Three- to four-bedroom properties that can sleep four to six people are most rentable on the holiday market, says Edward-Collins, and can let for as many as 42 of 52 weeks.
Easter to October half term is prime time for bookings. In peak season, a top-notch, three-bedroom property in Rock can let for £3,500 a week, says Edward-Collins. This would drop down to £600-£800 in the winter.
Cornwall’s popularity as a holiday destination has escalated in the last decade, says Edward-Collins. Investors have been flooding in as a result, which has been compounded as landlords with long-term letting portfolios have been selling up and moving into holiday lets for the tax perks.
This means that when it comes to building a portfolio, Edward-Collins’ advice is to spread out and diversify: buy properties for couples as well as families, inland as well as coastal. Save yourself at least from competing with yourself.
Though naturally not everywhere is a winner. Avoid the inland former industrial land between Redruth, Penryn, Helston and Hayle, around Saint Dennis or the clay pit areas on the edges of Bodmin Moor, says Edward-Collins. Property might be cheaper and they’re perfectly picturesque, but homes here “just don’t let”.
Fees are high: 30 to 35 per cent of your rental income will go on a 20 per cent commission fee (plus VAT) for marketing and bookings, an extra 5 per cent for management, and utilities bills on top.
Details also matter now that didn’t 10 years ago, says Edward-Collins. Pets are fundamental; Edward-Collins estimates that 70 per cent of holiday-home renters in Cornwall are coming with animals, usually dogs.