Running short lets is fun and varied, you can increase your cashflow, avoid section 24 tax changes and keep your property in tip top condition. This blog is about some of the challenges that I have faced and issues that have revealed themselves as I have found out about and put this strategy into practice.
I am sure that most of you, like myself, have spent some time recently completing your self-assessment. While we are happy to pay our dues, few people would want the taxman to benefit by more than necessary. This is where shorts lets get interesting.
This time of year can be tricky, I look back over the changes of the last year and see that progress has been made but there is a nagging doubt, is progress a good thing? Is progress even progress? Am I barking up the wrong tree perhaps and should my focus be more personal, less business-y? Is my life ebbing away as I chase shiny pennies? Self doubt creeps in and I need a fresh start!
So how hard is it to turn a regular flat into a Serviced Let? The switch in mindset from money-saver landlord to generous host is the hardest part to overcome, the rest is just a matter of shopping!
Running a property portfolio comes to us for many reasons, sometimes, it is inherited, some have fought for it and some have built it slowly and steadily. There came a point for me where I lost my reason ‘why?’
Crazy summer days are upon us. Cleaners go on holiday, victorious festival prompts a tough pre-stay email (you WILL be charged £100 for smoking in the rooms, you MAY NOT continue the party here etc.), and the changes of September are nearly upon us.
If it's such a great strategy, why isn't everyone doing it?
Holiday lets come and go. Fact: It really isn't everyone's cup of tea.
How frequently do you visit your property? Every month? Every 6 months? I have properties with steady tenants that I haven't been into for 5 years! (Yes, the checks and repairs still get done). Most landlords aim to be hands-off as much as possible.
I pass a neat row of large BMW motorcycles lined up outside and enter the communal Kitchen of Blue Star House where 6 handsome young German men are tucking into a hearty lunch and chatting about their weekend ahead at Goodwood. They tell me about their drive form Germany and ask about local parking. In rooms upstairs are a student, a chef, a cocktail barman, and some weekenders visiting family. This weekend it’s a full house at the Serviced Accommodation.....