Why A Holiday Let in Cornwall is a Great Investment
Purchasing a second home is becoming an increasingly popular choice for those wanting to secure their long term finances or seek an additional source of income. Making the decision to let your second home out as a holiday let can be extremely lucrative and the rewards are often far greater than a standard rental property.
With beautiful, golden beaches, an array of attractions and more sunshine than most of the UK, it will come as no surprise that, on average, around 20,000 potential holiday goers search for their perfect Cornish holiday each month, with this trend growing since 2012 (source: Google).
Here at Sykes Cottages, we’ve seen this demand grow year after year. The UK holiday market is going from strength to strength, making now the perfect time to invest in your very own holiday cottage
Your Second Home Could Pay for Itself
Purchasing a second home is a big decision and time should be taken to ensure your investment is both strategic and secure. If you’re going to purchase your second home on a mortgage, you want to be sure your monthly income is greater than your mortgage payments.
Last year, the average price of a semi-detached property in Cornwall was £209,309 (source: rightmove.co.uk). Holiday cottages advertised by Sykes Cottages in Cornwall, on average, generate up to £40,000 of additional income per year. This could contribute towards mortgage repayments, additional investments or the improvement of your holiday let.
Why a Holiday Let Could be Your Best Option
Some of our best performing holiday cottages in the South West achieve over £55,000 per year. Cornwall is considered to be the most popular holiday destination in the South West and, on average, properties in Cornwall generate 14% more per booking than neighbouring regions, making it the ideal location to purchase your holiday let.
In contrast, a long-term let property in Newquay, for example, would generate around £655 per calendar month (source: home.co.uk). This would provide you with an annual income of about £7,860 if full occupancy is achieved – far less than what you could potentially earn as a holiday let owner.
A popular Cornish holiday cottage advertised through Sykes Cottages is The Slipway, in Penzance. In the last 12 months this property has generated 51 bookings.
How we can help
If you’re seeking a local expert to help you on your new venture of owning a holiday let, then we’re here to help. Our regional managers have a wealth of local knowledge and could help your holiday let reach your its maximum potential.
Give us a call today on 01244 617743 or visit sykescottages.co.uk/letyourcottage/