Many park home owners hire out or consider hiring out their lodge or static caravan. Hiring out your park home can give your income a much-needed boost, but there are some golden rules for renting out your park home. Let’s explore what these are. After years of reversal, this year is noticing a revival in one housing market district: purchasing a holiday home is back in vogue. The gush in interest applies not only to accepted holiday cottages, of which there are about 500,000, but also to expert’s park homes, of which there are 330,000. In both cases, purchasers require counseling on what and where to purchase — and, if they need to make their new home earn your money, advice on how to permit it.
Does your park allow renting out?
The first thing you should check is that the park in which your home is located allows properties to be rented out, as there are a lot of holiday parks in the UK that have a strict policy of not allowing this. Before you rent out your park home or look at park homes for sale with the idea of renting, check with the park operator first.
Do you have an insurance policy that will cover it?
Contact your insurance provider if you are considering renting out your park home. Many policies won’t cover the rental of a park home in a standard contract; generally, this comes under optional cover. Once you have the insurance, you will be fully covered for any loss of rental income in case of damages. There are also laws and legislation in the UK that you have to think about.
Will you have someone managing the rental?
The park itself may be able to help you when it comes to managing rental bookings and the upkeep of your park home. You usually have to give the park a percentage of the rental fees for providing such services.
How much will you charge?
There may be other residents on the park with similar homes to you that rent them out, so it is always a good idea to research the rental prices being charged and the cost of buying on your chosen park. Knowing how much park homes for sale cost and the rental potential on the site means you can charge the right amount. There are many websites that provide all the information you will need on park homes for sale and rental, so start your research online.
Tax rules have modified. For a park home or cottage to be appraised a Furnished Holiday sanction — the most likable tax status — it must be obtainable for rental by the public at the minimum 210 days per year and inhabited for at least 105 days per year. You can also counterbalance expenditure for instance furniture, basic depletion and professional charges.
Remember to always speak to the park operator before you hire out your park home. They will be able to answer all the questions you have and provide you with valuable advice before you take the plunge into renting out your park home.