It's hands down the most time efficient way of earning more cash for me, putting the house up as an Air BnB but there's a lot of work to be done before hand for sure!
The work... And money to be spent...
These are very rough figures some pulled out of thin air!
- Painting (£100) - really just the basic decorating materials) - DIY
- Doors (£30) - internal wooden doors some.need a little TLC!
- Gardens (£40) - DIY
- Front wall £400) - just needs replastering really or covering with whatever has flaked off - just a tiny bit!
- shower (£800) - just the surrounds - tiles and door I think the shower itself is fine!
- carpets (£750) - new carpets - maybe rugs wld do it...?
- certifications! (£600?) - needs a tad more research- Gas and electric safety
- Lecky to cellar (£150?)
- Fluff (£500) - new chairs etc... all the bits to make it liveable in!
Total... just > £3000 !
The Money....
£60 a night shld be easy enough to achieve.... so working on 10 nights a month on average which isn't a lot that would mean....
£600 a month! That would be damned tasty...
But minus 20% in tax
Minus another 20% to maintain...
We're looking at around £350 a month net
Although thinking out loud I cloud claim back most of that tax given that it's legitimate business rental expenses
So that means the Vest would pay for itself in about 8 months which is not too shabby!
And the Vest makes it more sellable for at least another 3-4 years!