??????per room per week ??????

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    ??????per room per week ??????

    Does anybody have any experience of letting property by the room on a weekly rental agreement? What I mean is £85/Week/Room.
    I’m in the process of changing my current rental property and fitting locks to each bedroom door. The advice I seek is with regards to budgeting. The house is a 4 bedroom property and I will probably be aiming at the contractor market. I have allowed for £250/month on gas, water and electricity. Is this naïve?? I hope not.
    Also if anyone has any advice on combi boilers that would be really appreciated, I’m after make and model and cost?
    And finally as it has just popped into my head, what value of deposit should I ask for I was initially thinking 4 weeks rent but as this is per room per week basis you may think different.
    So far guys you have all been really helpful so anymore advice will be really, really, REALLY appreciated.
    Thanks again!

    #2
    You are aware that the property will have to comply with HMO safety requirements?

    Short term guests have no real commitment to a property, and will not necessarily treat it with care.

    If you are taking deposits, how do you intend dealing with deposit protection? Pointless taking a deposit if you do not do full inventories - will you do that every week?

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      #3
      Also, if any damage is done in the communal areas (rather than in individual rooms), you will struggle to prove who is responsible and you cannot charge everyone equally as some Ts may be totally innocent.
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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        #4
        These are both good points, I have managed to find local authority contacts who I will be inviting to the property for their advice. I agree that it may be difficult to prove damage to common rooms but the cover is for the Bed rooms mainly.

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          #5
          And your idea for protecting the deposit?

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            #6
            Are you not making the property a boarding house if you are looking
            for "Weekly rents" aimed at short stay contractor market.
            In which case you could be operating a hostel, Motel, and not realy a "Home"
            for 6 to 12 months.

            You are going to be inundated with time consuming credit checks, bank references,
            I.D's and deposits, and this may have to be done 4 times a week ? if they only
            want to stay a week, and want 1 days notice to move in when one moves out.

            If you envisage people only staying a week to 4 weeks, then you need a credit
            card terminal in your bedroom ( like whot i have ) to "Reserve" a deposit on
            the credit card for instant deposit ( as they do in hotels )

            just a thought, as the exact length of time people will stay was not mentioned.

            R.a.M.

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              #7
              If I had a 4 bed self contained 'home' to rent in right locale I would be looking to arrangement with large Co who required accom for visiting employees on secondment/training. Local hosp is possibility as Junior Drs rotate to diff hosps every 6-12 month and some may want accom for Dr who wants to bring his family at start of a registrar position.

              OPs term 'contractors' infers building site. He may mean IT etc staff on 1 year contracts?

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                #8
                What dfo you mean by the "contractor market"?
                Allow tenants to protect their own deposits. I want free money when they do it wrong

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                  #9
                  Wow - This plan will involve a lot of work?!

                  I'm guessing that to make it work you will need to charge significantly more than you might expect.
                  I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.

                  That also means I cannot share in any profits from any decisions made!

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                    #10
                    I think Mr Optimistic will only be able to do this by following the 'holiday flat' or 'guest house' model, and that will require some form of licensing and property upgrade.

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                      #11
                      Originally posted by Mr Optimistic View Post
                      These are both good points, I have managed to find local authority contacts who I will be inviting to the property for their advice. I agree that it may be difficult to prove damage to common rooms but the cover is for the Bed rooms mainly.
                      Ask them,do you need planning permission ?

                      under "change of use"

                      What is your current property used for !

                      http://www.planningportal.gov.uk/permission/
                      Fed up with nitpickers and rivet counters...

                      Comment


                        #12
                        Originally posted by thesaint View Post
                        What dfo you mean by the "contractor market"?
                        He means jobbing builders/navvies/itinerant tradespeople brought into a place for a set period of time (usually weeks) to complete a contract, then go back home.
                        'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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