Income from holiday cottage

J_B

greenface wrote: »

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

:beer:

Do you have a link for yours??

atush

tiamaria wrote: »

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?

Invest in a pension, and get anotehr job?

tiamaria

Guess that's an option, though i Don't really like the line of work I'm in and I'd like to do something that's interesting too.

citykid5

tiamaria wrote: »

Guess that's an option, though i Don't really like the line of work I'm in and I'd like to do something that's interesting too.

It is doable for around a 40k budget, depending on how much you'll need to earn per year. Especially in Cornwall as it's the number 1 destination in the uk I believe. With your budget you should be able to buy a 3 bed timber lodge
http://www.rightmove.co.uk/property-for-sale/property-35383639.html# or similar easily renting for between £650-£800 p/w in the school holidays. The trick is to try to find one that you can fully manage yourself, I.e take bookings and cleaning linen. And when the market conditions are good,you'd have an appreciating asset not like a static caravan which can only go down in value

tiamaria

Thanks Citykid, that's the sort of thing I'd like, just having never done this before I wanted to know what the pitfalls are likely to be, as i know there's no such thing as a free meal:p

citykid5

I can't profess to being an expert in the matter. But did own a similar lodge for 5 years, but mainly used it for my own family . Did do a few rentals through eBay but living over 180 miles away had to arrange cleaning and linen through the site owners at about £90 a time , but found it easy to let.
Just got a little bored of going to the same place all the time. But I could see the potential for it to make money if I lived closer, especially if I could book it to walkers out of season on a weekend basis. But you do need to get advise from somebody in the know before diving in and check for any letting restrictions, but good luck if you go ahead��

coyrls

tiamaria wrote: »

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?

Maybe time to get back to basics. You want to give up work, invest £40K to run a business and live off the proceeds. How much a year do you need to live on? What would that number represent as a percentage return from £40K? Is that rate of return likely? In one of the posts a 3% return on holiday letting was quoted. Is £1,200 a year (3% of £40K) enough for you to live on?

Newly_retired

There is a website called laymyhat which is for owners of holiday lets.
Have a look at it, maybe become a member. Not only will you see all the ins and outs of running a holiday let, but you can get help and advice for newbies, re bookings, websites etc etc.

tiamaria

NO one can survive on £1,200 a year. i Do have some other source of income but I'm hoping an investment of some kind would generate more than that!

Had a quick look at that website, thanks newly retired - enough to frighten anyone off !

seems like it 's best staying in the bank!