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Potential income

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Locornwall
Locornwall Posts: 356 Forumite
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in House buying, renting & selling
I am interested in buying bungalow. It has a garage attached towards the front and a large rear garden with an outbuilding.

I am interested to know peoples thoughts on taking in a lodger or converting the outbuilding and renting as an Airbnb? I wouldn’t be happy for someone to have access all of my house, and would therefore look to put a locked door to partition the house, which I would use occasionally to access a “shared” bathroom. Any thoughts on either?
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  • Slithery
    Slithery Posts: 6,046 Forumite
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    edited 18 July 2019 at 3:40PM
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    Planning permission, council tax for an additional property, mortgage lenders not liking AirBnB.

    They're just the first 3 issues that spring to mind.
  • Locornwall
    Locornwall Posts: 356 Forumite
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    What about rules regarding taking in a lodger? Can I provide most self contained facilities, however have a shared bathroom?
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Take in a lodger by all means.


    But can you explain to me why you'd want to spend probably £20k converting a building in order to make what, say £100 a week (if you live somewhere they're likely to want to stay, it may in reality be empty for weeks on end)?
    2023 wins: *must start comping again!*
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    You mean that you want to create a "bed in a shed?" What do you think your local council will say to that?
  • Locornwall
    Locornwall Posts: 356 Forumite
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    No. I’ve ruled out the bed in a shed :) although I’m sure plenty of people are doing it.

    Don’t think it would cost me £20k, possibly half of that.
  • G_M
    G_M Posts: 51,977 Forumite
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    edited 19 July 2019 at 5:10PM
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    Where's the shared bathroom? In the house (in which case how come you 'access it occassionally', or in the garage/outbuilding?


    You need to be careful as you may well create a tenancy if the occupant has use of separate accommodation (is this your cunning plan? The 'shared bathroom....?)


    * New landlords (1):advice & information :see links in next post

    * New landlords (2): Essential links for further information

    * Lodgers: advice & links for landlords & lodgers
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    Are you buying the property needing lodgers or guests to help fund its upkeep or can you support it without the intrusion?

    Personally I would just buy the property and get on living in it.
    Once you create any sort of annex then you'll find its not lodgers or airbnber's who want to come and use it,but family from all over who will see it as a cheap holiday and you'll end up entertaining them too.

    Great if you are the hospitable family type but if you need the income then you could end up stuck.

    Even £10k seems quite a lot to convert something that will have minimal use.
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Locornwall wrote: »

    Don’t think it would cost me £20k, possibly half of that.
    Please can you answer then on the basis of £10k. Would that be borrowed money (with interest) or cash in the bank?


    How much would you realistically expect to make each week/month or whatever? Is it a tourist area or somewhere people would need to stay like near an airport, or in London?
    2023 wins: *must start comping again!*
  • Locornwall
    Locornwall Posts: 356 Forumite
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    The 10k will be from saved money. It’s a quiet semi rural area. I’m not looking to make so much money, however in years to come it would provide a nice, occasional passive income.

    I do not need this to pay for the mortgage etc, it’s just an extra income. If it took 2-3 years to pay back the initial outlay I’d be happy with that.
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    Any gas appliances in the property will need to be covered by a valid gas safety certificate (cp12).

    Not a big thing as such but you will need to spend circa £60 a year on getting one.
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
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