Short term/holiday lets?

Reply to the comment left by Monty Bodkin at 19/04/2023 - 07:33
No - genuine question as I decide what to do with a property I inherited.
Why do you think it's a wind up?

Ask your local tourist information. Or give it a try and see. I have done this and found that it was busy at peak tourist times but other times not so went back to standard rentals but some areas get better occupancy

approach your local Age UK. If a bungalow they might have elderly on their lists looking for a long term rental.

Reply to the comment left by Crossed_Swords at 19/04/2023 - 08:32
I think the property would work well as a holiday let in the summer but I'm less confident about the winter, and that's were the risk comes in.

Tourist Info is a good idea - thanks!

Reply to the comment left by LL Minion at 19/04/2023 - 10:29
That would work well with the road it's on - plenty of elderly neighbours who all look out for each other.

The important question is do you really want to risk losing everything with buy to let ,what has already been decided will completely destroy buy to let and there is far worse yet to come
We have been in buy to let for 53 years with hundreds of tenants some tenants have been with us for over 30 years but no longer those properties that are suitable will turned into short term lets the rest have either been sold or in the process of being sold and tenants sadly having to go
In view of what is happening we had to make the only logical business decision it makes sense to move into short term lettings even if we make less money as the legislation already in the pipeline strips us of any rights over our assets but still both legally and criminally liable for its operation

I have done both, definitely private residential is best as less costly

Happy to pass on our experiences. Kenilworth is nice especially if near the castle. Also easy reach to Leamington and Warwick another castle. So tourism is good but as previously mentioned it is seasonal. What you need a contractors coming to the area to work on short term projects. The great benefit is under Holiday Lets or Serviced Accommodation it becomes a commercial let so section 24 does not apply. The down side is you need to furnish and then manage. depends on how long guests stay. few days or a week and then a full clean it keeps the place in good condition and deduct deposit money for damages if any. Our issue was management and cleaners. If your not nearby you need to employ somebody. Then you need to vet who is coming and judge what sort of people they are. We had innocent looking renters who then invited the drug gang in or tried to hold parties. That why it is best to rent for minimum nights say 3. Renters tend to compare prices to a hotel, when they are getting fully furnished apartments. But rates are higher now so maybe it is better. After 18 months we gave up due to management issues, and impossible cleaners who wanted to fleece you or do a poor job. We had 3 running in the same block but it all became too much hassle and work for little extra return (it was during/after the pandemic though). However if you can find somebody who is already doing this in the area they might take this on for you with a shared profit? Look on B.com and Expedia and AirBNB what is on locally.

Reply to the comment left by Bryan at 20/04/2023 - 20:42
Thankyou - that is most helpful.

I tried Airbnb over summer 2018 before moving it to btl and have stuck with btl. Property is London zone 2 near transport etc so mainly touriss. I can't recall exact numbers but my conclusion was profit was about 10% higher but much more effort, more accidental breakages (all genuine) more risk on vacancies. I had the day to day managed by a local freelance agent who charged reasonable rates and did a good job. I personally really enjoy the hosting side to airbnb, and will look to do it again if I get a void period in summer....but it doesn't make financial sense for me and my property.