Low-cost Properties You Can Convert into Holiday Rental Units
Many people are attracted to the idea of renting out real estate which they own. It is easy to see why; it provides a steady source of income for little effort on the part of the owner. But buying a property to let out and getting it ready for a tenant can cost a lot upfront.
If you plan to rent out your property to long-term residents, things can also get more complicated. However, holiday rentals have recently emerged as a great option that, in most countries, are not subject to the same requirements as residential lettings. And what’s even better is that the people who rent them are often looking for something quirky and unique. This means that you might not even have to buy a new house or apartment to set up this business. Instead, you can make use of unusual property types, some of which you might already own.
These are some of the best property types to convert into short-term rental units.
- Barns: These can easily be converted into rustic, spacious, and peaceful gems for people who are looking for a quiet escape in the country. In fact, there are even many people who choose to live in renovated barns. The fresh country air and mental health benefits of a quiet countryside retreat make these a relatively easy option to market.
- Shipping containers: Surprisingly, lots of people live in these nowadays too. This is a positive sign for those who already own a shipping container or are looking to purchase one to convert into a rental unit. It means that they can be made warm, welcoming, and comfortable, and you can look for ideas and inspiration of how to do this online. These are a good option if you’ve only got a small amount of room to work with and they are also one of the most affordable types of property to buy and set up. If you have the room, you could start out with one to see how things go, then expand by buying more later.
- Mobile homes: These are also relatively cheap to get started with and so they make a good option for those who don’t have much capital to start with. They also need less work to get them ready for tenants, seeing as most already have beds, a small kitchen, and a toilet installed. The latter can be a drawback as it will have to be manually emptied, although if you plan on keeping it indefinitely in one location then there might be more permanent plumbing options you can consider.
- Campervan/RV: These share many of the same qualities as mobile homes, but they are often more popular among younger people, especially with many influencers going viral with posts about ‘van life’ in recent years. Other vehicle options that require a bit more work but can be effectively converted into rental units are buses, truck trailers, and even planes.
Renting out holiday accommodation can be a great way to start making a steady income without buying expensive property. You might even already own something that holidaymakers would love to stay in, and there are services which can take care of the cleaning and everyday management of the business.
