I have been renovating houses for a lifetime! Most have been sold but some I have retained for income. I have two undergoing reno now. One is about 110 years old and is a real little gem. Very little modernisation or changes. In one spot the original paint is still untouched. I've become attached to this one and have treated it with "kid gloves" in the reno department. I will probably hold onto this house and I am not inclined to put tenants in. My thoughts are to let it out as 'holiday rental/ weekend accomodation to cover expenses. I have never done this before but the business plan looks good and tells me that it will suit my needs. Do you have any thoughts, recommendations, ideas- What has been your experience?
Holiday Rentals/ are they worth it?
- Thread starter plumtree
- Start date
Attachment....
Hi plumtree,
As you have an attachment to he property, you will have to be extremely discerning as to who you let it out to.
We used to have a holiday house, but we never put it on the "public" market - as it would invite all sorts of major "booze up" weekends. So it was purely for family friends and work colleagues (which of course cut clientelle right down...).
The place needs to be furnished - and again depending on how you want to do this (e.g. to match you reno or the St Vinnie job?) there is capital outlay.
Will you provide linen? Blankets? Crockery? Utensils? etc etc
Do you live far from it (for emergency call outs)?
Rememebr you will need to factor in utility costs as well.
Hope this helps....
Cheers,
The Y-man
Hi plumtree,
As you have an attachment to he property, you will have to be extremely discerning as to who you let it out to.
We used to have a holiday house, but we never put it on the "public" market - as it would invite all sorts of major "booze up" weekends. So it was purely for family friends and work colleagues (which of course cut clientelle right down...).
The place needs to be furnished - and again depending on how you want to do this (e.g. to match you reno or the St Vinnie job?) there is capital outlay.
Will you provide linen? Blankets? Crockery? Utensils? etc etc
Do you live far from it (for emergency call outs)?
Rememebr you will need to factor in utility costs as well.
Hope this helps....
Cheers,
The Y-man
Dear Plumtree,
I had a look today at a property magazine selling holiday homes in Daylesford, Victoria. One little cottage had a return of 52k per year. Quite remarkable. Daylesford is a very sort after weekend destination, only 1 hour from Melbourne, mostly known for its mineral Spas. Point being, if your holiday rental is in a high demand area all year round and has some sort of appeal eg historic, then it possibly could be quite rewarding.
We have 2 holiday rentals in QLD but tend to be seasonal. A place like Daylesford does not rely on weather or school holidays to be fully booked up.
Personally, I would have a manager that looks after it and on a central booking service for the district. Any friends that want to book have to go through the holiday rental service just like everbody else.
Just a few points to consider..(probably have already)
Is the cottage in a main tourist area, why would people want to stay there for.
Is it accessible easily from a major capital city?
Where is it located...in a town, on the outskirts, farm land?
Are other people in the district offering similiar accommodation and are they fully booked out throughout the year?
Is there a competent property manager in the district that specialises in holiday accommodation, organises cleaning and all maintance work.
Where is your cottage btw
Hope this has been of some help
Mrs Bird
I had a look today at a property magazine selling holiday homes in Daylesford, Victoria. One little cottage had a return of 52k per year. Quite remarkable. Daylesford is a very sort after weekend destination, only 1 hour from Melbourne, mostly known for its mineral Spas. Point being, if your holiday rental is in a high demand area all year round and has some sort of appeal eg historic, then it possibly could be quite rewarding.
We have 2 holiday rentals in QLD but tend to be seasonal. A place like Daylesford does not rely on weather or school holidays to be fully booked up.
Personally, I would have a manager that looks after it and on a central booking service for the district. Any friends that want to book have to go through the holiday rental service just like everbody else.
Just a few points to consider..(probably have already)
Is the cottage in a main tourist area, why would people want to stay there for.
Is it accessible easily from a major capital city?
Where is it located...in a town, on the outskirts, farm land?
Are other people in the district offering similiar accommodation and are they fully booked out throughout the year?
Is there a competent property manager in the district that specialises in holiday accommodation, organises cleaning and all maintance work.
Where is your cottage btw
Hope this has been of some help
Mrs Bird
Thanks Mrs Bird
Interesting to hear from an experienced Holiday Rental owner. We had considered doing the managing/care ourselves but you make a good point about appointing a professional.
The truth is, our location is not typical for a holiday home in that it is in a rural, typical farming town. We see the attraction as being the historical appeal of the cottage, the unspoiled farming town and of course the agricultural atmosphere.
The cottage sits opposite a small river and is very close to the main street and some very good restaurants.
We have it fitted out with a "antique" furniture and bits of rural collectables. There are no similar rentals in town. It appeals to me but it may not be enough for most people.
Regards Plumtree
Interesting to hear from an experienced Holiday Rental owner. We had considered doing the managing/care ourselves but you make a good point about appointing a professional.
The truth is, our location is not typical for a holiday home in that it is in a rural, typical farming town. We see the attraction as being the historical appeal of the cottage, the unspoiled farming town and of course the agricultural atmosphere.
The cottage sits opposite a small river and is very close to the main street and some very good restaurants.
We have it fitted out with a "antique" furniture and bits of rural collectables. There are no similar rentals in town. It appeals to me but it may not be enough for most people.
Regards Plumtree
Hi Plumtree
I holiday rent in Sydney through this site
www.ozstays.com
They list rentals all over Australia so check your area and see if there is any demand.
cheers
ani
I holiday rent in Sydney through this site
www.ozstays.com
They list rentals all over Australia so check your area and see if there is any demand.
cheers
ani
