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In this podcast episode, Kevin talks through some of the recent issues he and his SA mentees have been experiencing. He shares details of problems that have arisen with estate agents, local planning authorities, etc. Providing practical advice that can be used to overcome each objection/issue.
Kevin covers the difference between SA, guesthouses, and HMOs. As well as explaining, in detail, when you need to apply for “material change of use” and when you don´t. Wrapping things up by explaining how valuations and mortgages work for the SA business model. Including some tips to help you to maximise the valuation so you can potentially borrow more.
KEY TAKEAWAYS
It is not unusual for estate agents to confuse furnished holiday lets with HMOs. In the podcast, Kevin explains how to educate them about the difference.
Whole house SA is different from letting out individual rooms.
Currently, serviced accommodation is treated as trading activity, not an investment activity for tax purposes.
When you run a SA property, make sure you do not annoy the neighbours e.g., causing parking issues.
If you want to refinance your property, be there so that you can explain things to the surveyor face to face.
Make sure the surveyor is fully aware of the ways you have added value to your property.
If you run a hotel or guest house, you can potentially raise more finance once you have been trading for a couple of years.
BEST MOMENTS
‘A furnished holiday let is not anyone´s home and, therefore, is not subject to HMO rules.’
‘There is not a specific use class yet for furnished holiday let properties. ‘
‘Build up a rapport with the valuer, answer the valuer's questions, and provide them with a full schedule of works. ‘
VALUABLE RESOURCES
The Serviced Accommodation Property Podcast
https://propertysoldier.co.uk/
Rich Dad, Poor Dad by Robert T Kiyosaki
Serviced Accommodation Success by Kevin Poneskis
ABOUT THE HOST
Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.
Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.
CONTACT METHOD
https://en-gb.facebook.com/propertysoldier/
[email protected]
