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-Issue Number 200 |
Thursday, December 1, 2005 | Page
27 |
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Welcome
to the on line edition of the popular Tenerife free newspaper The Western
Sun. Click on the page pictures on the left hand side or the grid below
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Just spend a little, sit back – and watch your money grow
I know many owners who make a very decent living solely from letting their holiday homes.
A friend of mine stumbled into the letting business by accident four years ago when he inherited his mother’s villa on the Costa del Sol. He did so well out of it in the first year that he sold his yacht and business to finance the purchase of another two villas. When fellow owners saw his success, they asked him to manage the letting of their villas.
He now owns or manages nearly 30 villas, pulling in an enviable gross income of more than £800,000! That includes the big commissions he earns from referring all his clients to a local car hire firm.
One of the secrets of his success (besides the fact that he has a great deal of business acumen) is that he specialises in top-of-the-range, luxury villas which are beautifully furnished and exceptionally well equipped.
Extra comforts such as central heating, log fires and thick rugs enable him to secure bookings for about eight months of the year. Christmas, New Year and Easter bookings bring in as much income as the high season lets.
Well, maybe you’re not in a position to buy the most luxurious of villas..But take the advice of seasoned holiday property owners and go as upmarket as you can possibly afford.
And don’t skimp on the furnishings and extras – quality and comfort will be appreciated by your guests. They’ll probably come back year after year and tell all their friends about your villa.
The same applies even if you’re buying a small studio apartment. Furnish and equip it well and pay attention to small details – a welcome pack with helpful information, a bottle of wine in the fridge and some Body Shop goodies in the bathroom all make a huge impression on people (especially women!).
Miserly owners who try to cut costs (and there are plenty of them around!) only succeed in shooting themselves in the foot. A family who rented a lovely three-bedroomed villa with a private pool on the Costa Blanca last August were horrified to find saucepans with broken handles and a motley collection of mugs and glasses. Needless to say, they WON’T be returning.
Location, is everything – especially when it comes to holiday letting. A private or communal swimming pool is essential for successful letting, as is easy access to the beach, shops and nightlife. Your holiday let will also need to be within easy reach of an international airport with regular charter flights.
Sure, you can go for a lovely little mountain hideaway in the back of beyond and aim for the more “discerning” holidaymaker ... but you won’t make your fortune that way!
For any advice or information on investing please call us direct on 0034 922 794751.
ADAM GOUGH
Investment Advisor
620 113366