Serviced Accommodation: What You Need To Get Started

pexels-luis-quintero-2111768

Serviced accommodation is a popular strategy among individuals, and it has the potential of providing a large profit compared to other property strategies. So, if you’ve been thinking of starting a serviced accommodation business, we will be sharing what you need to get started.

 

What is serviced accommodation?

 

Serviced accommodation are fully furnished properties offering hotel-like facilities which are available for short and long term let. Owners usually rent serviced accommodation to tourists or working professionals on a night-by-night basis. An example of serviced accommodation would be an Airbnb.

 

First things first

 

Before getting started you want to get clear on your why. Once you’re clear on this, you set the foundation of your business and it’ll become easier for you to focus on the direction you want your business to go.

 

What you need you get started

 

When getting started in serviced accommodation, you will need to ensure that you have:

 

  • The right mortgage (commercial mortgage)
  • Consent to rent
  • Planning permission
  • The right insurance (you will need a specific type of insurance such as serviced accommodation insurance, professional indemnity and employers’ liability cover)
  • Full furnishing
  • Wifi
  • Entertainment (optional)

 

What type of property should you use?

 

You can use a house or a one-to-two-bedroom apartment to get started. You preferably want to ensure that your property is located in the city, beach or in an area where there is easy access to entertainment and local amenities.

 

Is serviced accommodation a good strategy?

 

Serviced accommodation is an extremely popular strategy, and it is continuously growing. To maximise your serviced accommodation, we would recommend choosing an excellent location.

 

What you should keep in mind

 

As with any strategy, there are disadvantages such as:

 

  • You might not be fully booked every month
  • You will need to clean the property after each guest has left
  • You need to be prepared for damages to the property
  • You will need to market the property
  • You will need to ensure the property is fully furnished

 

If you need help with your serviced accommodation business, come join us and other likeminded individuals in our Facebook Community Page.

 

Alternatively, if you would like to know if serviced accommodation is worth it, click here.

 

Before you go …

 

Click here to get a FREE copy of our co-founder Liam J Ryan’s book.

You may also be interested in...

Success Stories

FREE Property Investment Guide

Liam Ryan's
Best Selling Book

Claim Your Free Copy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Connect with us...