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Hi, I currently let in the city but am looking to convert a house into a rental accommodation. It's quite rural - Northwest. Was thinking maybe converting it to a holiday let, not Air BNB just holiday let. Anyone has any ideas?8 decent size bedrooms, 4 baths and 3 toilets. Would I do better converting the prop into smaller self-contained units? It's not far from a university about 25 miles out and 12 miles from the larger towns. Mortgage is not an issue. Just wondering about how best to maximise ROI.
Also looking to buy terraced type props in university towns. Someone said to go upmarket with student lets ie better location and finish, etc. I've never ventured into that area before and was concerned after reading about dwindling student-tenant numbers as they seem to be going after a different type of accommodation.
Any suggestions, advice, tips would be most appreciated.
Location, location, location.
You'll need to research what type of property works best in that specific area. Your best bet would be to discuss this with local estate agents and holiday let companies and research on-line to see what types of rentals move fast and what stagnates.
Is the NW property in an AONB?
Student fees seem likely to progressively dissuade indigenous pop from Uni attendance
Yes, it is in an AONB.
I guess turning it into a holiday let might be better.
If fees are putting indigenous pop off uni attendance, then it might be an idea to invest in better areas to target those from economically viable backgrounds. I guess now the thing is to check out the competition and find out if the investment is worthwhile or if it's just going gather cobwebs.
Vanessa is the Holiday Let expert as she has one
Views and advice from anyone who owns and/or manages holiday lets are most welcome. Much appreciated.
Yes, I am a big advocate of holiday lets and have been running two since 2008.You need to do some intense research to find out if there is demand for a large holiday let. Speaking to local holiday let managers and agencies and the local Tourist Board is the first port of call.I have always believed that there is a great "niche" for large holiday lets to cater to large groups of people for special occasions - such as family reunions, weddings, parties etc. These tend to get more wear and tear though, so bear that in mind.If you converted the property into flats, you could let them individual or all together for large groups, so that gives you more flexibility.You really have to do your research and crunch the numbers as I can only give general advice.See - Guide to sourcing & setting up a holiday letHope that helps?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Most definitely. Thank you.
Thanks everyone. Advice, suggestions and even just different perspectives always helps. Especially for someone who's still quite new to property-investment, looking to venture further out and a little tentative.
You are doing the right thing.Asking questions, listening to views and opinions, and mulling it all over without rushing in to anything.Take time to reach a clear direction and course of action and then commit to that and you will vastly mitigate risk imho.It is clear you have a great property that could be utilised in many different ways and crunching the numbers will help you decide, as "numbers never lie"!