Plot buying and self build

[kjacko]

Yes, the distance is an issue.
I’d love to buy a rundown and renovate it myself, but distance is the issue (300 miles away).
Standard rental would certinaly give security of income and wind down the mortgage, but holiday letting could bring in nearly the same in a week as a long term rental would in a month (according to the guy who’s actually doing that with his. He also. Has a company that handles the hangovers and cleaning so management is fairly straightforward for him without eating too much into his rental income.
There’s a lot of weighing up to do, but all this info you guys are providing is invaluable and very much appreciated, so keep it coming

 

[Leofric]

'We did everything except for the brick built chimney and the felt, battens and slates on the roof. ' - I think that is quite an achievement if you have no experience in building, congratulations. Regards

 

[Leofric]

As said though, you’re a long way from home so finding someone for a reasonable price to sort out the changeover/cleaning/minor repairs without ripping you off could be aggro.

We stay in holiday cottages and £500 a week seems enough to pay in my opinion , and that is the cheaper end of the scale, so don't the landlords make enough profit to be able to pay a cleaner etc ? !

 

[Brigade77]

We stay in holiday cottages and £500 a week seems enough to pay in my opinion , and that is the cheaper end of the scale, so don't the landlords make enough profit to be able to pay a cleaner etc ? !

Our bestest & most desireable property made over £2800 for the peak weeks, averaging £1200 over the year. It was bought at auction for £250k with a further £100k needed for refurb & furniture + fittings. An investment of £350k brings a gross return of £14.5k. It was remote & situated in a very high income area, finding a cleaner for 6hrs work every Friday was a ball ache in itself but finding a cleaner who's prepared to do all of what's needed to maintain the HIGH standards required is an even more MAHOOSIVE ball ache. We ended up paying a good weeks wage for nothing more than 6hrs work. Total ROI on the initial investment was . . . . Dork is available as a consultant @ very reasonable rates if you want to make as much £wonga as Dork has.

 

[Mottie]

We stay in holiday cottages and £500 a week seems enough to pay in my opinion , and that is the cheaper end of the scale, so don't the landlords make enough profit to be able to pay a cleaner etc ? !

They certainly do but some go for the, how can I put it, cheaper end of the Mrs Mop market and cheaper often equals unreliability and tardiness. Also, in the more desirable areas of rental properties, actually finding someone local to clean and manage your property is a job in itself as most locals are too affluent to do that type of work.

We go away with a group of friends every year after Christmas and spend the new year in a rental property. There can be up to 16 of us and 10 dogs and for that prime week we have paid in excess of £4K before now. We’ve already booked and are paying £2,600 for 6 nights in Dec this year for a 5 bed 8 dog property. It’s pretty annoying when you get there and there’s one bog roll and half a kitchen roll between you to start with. Once, the manager of one property we stayed at let the heating oil run low and couldn’t organise a new delivery during our stay. We were bloody freezing so we went home early. They had to refund us £1,200. I think he might have got his wrists slapped at the very least.

 

[Leofric]

'Our bestest & most desireable property made over £2800 for the peak weeks'

Read more: https://www.diynot.com/diy/threads/plot-buying-and-self-build.517065/page-2#ixzz5dwKDx7rD
£2800 to rent a cottage for just one week ,you should be able to afford to pay a cleaner out of that !