Country properties with a “plus one” detached cottage could offer homeowners a great opportunity to make some valuable income for retirement.
According to an article in the Daily Telegraph, a number of homeowners in popular tourist areas have found that turning their plus one into a holiday cottage for rent not only eases their mortgage burden, but is helping them build a healthy nest egg.
Susie Coker, 50, is one such homeowner who has reaped these rewards. She told the newspaper that her cottage is now providing an income of between £12,000 and £14,000 per year, with many of her guests being repeat customers.
“It stretched our finances to the max but we knew the lettings would do well because we are so well placed both for Stratford and the Cotswolds, so we went for it,” she explained.
“We spent the first six months doing the cottage up and making it attractive to visitors, opened the doors in 1998 and never looked back.”
Being so close to the property allows the owner to keep an eye on the tenants and be on hand should anything go wrong, but the use of a specialist lettings agency can help with finding bookings in a competitive market – particularly in the early years.
However, Ms Coker explains that certain standards are required. “The days when you could put granny’s cast-offs into a holiday cottage and expect your guests to be happy are long gone,” she warned.
“Visitors now expect broadband, two good televisions, books and a welcoming gift such as a bottle of wine when they arrive.”