Hi.
I have been approached by a guy to use my property for serviced accomodation. It will be rented to his company. Just wondering, has anyone done this before? Anything that we should be looking out for or asking? We are considering as our propertt as been on the market for 3 months now.
TIA
If your property is leasehold, or mortgaged, it may not be allowed.
You or they may need to register the property with council tax, as a serviced accomodation business, so subject to business rates, which if only the one property may be entitled to 100% small business rates relief.
If its a 1 bedroom, might be ok. If its a 3 bedroom plus dining room, lounge etc, they may put10 beds in there and let to building labourers.
It can work well, if the company have atrack record, website looks ok, adverts ok.
Contract needs an annual rent review and a break clause.
Hope that helps a bit. But empty 3 months!!! Ask yourself why? Might be better selling?
These rent to rent intermediaries are everywhere at the moment. These deals are rarely good for the landlord. Most experienced landlords would steer well clear.