Anyone with experience of owning/letting holiday cottages?

[holidaycottages]

(name changer here)

We've seen somewhere that we would love to buy that has 2/3 self-contained holiday lets with a family home. Its currently being run as holiday lets so no 'setting up' to do.

Location is rural, excellent access to walking/cycling etc

Does anyone out there have any experience of owning/running/letting out holiday cottages and if so could you answer a few questions for me please.

What are the pros and cons for you/family?
What are your occupancy rates?
What are the typical problems you encounter?
Would you recommend it?
(and any other pearls of wisdom that you can offer....good or bad as I know its not all going to be good!)
All input/feedback would be very much appreciated

Thanks

Hi. I have had a holiday let for about 9 years. Occupany rates really depend on your location and competition. I would have a look at the books and see what sort of profit the lets are turning. Maybe speak to a big rental company like Rural Retreats and see what they think. Hope this helps.

We let in the Isle of Wight and have a visit Britain rating of 4 star. Having this rating significantly increases a) what we can charge b) our occupancy. We use an Isle of Wight specialist agent. We reckon to get about 20 weeks per year as we are a seaside location.
What is the current standard of the properties?
You need really good beds people will not come back if the beds are uncomfortable.
The most attractive decor is not to plain, but not too much of your personality.

I've run a successful rural holiday cottage business for 14 years with the odd blip!. DH and I also went into this business "cold" with no experience. It's not an easy lifestyle, but can be hugely satisfying and it is possible to make a living out of it!

Just remember that it is a 24/7 job. I was recently phoned at 6.00 am in the morning by a guest whilst I was visiting a sick relative abroad because they couldn't understand how to work the toaster!

There's so many things to think about - how are your painting and decorating skills, are you ace at cleaning toilets and showers (a truly nasty job IMO), can you organise central heating repairs within 24 hours, are you happy to wash and iron huge amounts of sheets and duvets, are you an ace diplomat???? I could go on for hours.

There are a couple of holiday cottage owner forums that would be able to offer you some advice. Lay my Hat is a good one to start with.

I'd be really happy to talk to you about the business, but not publicly on Mnet, so PM me if you'd like to chat - I may be able to put you in touch with someone in the area you are considering buying.

Good luck :)

Thank you all so much for your feedback and sorry I didn't get back to this sooner but real life intervened and kept me away!

Well, apparently current occupancy is around 50% (that is without advertising so just relying on return visits, word of mouth and good links with local Tourist Info offices) -basically current owners are wishing to retire so don't put in lots of effort in advertising etc as they like their free time too (although they are still taking bookings which currently run up to Sept 2011).

Cottages are lovely -well thought out, beautifully renovated, amazingly well-equipped, high standard etc.

ApplesandCider -I may take you up on that offer and PM you if it looks as if it might be a serious possibility.

Currently talking to bank to find a way round what I suppose is combining a mortgage and business loan (apparently its not impossible but is a major PITA!)

Thanks again everyone