Interview: Expert advice from Rupert Springfield of Gite Guru
In this insightful conversation over Instagram LIVE, Shannon of @BargainHomesAbroad welcomes back Rupert Springfield of Gite Guru to share advice on starting and running a holiday rental business abroad.
Setting up a holiday home business (in France) – do and don'ts.
1) Be very clear about why you’re doing this
A new lifestyle for yourself
A new revenue stream – if so, how much will you need to cover the costs, and how much will you need to earn?
Investment in property
2) Hire an Accountant, someone who will help you understand...
The taxes that you will pay, both in France and the USA
The requirements for both registering your business and doing the bookkeeping
What costs you can deduct
Inheritance law and Capital Gain Taxes (for when you sell the property)
3) Running a holiday home takes time and expertise. Are you going to do the work, or hire someone else to do it for you?
Marketing and communication with guests – this can be done remotely. Airbnb is not enough in Europe, you’ll need a multi-channel marketing plan.
Maintaining the property – both the house and garden
Changeover day, laundry, check-in and out, contact person for the guests
4) Visas Are there restrictions on how often you can enter the country, or stay in the country?
5) Budget Don’t blow your budget on buying the property. Make sure you have enough left in your budget to renovate and to furnish the property.
Rupert and his partner Franck decided to give up their careers and city-living to move to rural France, becoming dependent on the income from renting out holiday homes. It was therefore crucial that they made it succeed from the start. They spent two years looking for the perfect property, eight months renovating it and opened Le Mas & Le Mazet in 2016.
Where to find Rupert