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I have invested in a 2 bed flat in the Hyde area of Manchester which is due to complete in June 2018 I am considering the serviced accommodation option, is there a company that is recommended by property tribes?Also would anyone let me know the benefits and pitfalls with serviced accommodations? Would I need to declare to the mortgage provider that this will be a serviced accommodation etc...thanks again
Mortgage company should be informed. You will also have to find a insurance company willing to cover service accommodation- many do not provide cover.
Thank you Doug for the information!! Very helpful..
Hi Ravi,First of all, you need to check the lease of your flat, as many of them have clauses prohibiting the flat being used in this manner.Then you will need to source a specialist serviced accommodation mortgage - these are currently very few and far between. You cannot use a standard buy to let mortgage, unless you get the permission of the lender, which is unlikely imho. For serviced accommodation mortgages, contact the Property Tribes Brokers Team on 0333 3636507 to source a suitable mortgage.You will also need the appropriate insurances and our insurance partner Alan Boswell Group can assist you with these.You can call the ABG team on 01603 649736 . You should have contents insurance and PI insurance imho.For marketing and management, have a look at GuestReady - they operate in Manchester. (I have not used them myself as I do not have short term rentals in Manchester, but they are one of the bigger Air BnB management type companies).This thread may also assist you:Serviced accommodation - guide & pitfalls
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**
Thank you Vanessa for this comprehensive list..very useful & helpful!!
Have you thought who your guests will be?
I am not aware of any major attractions in Hyde.
We are Landlord Broadband, Recommended by Property Tribes.
One big consideration for serviced accommodation is a professional Wi-Fi service.
A new report from the GBTA compares which travel and accommodation booking add-ons are considered most important by travellers, with free Wi-Fi topping the list (ASAP). Similarly a survey conducted by hotels.com has found that 49 percent of a business travellers consider free Wi-Fi a deciding factor when factor when it comes to their choice of accommodation (Forbes). This is due to the blurred lines between work and personal life across all industries. The rise of millennials as the most rapidly growing demographic in the workforce further emphasises the need for serviced apartment Wi-Fi.
Feel free to read more about it on our blog at https://ow.ly/pL1W30jGC1J
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Short term rentals, rent to rent and AirBnB tenancies are all acceptable tenancy types to certain (but not all) lenders. We met with a leading Building Society today who says 'yes' to all of these.
Call PT Financial Services on 01206 654 444 or contact us at https://www.PropertyTribesFinancialServices.com
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Although SA is the fashion of the moment, & there are a number of people who are making massive passive income having systematised & outsourced their SA business, I am yet to meet one of them who isn't also selling courses explaining how to do it. I have done SA for 26 years, and I can assure you that it is very much 24/7 and it can be hard work at times. Because finance is easier I think that a leveraged BTL portfolio would provide a much better ROI than SA.
I do both, i.e. long term lets and SAs. Serviced apartments are not an easy road to riches, I can tell you.Firstly, there are lots of them - the competition is fierce and you really need to know what you're doing to get an edge. There is a very good company that specialises in airbnb called Host So Simple that covers the Liverpool and Manchester areas. They take 15%, which doesn't sound that much, but you need to be prepared to lose ALL control over your property: they insist on controlling the entire process, including all the communication with the guests on the website, setting prices, and dictating terms (to both you and the guests), and even furnishing (they have a detailed list of furniture that you need to buy).They won't do things such as rent by the room or to small groups if those things are not beneficial to them.They also take the money and pay you the difference, all of which I don't like, as part of managing SAs, for me, is the satisfaction I get from interacting with the guests, learning how to please them, and the experience I get in hospitality management.You're acquiring a new skill and honing it, whereas if you give it out to an agent, any satisfaction and learning goes - it's purely an investment that you've lost control of.Mind you, I don't like agents full stop, but as agents go, in their field the company I mentioned has a very good reputation. They claim to have clients making nearly 20% yields p.a. after their fees. But it's not for me:I like to control my investment and to keep as much of the money as I can, e.g. I messed around with agent after agent in an attempt to get an HMO property of mine rented by the room. They misadvised me or tried to put me off, or were just bone lazy. As soon as I decided to ignore them all, I filled all the rooms in the space of two weeks and ordered refurbs through my own contractors.Most of this stuff you can do yourself - you don't need to pay so-called experts to do it. But as long as you keep giving that side of it out to agents, you'll never learn how to do it and you'll never get the satisfaction of being a "Superhost" yourself and being praised for your good taste in interior design and your detailed local knowledge of your local city.
Thank you Adiel for the detailed advise and guidance!