There's an article in the Times about self catering being hard work and not being the road to riches. They are right; in recent years the market has become more competitive, with it harder to guarantee occupancy and customers more demanding.
On top of this property price rises have reduced percentage returns - your property may now be worth £500,000 as opposed to £250,000 but rents haven't doubled.
It is possible for properties to do well but you need to:
- Find a property in a good location with clear appeal in photographs - internally, externally and with views
- Make sure you pay a good price for it
- Fit it out well but stay on top of your budget
- Maintain standards
- Spend a lot on marketing or find a good agent
- Expect to offer last minute discounts
- Treat your customers well
Read the article:
http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article6945288.ece?token=null&offset=0&page=1
Sunday, 6 December 2009
Self catering not so easy
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3 comments:
"Self catering not so easy" is really nice post,,,, Good idea about catering to home buyer...
Thanks for the post...
Self catering is certainly not easy. When we bought Hargate Hall the bank we were concerned that we wanted it for an easier lifestyle choice rather than a business. If that is what we wanted we would have been sadly mistaken!
As alan says there are some key things that have to be done to succeed but it is all hard work - but well worth it.
Our business has doubled in the last 3 years and we are now 75% booked for 2010. This growth has mainly been through word of mouth - the best advertising as it is free and believable.
It is a very daunting experience starting out with a new self catering home but am finding it doesn't matter how much you read up on the subject, its a steep learning curve which only comes from practical experience. Am just starting out myself and hope I can make a success of it - www.chybyghan.co.uk
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