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MAIN POINTS TO CONSIDER AS A PROPERTY OWNER LETTING OUT RENTED YOUR ACCOMMODATION IN WALES
Make sure that the price is competitive.
In France for example, rental properties with more than 5 bedrooms are legally classified as a small hotel. Hotels are classified as public buildings requiring specific fire protection such as fire doors and officially approved smoke alarms. These regulations are enforced by the Mairie. Although there is no specific legislation for fire safety in in private properties or rental properties with less than five bedrooms in France, in any country the owner must have a duty of care to his/her guests and install basic fire protection such as smoke detectors, fire blankets and fire extinguishers. It is suggested that the emergency services numbers are included in any Property Handbooks.
10) PAYMENT OF RENT: Do take great care when accepting rental payments. Some people are able to accept credit card bookings, but for the majority they are dependent on payment by bank transfer or when the guests arrive.
WARNING - RENTAL SCAMS IN HOLIDAY LETS CLICK HERE FOR DETAILS YOU COULD BE NEXT!
Take great care — if someone is making a booking well into the future, the ideal situation is to obtain a booking deposit at the time of booking and the balance two months before they are due to arrive. Stipulate those terms in your rental agreement and also on any printed booking forms.
11) PRE - LETTING CLEANING: -Make sure the property is clean and tidy before the guests arrive. At jmlvillas.com we have received complaints that the property was dirty and even someone still in there when a guest arrived in the early afternoon. Make arrangements to have the property cleaned thoroughly in between lets and if it stays vacant for a while between a let, have it cleaned before the new guests move in.
15) SWIMMING POOLS: Remember that many countries now have specific rules for swimming pools (alarms / fencing in France). Ensure you are properly insured, arrange for a regular maintenance contractor to check it and if it is a Communal pool remember to advise your renter guests that it could be closed for a maintenance project during their stay. There are occasions when they have to be drained or r-tiled and will be out of use for several days)
16) RECORD KEEPING FOR PROPERTY OWNERS: As a property owner ou are required to maintain complete records of all expenses incurred and the income received from your properties. This means that you must hang onto every relevant receipt and keeping details of any personal assets you used for the property business. An example of this would be to note down the details of all journeys you make concerning your property's business, the portion of your home used to process related paperwork and time spent on your computer carry out work for the property.
You should retain all bank statements and all records have to be retained for five years after the tax return filing date. Any receipts regarding property improvements should be kept for six years after the end of the tax year in which the property is sold. If you don't keep tax related records you could face a UK fine of £3,000.
Good luck with your holiday lettings and if you have any further tips
for property owners to be added here, please email them to us.
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