Serviced Accommodation: Things You Need to Know

Serviced accommodation interior design style

Serviced accommodation is the term used for when you let out a property over a shorter period than other deals. Rather than having long term tenants, you can expect to be accommodating for guests. In some way, it’s like a hotel because many investors who choose this route will let out a unit or room on a nightly or short-term basis rather than on a long-term deal. For example, with a buy-to-let strategy, you have 6-months or 1-year tenancy as options, but a serviced accommodation enables you to let the property for just one night, or you can opt to use a long term short-term letting. 

Many people choose to go down the serviced accommodation route, and it provides some great opportunities. You can provide for multiple demographics, includinglong term stays from contractorsand such, as well as people passing through for one night or several days. 

 

Get the Right Insurance 

Insurance is not something you should ever overlook. Insurance can prove vital when protecting your pockets in the case of your property being subject to fires, a break-in, domestic damage and more. Insurance is first on the list for a reason. If anything, drastic happens to your property and the insurance is void, then you can say goodbye to that hard-earned deal, not to mention the trouble and consequences you can face for having void insurance. The moral of the insurance story is, never rush, read the fine print and make sure you are applying for the right kind ofinsurance that will cover your serviced accommodation. 

 

Be Smart When Furnishing 

Your property is essentially going to be like a hotel with added space and a more homely aesthetic, and so you need to ensure you are catering for all kinds of tenants. For example, the furnishing needs to be something well equipped that takes in mind long-stay tenants. But you also want it to look great and appeal to the larger volume of short-stay tenants. A great example of how to furnish accommodation is the Lowestoft penthouse developmentby Neil and Jackie Dobson. They styled the property to suit frequent contractor tenants but made sure the property was still appealing to short-stay tenants and holidaymakers. 

 

Offer Services That Stand Out 

Serviced accommodation gives you the perfect opportunity to impress guests and make them choose your stay instead of someone else. People love convenience and simplicity so you could offer transport as part of the asking price, flowers, and champagne for occasions or even something like filling the fridge ready for their arrival. Although your accommodation won’t have you there to maintain and clean around, many people will consider this essential. If tenants are visiting for a week or more, they might expect cleaning to be taken care of, which could be a deal-breaker for some of your long-stay tenants if you’re not offering the service. 

There is a lot more to learn and we go into detail about everything you need to know during our one-on-one mentoring sessions. So, want to become a serviced accommodation expert? 

 

Learn with Assets for Life mentorship today! 

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