If you’re thinking of purchasing a second home on the Isle of Wight, then it might be worth considering purchasing your very own holiday let. Whether you want to secure your long term finances or seek an additional source of income, owning a holiday let is becoming an increasingly popular choice for those seeking financial security.
With beautiful beaches, an abundance of culture and more sunshine than most of the UK, it will come as no surprise that up to 10,000 potential holiday goers search for their perfect holiday to the Isle of Wight each and every month (source: Google). At Sykes, we’ve seen this demand increase year after year. The UK holiday market is going from strength to strength, making now the perfect
time to invest in your very own holiday cottage.
Your second home could pay for itself
Purchasing a holiday let is a big decision and you’ll probably want to spend time reviewing the numbers and ensuring your investment is both strategic and secure.
If you’re considering purchasing a holiday let, you want to be sure the money generated by your investment covers your monthly mortgage payments. Last year, the average price of houses sold on the island was £228,269 (source: rightmove.co.uk). The average booking value for properties advertised by Sykes Cottages on the Island is around £800 per week, so if you catered for guests for 45 weeks of the year, then you’d be generating around £36,000 of additional income.
Part of this additional income could go towards mortgage payments or could go towards improving your holiday let. Ways in which you can improve your holiday let aren’t necessarily restricted to large renovation projects; simple improvements have been known to make an impact on booking numbers. For example, adding a hot tub could result in four to eight more bookings per year.
Why a holiday let could be your best option
As previously outlined, the average booking value of a holiday let on the Isle of Wight is around £800 per week. During a similar period, the average income of a standard rental property on the Island was around £800 per calendar month, making the average annual income around £9,600 if full occupancy is achieved (source: home.co.uk
). In contrast, a holiday let on the island could generate over £36,000 – almost four times more.
A good example of a holiday cottage fulfilling its potential on the Isle of Wight is The Springs (Ref. 2906), a one bedroom holiday let near Ryde. During the last 12 months, it has made a staggering 45 bookings.
How we can help
If you’re seeking a local expert to help you on your new venture of owning a holiday let, then we’re here to help. Our regional managers have a wealth of local knowledge and could help your holiday let reach its maximum potential
Give us a call today on (01244) 356666