Im considering buying a flat in the Borders area to use as a holiday home and also to let out. The one im after is in a rather popular area, so i reckon it’ll probably makes it money back , and if it doesn’t i’m fortunate enough that i can absorb the costs. The place needs a lick of paint etc but no problem there. However sometimes it seems like it would be an awful lot of hassle…especially as we live at least 2 1/2 hours away from the area. Anyone have experience of owning such a place? i have zero so good news/bad news welcome…..

Air BnB (you need to keep on top of your bookings or they will kick you off for double booking etc)

Have a local company turn it over for you
get local contacts in trade, sparkys, plumbers etc who will do a good job.
Key lock box –

We have a property let out at the moment but when the current tennant leaves we may well turn it into a holiday let – it will be useful for ourselves as well.

We’ve been looking into the same thing, albeit in a different part of the country but a similar distance from home. Our thoughts are to make a bit of return in the summer then have a base for autumn and spring for ourselves. The numbers add up and we’ve chatted to other owners in the area who are happy with their purchase. Managing bookings and changeovers seems to be the main hassle plus issues with bad guests. Still on the fence as to whether it is worth it. If the right place comes up we’ll probably go for it. Still looking on and off. The more we see the less I’m willing to compromise as we’ve some great places with one or two issues.

I let out a house 200 miles away from home, done it for over 20 years. I use an agent and hassle has been minimal in all that time. If you’re doing it as a holiday let you’ll need to find someone to clean and set up between lets though.

Our conclusion was (looking at buying a place in Girona) that the times we would want to go there we would lose more in rental income than we would pay to stay nearby in an AirBnb. Also we would feel compelled to spend all our spare time there instead of impulsively zipping off to wherever we fancied.

Slightly different to your scenario. I’m off to our holiday home this afternoon, south west London to out in the wilds in Kerry so probably six hours door to door. We don’t let ours out commercially but friends use it.
Sometimes it’s a hassle sorting things out like decorarotors or general upkeep but once you get reliable people it’s a lot easier. There’s obviously a cost even just keeping an empty house ticking over, fuel insurance etc, so you need to work all that out. We’ve had ours ten years and it’s the best thing we’ve ever bought, I’ll be out on my road bike in quiet country lanes tomorrow morning followed by dicking about on an old Honda scooter in the afternoon and the local cattle show on Sunday.

BigJohn – the times we would want to go there we would lose more in rental income than we would pay to stay nearby

I don’t understand that bit

Gary M – do you let it out as a ltd company or is it just a private thing? It would mainly be to family and friends, probably at little more than it costs me to run the place – mortgage, utilities, council tax etc, but i’d be wanting to keep right of the taxman, do you use an accountant? Can refurbishment costs be written off against any profits?

My MD has several holiday homes.

He doesn’t seem to have many issues – BUT he has had issues when renting them for Christmas and the New Year – groups of drunk folk not in their own home tends to mean a lot of breakages and damage.

He doesn’t let them during this time now.

My parents had a cottage on the NYM for many years – it was great when there were kids around,but it became a burden: there was always something which needed doing and always a need to go to the cottage rather than holiday elsewhere. So I’d say don’t – it’s the reason I have a campervan rather than a rural retreat.
Having said that, some friends let theirs to defray running expenses, but letting it means they can’t just decide to go to their place whenever they want.

I have a rental villa in spain but live locally so manage it myself. 99% of guests are quiet, respectful and a pleasure to have to stay. Sadly the odd idiot comes along and ruins it for everyone. I have got pretty good at spotting said idiot so anyone showing these traits is denied booking.

Looked in Lakes as there are a few holiday lets for sale, top line numbers look good but delve down into the detail and you are not left much for what i consider a fair risk.

Most people i know here in spain who own rental villas have stopped letting, just do friends and family.

Let for one season and decided it wasn’t worth it. Lent to friends and decided that was worse than letting. On a risk:reward basis it’s crap. If you put it in the hands of an agency expect them under declare what they let – “it was a last minute booking and we couldn’t get hold of you”. In the local ski resort an agency put up a lot of building workers in the inter-season without telling the owners. One turned up for a weekend and found the place occupied, in a proper mess and with big numbers on the meters. An ex-colleague with two flats in the Alps had his place watched and the agency was only declaring about 50% of the lets.

BigJohn – the times we would want to go there we would lose more in rental income than we would pay to stay nearby

I don’t understand that bit

His Rental income $200/night
Cost to rent someone else’s Airbnb’s $150/night.
Less potential multiple night/long stay booking that he impacts by taking 3 night in his own place when perhaps he is now no longer able to cater to that 7nighter..

I look after the gardens for rentals and holiday homes, rentals are much easier as they are generally long term secure income and don’t need weekly turn around but always allow for sometimes a lot of work needed when the tenants have left and can also be hassle removing bad tenants.
Holiday lets can be real good earners especially 4-5 star places, it’s better to live close to one and be prepared to get a bit hands on as having cleaners etc can be quite costly weekly, as above finding reliable trades is important, sometimes you need them to be ready to fix stuff straight away not when they can fit you in. One place I look after is 5star, sleeps 8 and 50% of the customers have been party going groups and we did think this was going to be a problem but they have been the most respectful.