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Repairs and Renewals Costs
A holiday rental property is like any other property, things wear out and things go wrong.Clearly the property you own will affect the likely bills - a new build property will likely require less ongoing maintenance than an older property, for example - but you should never assume there will be no costs involved over time.
Repairs and Renewals
All buildings need repair at some point - windows get broken, tiles come loose, appliances develop faults. You should expect that things will need attention, and provision an annual amount of £250-£500 to cover these eventualities, more if you have a sizeable property.
The extent of wear and tear will depend on the number of bookings you get but you should assume that over time you will need to do some redecoration, replace carpets, the sofa, the beds etc. An annual amount of £1,000 or more might be required if a sizeable item requires a change and you should budget a small amount, say £250, for an annual carpet cleaning, retouching of paint in most used areas, replacing of some damaged kitchen items etc
Emergencies
If the roof caves in you will need to get it repaired. Hopefully most things will be covered by your insurance but if you can a sum of money in reserve to cover short term costs is advisable.