Picking the Right Location for your Holiday Let
Sunday 2nd December, 2018 by Host & Stay
Location is absolutely key when selecting your potential SA or Holiday Let property, and its exact location i.e. its position with the same town even, can determine whether the property is going to be a fully functioning Holiday Let, whether it is going to be a multi-purpose Serviced Accommodation unit that attracts and caters for both holiday makers and business travellers, or whether it is going to be primarily focused on business travellers and contractors.
The location is going to determine how much you can charge per night, it will drive your occupancy rate, and it may or may not mean you need to seek planning approval from the local council.
Let’s take a look at an example of a three bedroom property that is close to the relatively well know city of York in North Yorkshire. The town offers a fantastic university, it has a fascinating heritage that brings tourists year in and year out, and it is an affluent city with growing businesses – on the face of it, it sounds like a great city within which to have a Serviced Accommodation. Why exactly do I say that? Well, there are a number of target markets for this potential SA. There are friends and families of students visiting at weekends, York is a city steeped in history drawing tourists from across the globe, and then there is the fact that York is going through phenomenal growth with the need of contractors and services from across the UK, all whom need temporary accommodation whilst undertaking their work.
The different markets will help to continually drive guests, and in turn should provide a supply and demand balance that favours a more premium price for central accommodation, and especially accommodation that offers a high specification and amenities.
If we take our example of Burnsyde Beach House, this property is the only one in Saltburn by-the-sea that can offer beach and sea views from just about every room in the property, as well as providing ample off street parking, and a patio area and garden for families and dogs. Due to these unique features, we have created a premium price point for the property, and we have focused our attention purely on the holiday-maker market. We have been able to drive a volume of bookings at a higher price point due to simple supply and demand factors, but all derived from the unique location of the property.
So, you can see that there will always be a slight difference between Serviced Accommodation and Holiday Lets, but that there is also potential for a hybrid strategy, like the York example, where a cross-section of target markets intersect and the property can be flexed to meet the demands of each.