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Getting a new property on the market before Summer

 
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EnglishImpatient



Joined: 14 Jan 2019
Posts: 4

PostPosted: Tue Feb 26, 2019 4:57 pm    Post subject: Getting a new property on the market before Summer Reply with quote

I am about to purchase a seaside property next month, which I intend to run as a FHL.
It is in perfectly liveable condition but ultimately I will probably want to install a new kitchen, bathroom and make it more open plan.
The problem is that although it is quite a small cottage (3 bedrooms, with a stunning sea view), there will not be time to get all of this done and market it for the Summer.
This means I can either tidy it up with re-decoration and furnish it nicely but generally keep it as is and at least get it on the market by May/June, or just plough on with all the work and miss the chance to earn something this summer.

Any advice would be greatly appreciated.
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Ecosse



Joined: 29 May 2014
Posts: 808
Location: Saint Gervais les Bains, France

PostPosted: Tue Feb 26, 2019 9:24 pm    Post subject: Reply with quote

Hello and welcome to LMH!

I'd say, considering it's in a usable condition at the moment, hold off with any renovations until the autumn: not only will it give you a bit of income, but it'll also give you time to plan works and organise contractors (if you're not doing the work yourself) and, perhaps more importantly, give you an idea as to whether your renovation plans will work/are necessary.

I say the latter with a bit of experience regarding our own place: our original plan was to provide very cheap bunkhouse style accommodation, with some basic private rooms, and a 10 bed bunk room for climbers. *Fortunately* the bank wouldn't give us anything more than the mortgage, meaning that all renovations had to be put on hold until we had some funds. By the time we did have the funds, we had found out we'd misjudged the market, which yes, did want affordable accommodation before their trip to the mountains, but wanted it presented in nice little couple or family rooms, complete with local (alpine in our case) decor and en suite facilities. In hindsight, I'm very glad we didn't have the money to realise our 'vision' as it would have been completely wasted.

If you're worried about guests not being impressed and rebooking, there's no shame in telling them you've only just bought the property and you've big plans to improve it. It'd be an opportunity to test out your ideas, as they might be able to give you some pointers to help you get it right.

Good luck with your new venture!
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EnglishImpatient



Joined: 14 Jan 2019
Posts: 4

PostPosted: Wed Feb 27, 2019 8:18 am    Post subject: Reply with quote

Thank you Ecosse (lovely to hear from someone based in such a fantastic part of the world). That was pretty much how I see it. One Summer gives the double bonus of providing some income and testing the water in terms of the market.
We can always 'relaunch' next year, advertising the property as 'fully renovated.'
I guess I will just have to be savvy about how I market the place for now and not over spend or sign up to any longer term marketing contracts.
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newtimber



Joined: 24 Nov 2012
Posts: 1809
Location: Brighton

PostPosted: Wed Feb 27, 2019 4:55 pm    Post subject: Reply with quote

It depends on how much of your work will be wasted and how much it would cost. Are the electrics safe for example.
You'll have to redecorate again after the works and you don't want to start off with bad reviews on sites which you intend to advertise on after the upgrade.
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EnglishImpatient



Joined: 14 Jan 2019
Posts: 4

PostPosted: Thu Feb 28, 2019 9:22 am    Post subject: Reply with quote

Yes, if we find that there is a lot of work which will have to be doubled then, we will just have to get on with it and miss the Summer. But I don't think that will be the case.
From a marketing perspective, it gives us a chance to market it ourselves, using non contracted means, to see how successful this is, with the option of signing up to an agency next year if we feel the need.
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zebedee



Joined: 12 Sep 2014
Posts: 1189
Location: yorkshire dales

PostPosted: Thu Feb 28, 2019 12:43 pm    Post subject: Reply with quote

You could use this to your advantage if you take lots of photos before, during and after the work and consider a page on your website or a blog which shows what you are doing / have done.

It could also help get return customers (that you are happy with this year) if you offer them a discount on returning next year - that way you can increase prices after the renovation, but keep a growing customer base.

What are you doing about a website? I can offer you a discount code for PMP which would give you full control of the website and allow you to make changes as you improve the property. Pm me if you are interested.

Guests like to see that some of their money is going back into the property to make steady improvements - we have done this year on year, and is a good investment. Good luck.
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EnglishImpatient



Joined: 14 Jan 2019
Posts: 4

PostPosted: Tue Mar 05, 2019 4:39 pm    Post subject: Reply with quote

Thanks Zebedee,
That's good advice. I think we will be getting it to market as soon as we can. Anything else will be throwing money away.
We then have a chance to re-launch next year, with before and after pictures and, like you say, we may have a few returners.

Thanks again.
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LotBoy47



Joined: 31 Jan 2019
Posts: 98
Location: SW France

PostPosted: Wed Mar 06, 2019 8:43 am    Post subject: Reply with quote

If you can getting your place looking nice for guests to earn some money this year, I strongly suggest doing that and doing major re-work once you have established yourselves.

It’s well worth asking your quests what they think and what they’d like to see changed.
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