Holiday Let

D14

Member
We've got an old brick barn in the yard but its not central so offset to the edge and I am wondering about converting it to a holiday let. Only problem is its got good frontage with nothing obscuring views and theres scope for a nice garden and ample parking but the rear of the shed backs onto the yard with zero scope for any rear garden. I am not even sure I would want any windows in the rear to be honest as it would be looking at industrial units.
The shed is two floors and a total of 3000 sqft. Its long and narrow (one room wide basically) so would you convert into one unit or go for two smaller ones?
I have done no investigation regarding planning or anything like that yet so this is all just an idea at this stage. Theres elec and water already in the shed and we have biomass heating through a wall that can be tapped into as well as an existing site sewage system that can be piped into easily.
I know the rental per week is dependant on facilities, location and size etc but what's a rough idea please for say a 4 bedroom property or 2 x 2 bedrooms? This would be fully funded by a bank loan so I would need a plan to put forward to them. I don't think we would be wanting to advertise it to big groups and would prefer families I think.
 

Zippy768

Member
Mixed Farmer
Location
Dorset/Wilts
We had accommodation that would bed up to 8 people. Would command good money in the height of summer and be quite popular over Christmas.
But difficult size, obviously not that popular as was too big for most groups, but, not much competition if there was a group that big.
Do Not underestimate the weekly work that goes with it. Saturday change overs were a tie, garden up keep, people late leaving, having to greet people. People would happily ramp up the heating and leave windows open. Some people left it tidy, others, a fudging mess.
Pets and countryside might be messy.

We now rent it out. However if we could had foreseen the current situation, it would be VERY popular now.
Now would be a great time to do it
 
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D14

Member
We had accommodation that would bed up to 8 people. Would command good money in the height of summer and be quite popular over Christmas.
But difficult size, obviously not that popular as was too big for most groups, but, not much competition if there was a group that big.
Do Not underestimate the weekly work that goes with it. Saturday change overs were a tie, garden up keep, people late leaving, having to greet people. People would happily ramp up the heating and leave windows open. Some people left it tidy, others, a fudging mess.
Pets and countryside might be messy.

We now rent it out. However if we could had foreseen the current situation, it would be VERY now.
Now would be a great time to do it
I don't want to rent it out on a longer term agreement because I want the ability to turn it on and off to suit us more than anything. For example I wouldn't do christmas or new year because I don't want the hassle basically so don't want any full time neighbours in at those times either.
It's a redundant building and sad to just leave it doing nothing. I thought about office space but I think that market has gone judging by the amount advertised to let.

I'm not to fussed about the work involved such as cleaning and change over etc as I've somebody looking to do this for me and as said I would be picky about when it let and who to. I should say I am not looking for a quick return on the investment and its more about doing something with the shed so it doesn't fall into further disrepair. Long term it'll add value if its done up and it will secure its future. I was thinking its going to cost about £150,000-£200,000 to do up and if I can earn that back over 25 years I would be happy as it would easily be worth £500,000 to sell should we split the yard up and sell or its another accommodation for one of my children long term. How easy is it to earn say £8,000-£10,000/year from a holiday home?
 
Rough figures:

It will cost you at least £150k to do up. Farmers can find a way of saving here and there but costs are going up a lot now

Plan on it bringing in 20-25k per annum net.

Its not a money spinner but it would be a good pension and a top up income. You should be able to get £8-10k in your pocket after loan and costs etc.

Will you definitely be able to get a loan for it in advance as a lot of banks would not want to lend for 25 years for a building not built yet.
 

D14

Member
Rough figures:

It will cost you at least £150k to do up. Farmers can find a way of saving here and there but costs are going up a lot now

Plan on it bringing in 20-25k per annum net.

Its not a money spinner but it would be a good pension and a top up income. You should be able to get £8-10k in your pocket after loan and costs etc.

Will you definitely be able to get a loan for it in advance as a lot of banks would not want to lend for 25 years for a building not built yet.
The loan will go against the main business so it wouldn't be an actual loan for 25 years. It'll be much shorter but I'd just like to know we could cover in that timescale in terms of getting the money back.

For £20-£25k per annum income what kind of occupancy are you running at? The more I think about it the more I am coming to the conclusion I wouldn't want the rush of a Saturday change over so might just let it Wednesday am to Monday pm leaving all day Tuesdays for the clean down etc. Its less of a rush that way. As said I wouldn't want to be cramming people in as its not a standalone business and is more about adding value long term. I think we would let on on 'our terms' rather than thinking about what the customers want. More of a take it or leave it scenario but obviously not being funny about it.
 
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Location
Oxfordshire
If you do it as a holiday let they will only, probably, want a small garden/patio that is dog safe. So I would not be too worried about the size of the garden space for a holiday let.
Probably better to have 2x2 bedroom, but put in an interconnecting door if you do need a bigger space.
Income will obviously depend on your location. In a normal year we are running at about 40+ weeks booked for a 2 bed place and nets about £20000 probably a bit more, which makes it worthwhile having it as a holiday let and not a residential let. That is also let through a company that take (more than!) their fair share as well. Hopefully 1 day we will do it ourselves, as we are looking at doing another 1.
 

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