite often I might be losing, you know, might cost me 1/3 of
• 17:46
  what it would cost me if I was closing it for a week in August,
• 17:48
  for example. So those things are important
• 17:51
  and things like if you use the property yourself or you lend it
• 17:55
  to friends, don't don't lend it them in peak because that's
• 17:58
  going to take a bigger hit, hit on your profits.
• 18:01
  All these things may seem really obvious, but to the new holiday
• 18:04
  let owner they they don't plan probably for these things, so
• 18:09
  that's worth thinking about as well.
• 18:11
  Yeah, you might have family and friends saying, oh, can we use
• 18:14
  your place on August bank holiday weekend?
• 18:18
  No, no, you can't. So where should owners be
• 18:23
  cautious about cutting costs? Where do you think it's smarter
• 18:27
  to invest? Right?
• 18:29
  You know you want to avoid buying cheap and paying twice.
• 18:34
  Yeah, So the, the we said about the quality of the furnishings
• 18:37
  and fixtures and things like that, that's well worth
• 18:40
  investing in in the 1st place because it will cost you less in
• 18:42
  the long run. And even down to the quality of
• 18:45
  the towels, you know, if you buy cheap towels, they're going to
• 18:48
  RIP, they're going to tear, you're going to be replacing
• 18:50
  them. And things like, I don't think
• 18:55
  you can cut costs on many things on a holiday let.
• 18:58
  So when you look at cleaning, for example, yes, you could go
• 19:02
  with a cheaper solution and a cheaper firm, but it's perhaps
• 19:05
  not going to be done as well. And then you find yourself going
• 19:08
  in and and cleaning afterwards. Or you might find yourself
• 19:11
  getting a bad review which ends up costing you much more in the
• 19:14
  long run because it will cost you further bookings and you
• 19:17
  might have to reimburse that customer because their
• 19:20
  experience wasn't quite right. So I think those things have to
• 19:26
  be invested in to get the return on investment in the end and to
• 19:30
  get the yields that you're looking for on your holiday
• 19:32
  cottage. But then perhaps picking the
• 19:36
  parts that you might want to do to cut some of that cost.
• 19:40
  So it's weighing up, you know, some people.
• 19:43
  So if somebody doesn't work, they may choose to do the
• 19:45
  cleaning themselves and then that's a massive cost saving.
• 19:48
  Yes, it's, it's time. Excuse me, but you're not,
• 19:52
  you're not paying somebody else to do that service.
• 19:55
  You might mow your own lawn. I mean, a customer told me the
• 19:58
  other day they pay £100 to have their lawn mowed every time.
• 20:03
  So to me, you know, maybe that's something I might want to do on
• 20:06
  a nice sunny day, get my lawn mower out.
• 20:08
  But all those things add up. But I don't think you can cut on
• 20:12
  the quality of what you're offering that customer.
• 20:18
  But looking at things like your utilities, looking at your
• 20:23
  Internet cost, looking at how often you have a service, maybe
• 20:29
  so people automatically will pay to have the lawn mowed every
• 20:33
  week, but maybe you can do that every two weeks.
• 20:35
  And that's not going to change your customer experience and
• 20:40
  maybe taking parts, parts of the service away.
• 20:43
  So rather than sending your laundry off, if you only got 1
• 20:46
  holiday cottage, you may choose to do that yourself.
• 20:49
  So the average cost of laundering one bedroom with with
• 20:54
  towels is 12 lbs. You know, you're charged per
• 20:57
  item. So if you've got 5 bedrooms, you
• 21:00
  might think, well, do you know what?
• 21:01
  I'm going to take that laundry in house and do it myself.
• 21:04
  That's the saving I can make. And it's not changing the
• 21:07
  quality of what I'm offering to that customer.
• 21:10
  So there are things you can do but but but don't cut on
• 21:14
  cleaning heating. Heating would be something you
• 21:17
  could influence, for example. So obviously whilst the
• 21:20
  customer's in, they need to be heated how they want to be
• 21:23
  heated. But a common mistake that new
• 21:26
  owners make is where they have a gap of maybe one or two days,
• 21:30
  they don't turn the heating down.
• 21:31
  So the heating is on full blast for for nobody's use.
• 21:36
  And that's a massive cost. So installing something like
• 21:39
  Hive where you have control from your phone and you can just turn
• 21:42
  that down when there's no one in and then just pop that back on a
• 21:46
  couple of hours before someone checks in.
• 21:48
  Those are those are all things where you can influence
• 21:52
  influence the cost. Yeah, there's a lot of things
• 21:54
  you have to weigh up and you have to think about your own
• 21:55
  time as well. You know, if you're working a
• 21:58
  full time job and maybe your hourly rate is a lot higher than
• 22:02
  what it would be to pay for a cleaner or to pay for somebody
• 22:05
  to mow the lawn, You've got a weigh up where you can be most
• 22:08
  valuable and weigh up you know what, you know what it means to
• 22:11
  you and it from a financial point of view as well.
• 22:15
  So if someone's about to buy their first holiday let then
• 22:18
  what's the One Financial mindset shift they need to make?
• 22:25
  So common thing when I go and see new owners because sometimes
• 22:28
  I'll go and see a property with them that they're thinking of
• 22:30
  buying, for example. And you tend to look for a
• 22:33
  property that you love personally.
• 22:35
  So you've got an emotional pull to that property.
• 22:39
  It's important to have some form of emotional pull because if
• 22:42
  you're going to, if you're going to set that holiday cottage, but
• 22:45
  well, then you need, you need that attraction to the property
• 22:49
  in the 1st place. But, but, but not thinking
• 22:53
  emotionally to the point where it's not going to be your
• 22:55
  property, It's not going to be your house.
• 22:58
  It's not a holiday let that is for your use, but you might use
• 23:02
  it occasionally. But the, the reason you're
• 23:04
  buying it is to run as a business, as a holiday let
• 23:07
  business. So it's thinking financially
• 23:11
  rather than just emotionally and think about what's going to give
• 23:15
  you the best return. So is this in a location that is
• 23:18
  going to let us a holiday let? Is it the type of property that
• 23:21
  people would want to use? Has it got a unique selling
• 23:24
  point? Can I make it into a holiday let
• 23:28
  that's going to rent 52 weeks a year?
• 23:30
  This is what you should be, you should be thinking.
• 23:33
  So making the shift from emotional to financial return is
• 23:38
  what what I would say is the biggest shift that people need
• 23:41
  to make. Great advice, Natalie, it's been
• 23:44
  a real pleasure. Thank you for joining us on
• 23:46
  Holiday Let Insider. Thanks for having me.
• 23:48
  Great to chat to Natalie Johnson there from Sykes Holiday
• 23:51
  Cottages. I hope you found that episode
• 23:53
  useful. All right, that's it for today's
• 23:55
  show. If you're keen to work with
• 23:56
  Sykes, head to sykescottages.co.uk/letyour
• 24:01
  Cottage. And for more free education tips
• 24:04
  and trends from the STR industry, visit Houseplanet dot
• 24:07
  Club, where you can sign up for our newsletter, listen to our
• 24:10
  podcasts, and download a suite of ebooks for hosts and property
• 24:14
  managers. That's it for today's edition of
• 24:16
  Holiday Let Insider. Until next time, happy hosting.