Been googling motorhomes today and came across the concept of a 'Buy to Let' motorhome where you buy a motorhome and on the weeks you aren't using it you rent it out. The website even guarantees your income for the first year.
Has anyone ever done this? If so, what are the pro's and con's and do you actually make any money.
I do like the idea of a motorhome but realistically we wouldn't use it for more than 2 weeks in the summer and a couple of weekends. I have the time to rent it out, clean it between rentals etc. I would be looking to cover the cost of owning it, rather than actually making any profit.
Sounds like a good idea to me. We would never be able to afford a MH and are just very lucky as you know the in laws lend us theirs (we use it more than them!) We think its mad the amount of time the MH just sits on their drive unused. We love taking it to France for our main holiday but it does change things as you cant just get in the car and go to the shops etc so you need to think about how you feel being on site more or pick your sites carefully. We tend to use UK sites with a bus stop nearby/pubs/shops etc. We do take our bikes too which gives us some more freedom.
I'm sure if rental was reasonable lots of people would be interested. MHs are a big investment as I'm sure you know. If you are only using it for your main holiday and weekends not making a profit you also have to take into account the depreciation. My advice would be dont buy brand new, the inlaws MH cost them £44k (gulp!) but it only had 1500 miles on the clock and was 13 months old. The first owner had paid for extras like solar panels on the roof/ passenger door, upgraded upholstery etc and new it cost him 62k so he lost 18k!! Apparently money wasnt an issue and he bought the exact same van but in the new gold sides Burstner do the Aviano in!!! When the inlaws had it service recently they saw some identical models on the dealer forecourt for more than they paid 18 months ago so I think they are like new cars and loose most of their money in the first 12 months.
We're off to the NEC next month to drool over the new models.
You might find you would use it more than you think as it is so easy to get away for the weekend compared to tent camping. On the minus side the fuel consumption is scarey!!
------------- Thistledown Easter
Nantcol June
Domaine du Verdon Castellane and Etoile d'Argens Frejus Aug
I'm sure the website will be a big let down, a bit like buying a static on a holiday park with promises of a good return on lets that never happen. I don't see how they can guarantee anything unless they put up about £1million bond which I bet they ain't doing.
You are paying somebody to do work you could do yourself & it is you not them who will lose out. It would be better to set up your own website & do this. However, if you were a rental company renting out 20 motorhomes & 1 got damaged/wrecked not too bad, the risk is spread, but renting out 1 m/h sounds like a bad buisness model to me.
Problem is motorhomes are very easily damaged, just a small argument with a gatepost will do £2k of damage & rental customers will not take the same care as an owner.
Insurance premiums are not pretty by all accounts and the excesses eye watering. I have recently read a post somewhere about somebody who rented out their motorhome and regretted every minute of it. The main gripe was that other people just don't care about your pride and joy, why doesn't that surprise me?
we were in scotland last week parked next to a hire van they were both smoking in the van ,they did have the windows open ,big sign in van saying no smoking.
if it was a good deal to buy to let we all wood have one or two .
------------- do it to day it might be too late tomorow
We have a 20 year old M/home and have been asked by friends to rent it out,NO NO NO we say,why ?? you may ask, well it is ours only and we look after it,would they when they are using it ??.
------------- Think this year is to follow old meet friends for 2014.
If you cant do someone a good turn,don`t do them a bad one,its nice to be nice you know,and little things mean much more later in life.
Pete.
If you are the sort of people who care about their property and look after it, then DON'T let it. In my experience no-one looks after your property in the same way that you would yourself. One the other hand, if you are not particular about keeping it in good, damage free condition then let it out and recoup some of the cost. Be aware though that should you sell it retention value will not be as good.