Is Your Property Ready for Serviced Accommodation with This Essential Landlord Checklist

Turning a property into serviced accommodation can be a profitable venture, but not every property is suited for this purpose. Landlords need to carefully assess their property’s features, location, and legal requirements before making the switch. This checklist will guide you through the key factors to consider, helping you decide if your property is ready to welcome short-term guests and generate steady income.

Modern serviced accommodation living room with natural light

Location and Accessibility

The location of your property plays a crucial role in its success as serviced accommodation. Guests often choose places that are convenient and close to attractions, transport links, or business hubs.

• Proximity to transport: Is your property near train stations, bus stops, or airports? Easy access to public transport attracts more guests.

• Local amenities: Check for nearby supermarkets, restaurants, cafes, and entertainment options. These add value for visitors.

• Safety and neighborhood: Research crime rates and the general safety of the area. Guests prioritize secure environments.

• Parking availability: If your property offers parking, it can be a significant advantage, especially in urban areas.

  
  

Property Condition and Layout

Your property must be in good condition to meet guest expectations and comply with safety standards.

• Structural soundness: Inspect the property for any repairs needed, such as roofing, plumbing, or electrical issues.

• Space and layout: Serviced accommodation works best in properties with multiple bedrooms and bathrooms to accommodate groups or families.

• Natural light and ventilation: Bright, airy spaces improve guest comfort and appeal.

• Noise levels: Consider the surrounding environment. Properties near busy roads or nightlife may deter some guests.

  
  

Furnishing and Equipment

Guests expect a fully furnished and well-equipped space that feels like a home away from home.

• Furniture quality: Invest in durable, comfortable furniture that suits the style of your property.

• Kitchen facilities: A functional kitchen with essential appliances and utensils is a must.

• Laundry options: Providing a washing machine and dryer adds convenience for longer stays.

• Entertainment and connectivity: High-speed Wi-Fi, a smart TV, and charging points enhance guest experience.

• Safety equipment: Smoke alarms, carbon monoxide detectors, fire extinguishers, and first aid kits are essential.

  
  

Legal and Regulatory Compliance

Running serviced accommodation involves specific legal responsibilities. Ensure your property meets all regulations to avoid fines or closure.

• Planning permission: Check if your local council requires permission to operate short-term rentals.

• Licensing: Some areas mandate a license for serviced accommodation. Confirm the requirements.

• Health and safety standards: Comply with fire safety rules, gas safety checks, and electrical inspections.

• Insurance: Obtain appropriate landlord insurance that covers short-term letting risks.

• Tax obligations: Understand how rental income affects your taxes and whether you need to register for VAT.

  
  

Marketing and Guest Management

Preparing your property is only part of the process. You also need a plan to attract and manage guests effectively.

• Listing platforms: Decide where to advertise your property, such as Airbnb, Booking.com, or local websites.

• Pricing strategy: Research local competition to set competitive rates that maximize occupancy and profit.

• Cleaning and maintenance: Arrange reliable cleaning services between stays and regular maintenance checks.

• Guest communication: Be ready to respond promptly to inquiries and provide clear check-in instructions.

• Reviews and feedback: Encourage guests to leave reviews and use feedback to improve your service.

  
  

Financial Considerations

Understanding the financial side helps you evaluate if serviced accommodation is a viable option.

• Initial investment: Calculate costs for furnishing, renovations, and legal compliance.

• Ongoing expenses: Include utilities, cleaning, maintenance, insurance, and platform fees.

• Potential income: Estimate rental income based on occupancy rates and nightly prices in your area.

• Break-even point: Determine how long it will take to recover your investment and start making a profit.

  
  

Final Thoughts on Preparing Your Property