Why Serviced Accommodation?
Serviced Accommodation is providing short term accommodation to guests as an alternative to a hotel with all bills and housekeeping included. Your guests can stay by the night or on a short period of time. Instead of having a 6-month or one-year tenancy like buy-to-let, you can let out your serviced accommodation for one night, a week, a month or longer depending on your guest. Serviced accommodation is completely flexible in terms of length of stay as it does not require you have an AST, assured shorthold tenancy as a minimum.
So why serviced accommodation then? It delivers great return and has a lot of potential growth. These properties that are used for serviced accommodation have 1-4 bedrooms than can fit one or even a family, well-equipped kitchen, living areas and parking. These entice guests to favour serviced accommodation than the traditional hotel creating a higher demand. As they can feel at home away from their own homes. Plus, the added factor that these properties are usually situated near train stations, supermarkets, tourist spots and more making it accessible and You can earn between £500 and £ 1000 per month net profit from a property you can charge.
The market is continuously growing and there are platforms wherein you can use to your advantage to have more reach to have high-to-full occupancy for your serviced accommodation may it be an apartment or a house. The opportunity is huge, you can make as much profit from a single let as a multi HMO, with less liability. The growth of serviced accommodation has been remarkable and it’s showing no signs of slowing down.
If you are keen to try and invest in serviced accommodation this is a great time to start now. Keep in mind that you need to do your due diligence and educate yourself of how serviced accommodation works through and through.
You can also use a virtual assistant to help you in setting up your very own serviced accommodation. You can manage it on your own of course but having someone or a team to rely on and support you.
VaVaVoom can help you to find the best match virtual assistant for you that can help maximise the growth of your investment. If you want to find out more, click HERE.