Before opening our doors in October last year, I was nervous we might be making a huge mistake. In reality, things are going swimmingly, and we haven't even had our first summer yet!
We were booked from day one, with reservations coming in all winter. January has been terrible, but we're already booked solid for *MARCH* of all months. Summer is largely booked up, and we really couldn't be happier.
I regularly turn away bookings, so it makes sense to consider a second property in the same district.
The problem is that I don't have the cash required for a commercial mortgage. Have any of you expanded your holiday letting operation using your existing business to justify a more favourable arrangement with the bank?
Buying a second property in the same district
This sounds interesting. Is it something you have experience of?7 Aspire wrote:If your first rental property has gone up in value since you bought it, you might be able to negotiate an average LTV (loan to value) between your existing rental property and your proposed second rental property, with your existing lender.
I suspect I need to be talking to a broker rather than lender call centres!
Thanks for that. We currently have a few residential rental properties (not in an area that'll be suitable for holiday homes) but had not considered arranging our finances in this way.
I've done a little research, and while I think that right now a portfolio mortgage wouldn't be the best plan, I think that's where we should be heading.
I'm going to put this plan on hold for a year, and wait until we're in a better financial position.
It's all very exciting!
I've done a little research, and while I think that right now a portfolio mortgage wouldn't be the best plan, I think that's where we should be heading.
I'm going to put this plan on hold for a year, and wait until we're in a better financial position.
It's all very exciting!
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EdinburghCityApartments
- Posts: 77
- Joined: Tue May 14, 2013 1:47 pm
- Location: Edinburgh
- Contact:
Hey Edinburgh,
Can't help with your question but I'm curious about what property/location you have?
I've been doing holiday lets for a few years but just bought my first personal holiday flat last year and was up and running for December. All going extremely well and am also looking for a 2nd one however unlike you, my bookings for March are horrendous.
Have you had success from a particular website for March?
Good luck for your next purchase!
Can't help with your question but I'm curious about what property/location you have?
I've been doing holiday lets for a few years but just bought my first personal holiday flat last year and was up and running for December. All going extremely well and am also looking for a 2nd one however unlike you, my bookings for March are horrendous.
Have you had success from a particular website for March?
Good luck for your next purchase!
Howdy neighbour!
I'm at Great Junction Street, in the old Crabbies warehouses
Apartment is two bedroom (1 double, 1 single) and sleeps 5 (sofabed for two). Most of my bookings are for couples / families.
My March bookings are three HomeAway and one Booking.com
HomeAway really works for me. I've had no success through local listing directories, and booking.com seems to (mostly) bring me shorter term guests. Holiday Lettings is meh... and AirBNB guests seem to converse endlessly before booking (or not!). Owners Direct hasn't been too successful.
I love HomeAway guests - they seem more familiar with self-catering apartments, and transactions are not too fussy. While I've not recorded enquiries to booking conversions, I'm certain most of my HomeAway enquiries result in bookings, which is not true of other sites.
My listing is a gold subscription, which seems to be doing the trick. I was a little apprehensive about it, at £660, but thinking of how much I'd have paid in commission to booking.com or similar, I'm very happy.
For what it's worth, my January was dead, with just one booking.
I'm at Great Junction Street, in the old Crabbies warehouses
Apartment is two bedroom (1 double, 1 single) and sleeps 5 (sofabed for two). Most of my bookings are for couples / families.My March bookings are three HomeAway and one Booking.com
HomeAway really works for me. I've had no success through local listing directories, and booking.com seems to (mostly) bring me shorter term guests. Holiday Lettings is meh... and AirBNB guests seem to converse endlessly before booking (or not!). Owners Direct hasn't been too successful.
I love HomeAway guests - they seem more familiar with self-catering apartments, and transactions are not too fussy. While I've not recorded enquiries to booking conversions, I'm certain most of my HomeAway enquiries result in bookings, which is not true of other sites.
My listing is a gold subscription, which seems to be doing the trick. I was a little apprehensive about it, at £660, but thinking of how much I'd have paid in commission to booking.com or similar, I'm very happy.
For what it's worth, my January was dead, with just one booking.
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EdinburghCityApartments
- Posts: 77
- Joined: Tue May 14, 2013 1:47 pm
- Location: Edinburgh
- Contact:
Might take a look at HomeAway then - have never even considered it.
From 34 bookings for my apartment, 32 have been Booking.com and 2 from Laterooms. Not a single enquiry from HL or AB. Still doing very well and beating all my targets but March was really annoying me.
Good luck with your search for another one!
From 34 bookings for my apartment, 32 have been Booking.com and 2 from Laterooms. Not a single enquiry from HL or AB. Still doing very well and beating all my targets but March was really annoying me.
Good luck with your search for another one!
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EdinburghCityApartments
- Posts: 77
- Joined: Tue May 14, 2013 1:47 pm
- Location: Edinburgh
- Contact:
Yeah, I've tried to list on Laterooms as a separate property but they won't accept any new unless you have at least 8 units.
As the main business of 11 units has been up and running since June 2012, I've just added another 3 onto the same account and stating the address in the description. Not ideal but it gets a couple of extra bookings here and there!
As the main business of 11 units has been up and running since June 2012, I've just added another 3 onto the same account and stating the address in the description. Not ideal but it gets a couple of extra bookings here and there!