Buy to let & B&B

gsdmorehead

Hi all

I was hoping someone might please be able to help with this question.



There is a property I would like to buy to let, it is a 3 bedroom house, with a sizeable plot of land included.


The property and land is valued at £284,000.



I would like to rent the 3 bedroom house, and already have tenants ready and willing to rent.

I would also like to build a small glamping hut, caravan, hobbit house, on the land, for the purposes of a B&B business.



I have £75000 - £80000 for a deposit.


And was wondering if getting a buy to let would be possible, and then also whether starting a B&B on the land would also be possible?

I would be using my own savings and not a loan for starting the B&B.

kinger101

You'd need planning permission.

You don't seem to know what a B&B is either, which won't help.

If you have neighbours, they'll object. That's assuming the local authority doesn't reject it outright.

gettingtheresometime

But isn't glamping etc where the people doing the glampling cook & a b&b where you're in a, well house, and you go downstairs & get fed?

I'm thinking that if you plan on running a business on the land wouldn't you need council permission etc?

Is there even a call for this in the area?

MovingForwards

Have you looked at council and planning regulations?

Would your tenants be happy with a smaller garden and random strangers traipsing round?

Would a mortgage company be happy with their security being a glamping / hobbit / caravan site?

Can you connect services to the land?

How is access to the land?

How much are business rates?

You might be able to get a buy to let for the property, but would suggest you speak with a broker who specialises in B2L, but then you have the issue of wanting to set up a campsite, which wouldn't be B2L and would need some form of business loan.

Do you already own your own place? Any equity in that?

kinger101

gettingtheresometime wrote: »

Is there even a call for this in the area?

Are you implying OP hasn't done their research?

Tiners

Genuine question, are you completely unaware of the governments attempts to deter leveraged BTL with various disincentives, both current and future?

Or are you aware of them and not at all phased by them?

AdrianC

kinger101 wrote: »

You don't seem to know what a B&B is either, which won't help.

gettingtheresometime wrote: »

But isn't glamping etc where the people doing the glampling cook & a b&b where you're in a, well house, and you go downstairs & get fed?

AirBnB have changed the meaning of B&B a fair bit in the last few years, and I think we all know what the OP means.

There's two separate questions here.

1. Does BtL make sense on the property?
2. What's the score with building ancillary accommodation outside the curtilage, possibly on agricultural land, and using that for short-term holiday letting?

kinger101

AdrianC wrote: »

AirBnB have changed the meaning of B&B a fair bit in the last few years, and I think we all know what the OP means.

I disagree. If I booked bed and breakfast, I'd be expecting food in the morning. The language used would matter if one is putting in a planning application.

[Deleted User]

To answer the direct question rather than grill you on your business plan

I have recently had an application decline across the board where it is a 2bed house with a summerhouse in the garden that is currently kitted out as a 1bedroom lodge for AirBnB. 5 different lenders so far said they didnt want to move from a standard btl to potentially commercial lending.

I think you would struggle to get permission from the lender to alter the useage of the property once the mortgage is set up

kinger101

If your research into business ventures consists of posting naive questions from a position of total ignorance on internet fora, then I don't think a property business is for you.

There are too many things that have to be done right to make it work.

gsdmorehead

Oh my, I am genuinely shocked by a lot of the answers here, most of them as one response said, grilling me over my business plan, rather than responding to my question.

I in fact expected better from this forum.