Island Life Magazine Ltd December 2006/January 2007 | Page 20
PROPERTY
The professionals behind
the holiday lettings process
Holiday property ownership on the Island is booming as more and more people
realise the advantages of investing in a second home that they can let out to
visitors as well as enjoy for holidays of their own.
But for those who have never ventured into this
arena before, the process of locating, purchasing,
upgrading and marketing a suitable property can
be complicated and time-consuming.
That’s where Island lettings company
Holidays2Remember scores highly with new
landlords - because it works closely with a team
of specialist service providers whose expertise is
always on hand to smooth the process.
These include a property management
company, an estate agent, financial advisor,
architect and accountant – and all of them are
tried and tested because they were the very
people Holidays2Remember founders Josie and
Tacis Gavoyannis called upon when they bought
their own first holiday property on the Island.
In fact the couple decided to set up their
holiday lettings business after learning lessons
from their own experience and building up this
valuable contacts network.
So who’s on the
Holidays2Remember team?
The property manager
Amanda Bolwell had previously worked at
an Island estate agency before setting up her
company, Island Property Management, with just
one house. Over the past three years, her client
portfolio has grown to 25 properties – ranging
from two-bedroom cottages to seven-bedroom
country homes.
Drawing on its own local network of property
maintenance contacts, Amanda’s company offers
a complete package including everything from
a changeover service to gardening, cleaning,
general maintenance and emergency call-out.
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Because many of the property owners live on
the mainland, having a dedicated service such as
this on the Island takes the strain of managing
their holiday let from a distance.
“We have a whole team of trades people we
can trust and with whom we have built up good
working relationships,” says Amanda.
Island Property Management is now working
closely with Holidays2Remember and manages
most of the properties on its books.
The businesses have a similar ethos in that
they believe in constantly upgrading holiday
properties to offer visitors the best quality
accommodation.
In the closed season, Island Property
Management oversees renovation projects, such
as putting in new kitchens and bathrooms. “We
actively encourage our owners to continually
upgrade their properties because quality is what
the market is now looking for,” says Amanda.
The estate agent
Charles Spence, a partner at the Wootton Bridge
estate agency Christopher Scott, says he is seeing
a steady growth in demand for good quality
country and coastal properties as holiday letting
propositions.
He sold Tacis and Josie Gavoyannis their first
Island property, Mill House at Brighstone, which,
he says, is typical of the type of “interesting
coastal property” that second-homers tend to
look for.
“We deal on a very personal level and like to get
to know our clients’ needs and preferences so
that we can hopefully locate the ideal property
for them,” he says.
Charles adds that most buyers of property for
holiday letting are looking primarily for unspoilt
locations with good views and good access to
walks and beaches – although there are also
some niche markets in busier areas such as
Cowes with its sailing attractions.
“Generally speaking the holiday lettings market
has become much more sophisticated in recent
years, with a growing demand for higher quality
property and holidays all the year round”.
The accountant
Letting propert y to holidaymakers has a big
advantage over general residential letting,
according to Michael Finn of West Sussex-based
accountancy firm Finn & Co. – and it boils down
to tax.
“Holiday letting enjoys a unique tax treatment
and is in fact quite beneficially treated from a tax
point of view,” says Mr Finn.
Like the other specialists employed by
Holidays2Remember, Finn & Co has witnessed
a growing trend for investment in holiday
property, and he puts it down to two main
reasons:
“The first is that we live in an age of leisure
which has lead to a growth in demand for higher
quality accommodation for holidays and short
breaks” he says,
“And the second is that, unlike normal
residential mortgages, the interest paid on a
mortgaged holiday property is allowable against
tax”.
This, he explains, is because holiday letting is
treated for taxation purposes as a trade and not
an investment.
He says it’s a always a good idea for anybody
considering a foray into the holiday lettings
business to speak to an accountant quite early in
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