Highland rental estimates

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CarolineJ
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Joined: Sat Apr 29, 2017 3:52 pm
Location: North coast of Scotland
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Highland rental estimates

Post by CarolineJ »

Hello - very, very pleased to have found this forum and have spent the past few days reading avidly, as I may be about to jump in at the deep end by going from zero to 2.5 holiday lets in one go.

I'm in the final stages of renovating a house for holiday letting, but the opportunity has come up to buy another house in the same area, which would suit us better than our current home to live in (and double the amount of land we have), so the plan is to transfer our mortgage to the new one and get a holiday let mortgage on our current home and let that as well.

The mortgage company is happy in principle, but needs a rental estimate on headed paper from a holiday letting company. I have one visiting next week (not Sykes! I've heard the stories...!), but am anxious that we may not get the figure we need. Does anyone here do holiday lets in the Highlands? We're north coast, on the NC500 route, direct access onto the beach from our fields, main house sleeps 5, separate self-contained annexe sleeps 2 (plus 2 on sofa bed if required), happy to have dogs, and we need an estimate of £9,600 a year after agency fees in an ideal world, although we could up the amount of money we're putting in and just about do it on £7,350. Realistic?
Faint heart never won fair holiday let...
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Cymraes
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Location: North Wales

Post by Cymraes »

When you say the figures you need, is this to keep the mortgage company happy or what you need to make it worth doing?
CarolineJ
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Joined: Sat Apr 29, 2017 3:52 pm
Location: North coast of Scotland
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Post by CarolineJ »

To keep the mortgage company happy. I completely understand that major Italian cities don't get built in a 24-hour period and I'm likely to have to top up the business with cash injections as we get started.
Faint heart never won fair holiday let...
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Cymraes
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Location: North Wales

Post by Cymraes »

In that case do get a quote from Sykes! They project the most wonderful income streams :wink:
CarolineJ
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Joined: Sat Apr 29, 2017 3:52 pm
Location: North coast of Scotland
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Post by CarolineJ »

Thank you, I shall bear that in mind if the first one comes out a bit low! Sykes have four within 10 miles of me and taking a look at their website they're all booked, bar one or two weeks each, from now through until mid-August, which is encouraging.
Faint heart never won fair holiday let...
CarolineJ
Posts: 65
Joined: Sat Apr 29, 2017 3:52 pm
Location: North coast of Scotland
Contact:

Post by CarolineJ »

Quick update, the estimate after fees came in at more than double what we need to keep the mortgage company happy (I nearly fell off my chair!), so hopefully full steam ahead :D
Faint heart never won fair holiday let...
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