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Spread sheet for planning our first holiday let

 
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WhitbyWanderer



Joined: 17 Sep 2017
Posts: 4

PostPosted: Wed Sep 20, 2017 12:47 pm    Post subject: Spread sheet for planning our first holiday let Reply with quote

Hello Everyone!

This is our first post, so please be kind to us!

We are in the process of trying to find our first Holiday let and was wondering if anyone had a spreadsheet that would help us with the planning of purchase cost and ongoing costs as well as predicted rent etc.

Whenever we sit down to go through things we always seem to come up with something else, so I guessed that someone with a bit more experience than us would probably already have gone through this process.

At the moment we are looking at few different properties and trying to establish which would represent the best commercial value, however we are finding it a bit of a mine field, so we are trying to do the sums.

Any help would be greatly appreciated.
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ianh100



Joined: 10 Jan 2013
Posts: 462
Location: Sherborne Dorset

PostPosted: Wed Sep 20, 2017 9:25 pm    Post subject: Reply with quote

I am happy to sanitize some of my spreadsheets and hand them over for this purpose. My initial comment would be that this is very hard as all of these factors change significantly by regions and property.

I would add at least 50% to any costs you think you will see and reduce the number of dates sold by 25%

The key thing is to do local research on similar properties.

From your name here I could assume you are looking at Whitby. If that is true what does that market look like? Will you get lots of short breaks? What are your turnaround costs?

It is possible to make a reasonable income, but I think all here will agree that it is hard work. We really enjoy what we do and the feedback from guests.
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zebedee



Joined: 12 Sep 2014
Posts: 729
Location: yorkshire dales

PostPosted: Wed Sep 20, 2017 9:40 pm    Post subject: Reply with quote

I would agree with ianh100 with the additional comment that it doesn't take much of a small variable to make the figures add up (or not) very differently.

Every year, at some point, there is always the worry that the market will not come to you or your area.
It takes quite a bit of nerve at times.

When I started out I had a big mortgage to pay and the risks appear higher, because they are higher.
If you own the property outright, there is some cushioning if bookings are not forthcoming when you think (Hope) they should be.

For example, I have long given up on any idea of a January rush for bookings, yet by the end of the year all is ok.

It is harder work than people will think. Don't let that put you off though, as the rewards are worthwhile.
Wishing you every success.
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WhitbyWanderer



Joined: 17 Sep 2017
Posts: 4

PostPosted: Thu Sep 21, 2017 10:01 pm    Post subject: Reply with quote

Thanks Ian and Zebedee,

Really appreciate your comments, its certainly a learning curve and as I said previous every time we sit down to go through costs something else springs to mind!

The area we are looking does have a good occupancy rate and talking to local letting agencies, we shouldn't have too much problems achieving a good return. We just need to make sure that we get the right property at the right price to make it all work. As suggested small variables can add up and make big differences - for better or worse!

We still have quite a lot to calculate, so any help with the spreadsheets would be massively appreciated!

Once again thanks for taking the time to reply - it really does help.

WW
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greenbarn



Joined: 30 May 2009
Posts: 5886
Location: The Westmorland Dales, Cumbria

PostPosted: Fri Sep 22, 2017 8:41 am    Post subject: Reply with quote

This is a topic that has cropped up a number of times, and it might be better to approach it from the opposite direction - why not put up a list of the things you’ve already thought of, and people can comment and add based on their own experiences?
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WhitbyWanderer



Joined: 17 Sep 2017
Posts: 4

PostPosted: Sat Sep 23, 2017 5:15 pm    Post subject: Reply with quote

Thanks GreenBarn,

We havent got as far as individual items yet, we have just put a some of money against that at present.

Its more the initial, monthly and annual outgoings, cleanings costs ect and expected incomes that we looking for at the moment.

Plus im hopeless at making my own spreadsheet!! Very Happy
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Giraffe



Joined: 26 Jun 2016
Posts: 312
Location: Cornwall, England

PostPosted: Sat Sep 23, 2017 5:45 pm    Post subject: Reply with quote

WW - there is a previous topic on this starting up thread which you might find useful. Look up "new here, want to buy the barn next door", last entry on it is Sept 16 2016. I listed a number of expenses for startup and running costs which you might find useful. However, can't guarantee that they are comprehensive, but you might find them helpful.

Go along with ianh100 - costs are always higher than you estimate, especially maintenance and replacements.

Good luck with your venture. Giraffe
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