There’s nothing better than finding your dream home and moving in, but once you’ve been there a while, the mortgage repayments can start to take their toll on your monthly income. If you have a big plot of land with a lot of garden space that you don’t really make the most of, you could be wasting an opportunity to make some money to help with those expensive mortgage repayments.
Outhouses and annexes can add serious value to a property, and people build them to give somewhere for older relatives to live, as well as places for guests to stay. Some even hire them out as holiday apartments and cash in on their investment, which is exactly what you could do to make some money from your spare land. To help you decide whether it’s a viable option, we’ve put together a checklist of things to consider.
Location, Location, Location
There are certain areas where holiday apartments are in high demand, and in these areas it’s more likely that your new venture will be a success. If you live by the coast, or in a popular holiday resort, people are likely to be looking for holiday accommodation on a regular basis. If you live in a less desirable area, you might find business is tougher due to a lack of demand.
Can You Afford the Initial Expense?
You can either choose to hire a construction firm to build a proper building, or you can buy a large log cabin from somewhere like Tunstall Garden Buildings, which is admittedly the cheaper option, despite being less luxurious. Then there’s the cost of plumbing, and the optional addition of a basic kitchenette, as well as all the furnishings.
It won’t be cheap to set up, but you could always take out a small loan – your new apartment is bound to pay for itself very quickly once it’s up and running. You’ll also need to apply for planning permission, which could be a lengthy and costly process, so check out this mini guide to building outhouses for more details.
Is There Somebody Who Can Manage the Business Aspect?
It’s important that somebody in your household has the time to manage the business aspect of your new venture. Taking bookings and replying to emails will take time, so make sure you have an hour or so (or potentially more) to spend on administrative tasks each day.