Savills Portugal

Cheltenham’s festival scene is one of the best of any town nationally, perhaps even internationally.

For many, the pinnacle of the festival calendar is the Cheltenham Gold Cup, which is the feature race of the Cheltenham Festival, taking place this week (14-17 March). The event shines a spotlight on Cheltenham and draws over 250,000 visitors into the town over the four days.

Festivals and other big annual events can be of considerable value to an area. The Gold Cup, for example, is the most significant day of the year for many local businesses. For homeowners too, festivals can be an excellent way to generate income.

In Cheltenham, we have seen an increase in the number of buyers looking for a home with earning potential, perhaps by virtue of a lower ground floor apartment or an annexe, that can be let out to festival goers on a short-term tenancy.

Given the level of demand for, and relative scarcity of, accommodation during the festivals, it’s no surprise owners and prospective buyers are interested in taking advantage of the opportunity. Letting ancillary space on this basis can be a relatively low impact way of generating income while retaining flexibility for friends and family at other times of the year.

As such, properties that offer this option may command a premium on the sales market, especially those that are within walking distance to the town centre, offer parking and reasonable living and bedroom space. Outside space is important too, whether this be a garden or a small courtyard.

Letting ancillary space isn’t the only way of generating an income from your home during the festivals. Many owners choose to let their entire property for periods during the year – either staying with friends or family members or using the opportunity to take a holiday.

If you’re looking at how you might be able to make money out of your home, it is a good idea to plan ahead to secure the best tenants, and I recommend using a specialist company to ensure you get the best advice on pricing, as well as peace of mind.

Here is a selection of homes with income potential currently for sale in Cheltenham: