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.
Running this gig has taught me a lot about being a good guest, previously I was always first at the breakfast buffet stuffing plastic bags for a packed lunch, but no more! I have learned what goes into creating a great place and that has taught me appreciation in return.
Ever at the cutting edge of the news, Serviced accommodation featured in The Times this week (usually restricted to the industry press). The article below sheds a more positive light than the usual 'Airbnb nightmare' headlines that we have got used to. The Industry is very unrestricted compared to being a landlord and new ways of managing are springing up all the time. The freedom to manage as you like in a relatively unregulated field is refreshing and challenging. Portsmouth has been bypassed by the 'big guys' in airbnb management, luckily you know where to go! (other short let managers are available).
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.