Backpacking across the globe is traditionally seen as a young person’s game: something to expand the mind and allow you let off steam before or after university study. But an increasing number of older people are beginning to set off on adventures like this.
The development of the internet has helped as usage in the older generation has increased, opening up the possibility of more affordable deals and tailor-made itineraries. Older travellers now account for half of all foreign travellers leaving the UK, according to recent research from Mintel. The research group found that 50 per cent of trips abroad taken abroad from Britain involved people over the age of 45, a rise from the 47 per cent observed in 2006. Meanwhile, overland travel operator Dragoman is reporting that the number of mature travellers using its services is increasing 20 per cent year-on-year.
However, unlike most carefree youngsters backpacking around the world, most older travellers have financial responsibilities that need to be looked after when they’re on the other side of the world. While any sensible traveller should set themselves a budget, finding ways to increase the income stream while you’re away will also be of great help.
For those that own a holiday home, one great way of boosting income and providing financial security while travelling is to rent out the property to other holidaymakers. If the property is not in use by the owner, there is money to be made by providing accommodation for others.
There are many things to consider before letting out a property, and if you are not going to be around to deal with the day-to-day administration, then these issues need extra thought. The first thing to do is to draw up a realistic cost projection, measuring all outgoings against an achievable income. Look around at the rental prices similar properties in nearby locations are commanding, but don’t expect to have tenants in the property every week of the year; holiday lets are seasonal and it can take time to build the word-of-mouth recommendations which really help holiday lets to thrive.
Once the project is deemed financially viable, you might want to start looking at how specialist holiday lettings agencies such as Rent My Cottage can help. For a relatively modest fee, these companies can handle dealing with tenants and running the rental, ensuring you have peace of mind and a regular income while you are on your journey of discovery abroad. When you return, you can either go back to using the property as your own private getaway, or keep renting it to pay for your next trip!