Income from holiday cottage

greenface

I own a 2 bedroom holiday let in Snowdonia . Never slept in it and owned it for 5 years . It wasn't expensive to buy and pays for itself and another one I just keep for me & mine . £500 a week in the summer hols and £120 a weekend outside . Paid for itself already but I wouldn't have two rentals at the same place one is easy and often occupied.

tiamaria

I don't have a lot of spare cash but i've been thinking about buying a holiday caravan/chalet/similar or 2 to rent to tourists, I'm living in Cornwall so would be something nearby.

Don't know anything about renting holiday homes & I can't afford to lose the little cash I have saved up for so long so I am a bit nervous about attempting this.

Any suggestions or tips would be appreciated.

badger09

tiamaria wrote: »

I don't have a lot of spare cash but i've been thinking about buying a holiday caravan/chalet/similar or 2 to rent to tourists, I'm living in Cornwall so would be something nearby.

Don't know anything about renting holiday homes & I can't afford to lose the little cash I have saved up for so long so I am a bit nervous about attempting this.

Any suggestions or tips would be appreciated.

Without a bit more information - not least how much is 'not a lot of spare cash' :cool: it is difficult to make any suggestion, other than don't do it.

You say you don't know anything about renting holiday homes, so what is the attraction? Are you prepared to learn? Do you have a job? Do you have the time/inclination/skills to deal with lettings, cleaning and maintaining the chalets?

If you tie up your 'spare cash' in one or two holiday homes, what happens if you're faced with an unexpected bill - boiler needs replacing, major car repairs etc. You can't sell a little bit of a chalet or caravan to raise a couple of £k.

Sorry if this sounds very negative . If you give a little more information, you'll get lots of suggestions of how you can make your spare cash work for you.

tiamaria

That's ok Badger, here's the situation.

I have a job I hate, I want to give it up and spend my time and energy on something productive and will generate an income.

Renting in one shape or form seems the best bet here in Cornwall. Either that or invest in some sort of business to generate an income but I wouldn't know where to start! My grown up children are all in the catering field so maybe that's a starting point?

I wouldn't leave myself without a couple of £k to spare, not quite that daft lol! I have about £40k that I'd like to do something useful with and make it work for me, but what?

pineapple

tiamaria wrote: »

I wouldn't leave myself without a couple of £k to spare, not quite that daft lol! I have about £40k that I'd like to do something useful with and make it work for me, but what?

Gosh the average cost of mobile homes/chalets on holiday parks where I live is £90k - plus around £3000 a year in site fees.

tiamaria

Blimey! Chalets and park homes from about 15k here!
site fees about 2k

pineapple

tiamaria wrote: »

Blimey! Chalets and park homes from about 15k here!
site fees about 2k

We are probably talking Yorkshire Dales silly money.
That said I tell a lie
I found this for just under £8,000
http://www.rightmove.co.uk/property-for-sale/property-50344169.html
At just under £100,000 this is the posh end I guess!
http://www.rightmove.co.uk/property-for-sale/property-48075557.html

greenface

pineapple wrote: »

We are probably talking Yorkshire Dales silly money.
That said I tell a lie
I found this for just under £8,000
http://www.rightmove.co.uk/property-for-sale/property-50344169.html
At just under £100,000 this is the posh end I guess!
http://www.rightmove.co.uk/property-for-sale/property-48075557.html

http://www.rightmove.co.uk/property-for-sale/property-46656221.html there are more for half this . but this one is a nice one if you had the spare cash .

J_B

greenface wrote: »

I own a 2 bedroom holiday let in Snowdonia .

We have a pair of semi's there - one 2 bed and one 3 bed

greenface wrote: »

Never slept in it and owned it for 5 years . It wasn't expensive to buy and pays for itself and another one I just keep for me & mine

Ours cover all costs but only give about 3% return. We pay a letting agent and a cleaner as we live about 100 miles away

We are *not* going to make a fortune out of them

greenface

Looks stunning JB & a big fan of Paphos too . Only ever been that far out on Georges Fun Bus . Saved page .