Have you ever wondered how to maximize the returns on your buy-to-serviced accommodation property?
Do you want to create an unforgettable experience for your guests?
According to a recent report by Colliers, the real estate sector in the UK witnessed a turnover surpassing 65 billion British pounds in 2022.
Despite a 9.1% decline in property returns in 2022, the market is expected to rebound, with total returns forecasted to increase by 5.3% this year.
As the buy-to-serviced accommodation market evolves, understanding the nuances of buy-to-serviced accommodation renovation and furnishing becomes crucial.
In this guide, we’ll delve deep into how you can renovate and furnish your property to ensure a memorable stay for your guests, ultimately boosting your return on investment.
Key Takeaways:
- Understand the significance of the buy-to-serviced accommodation market and the rising demand for memorable guest experiences.
- Discover the importance of regular maintenance and staying in sync with design trends to ensure your property remains a top choice for travelers.
Understanding the Buy-to-Serviced Accommodation Market
The buy-to-serviced accommodation market is more than just a fleeting trend; it’s a paradigm shift in how travelers perceive their stay.
With a surge in travelers gravitating towards spaces that offer the snugness of home combined with the luxe of hotels, the demand for such accommodations is skyrocketing.
But let’s dive a bit deeper. It’s no longer just providing a cozy bed in a well-furnished room. Oh no, the modern traveler craves more. They’re on the lookout for authentic experiences. A chance to immerse themselves in the local culture, indulge in contemporary comforts, and weave stories that they can reminisce about for years.
So, amidst this evolving landscape, how do you ensure your buy-to-serviced accommodation renovation and furnishing stands out?
The answer lies in understanding the intricate dance of the market. Recognizing the significance of crafting a memorable guest experience and ensuring every nook and cranny of your property resonates with this ethos.
By aligning with the market’s pulse and elevating the guest experience, you’re not just offering a place to stay but a memory, a feeling, a moment in time.
As we transition into the nitty-gritty of planning your renovation, remember this: It’s not just about aesthetics or functionality; it’s about creating spaces that tell a story, spaces that guests can’t wait to return to.
Planning Your Renovation
Embarking on a buy-to-serviced accommodation renovation journey requires more than just enthusiasm; it demands strategy.
Before you even think about swinging that hammer, take a moment. Wander through your property, letting each room speak to you. Which spaces make your heart sing with pride?
Which corners make you cringe a tad? This walkthrough is invaluable. It’s your roadmap, highlighting the treasures that need a little polish and the areas that need a complete overhaul.
Key Areas to Focus on During Renovation
Picture this: sipping on a latte in a sun-drenched living room with the scent of fresh croissants teasing your senses. Dreamy, right? That’s what zeroing in on key renovation areas can do. Amp up the living space, making it both chic and comfy.
Give the kitchen and bathroom a facelift – these are the heart and soul of any home. And don’t sideline the outdoors.
A quaint garden or a plush patio can be the crown jewel of a guest’s stay. As you revamp, think green. Eco-friendly tweaks aren’t just good for Mother Earth; they’re a hit with the eco-savvy traveler.
Furnishing for a Memorable Stay
Furnishing is where your property gets its personality. Kick things off with a theme. Whether boho-chic, sleek modern, or rustic charm, ensure it vibes with the property’s essence. Now, the basics.
A cloud-like bed, a squishy sofa, a functional workspace – these are the Minimum Viable Products (MVPs). But here’s the secret sauce: It’s not about cramming in stuff; it’s about striking that sweet spot between beauty and utility.
Leveraging Technology for Enhanced Guest Experience
In this digital era, tech is your trump card. Weave in smart home features – think voice-activated lights or mood-based thermostats. Roll out entertainment systems for those movie marathons and ensure the Wi-Fi is lightning-fast.
On the safety front, smart locks and surveillance systems are non-negotiable. They promise guests safety and peace of mind.
Regular Maintenance and Upkeep
A top-tier buy-to-serviced accommodation renovation isn’t a one-and-done deal. Consistent care is paramount to ensure your property remains the town’s talk. Addressing issues like chipped paint or an unstable tile promptly is crucial. While they might seem minor, such oversights can significantly impact the memorable guest experience you aim to offer.
Moreover, with the dynamic nature of furnishing strategies for buy-to-let properties, it’s essential to stay updated.
Interior design is constantly shifting, introducing new trends and styles. Keeping a keen eye on these changes ensures your space feels fresh, modern, and inviting.
Crafting Your Serviced Accommodation Success Story
As we’ve journeyed through the nuances of renovating and furnishing buy-to-serviced accommodations, one thing is clear: Success in this realm isn’t just about aesthetics or amenities; it’s about a holistic approach that combines impeccable design with strategic planning.
If you want to dive deeper and ensure your serviced accommodation venture is built on a solid foundation, consider exploring PA Property Sourcing’s comprehensive Serviced Accommodation Business Plan.
It’s more than just a guide; it’s your roadmap to creating spaces that don’t just house guests but create unforgettable experiences.
Contact us now to learn more.
FAQs
What are the key areas when renovating a buy-to-serviced accommodation property?
When renovating a buy-to-serviced accommodation property, the key areas to focus on include:
Living spaces: Ensure they are inviting, comfortable, and functional for guests.
Kitchen and bathroom: These are essential areas that guests often prioritize. Ensure they are modern, clean, and well-equipped.
Outdoor areas: Whether it’s a garden, patio, or balcony, outdoor spaces can greatly enhance a guest’s stay.
Eco-friendly solutions: Incorporate sustainable and green features that are increasingly important to travelers today.
Technology integrations: Modern guests appreciate smart home features, high-speed internet, and entertainment systems.
Safety and security: Protect the property with secure locks, surveillance systems, and emergency protocols.
How can I create a cohesive design and style for my serviced accommodation property?
Creating a cohesive design and style for your serviced accommodation property involves:
1. Theme selection
2. Consistent colour palette
3. Functional furniture
4. Decorative elements
5. Local touches
6. Quality over quantity
7. Flow and transition
Peter Juhasz is the founder of Pluxa Property, the biggest property investment company in UK and Group CEO of AIP Capital Group and a property investment expert with over a decade of experience in the UK market.
He built a successful property company using innovative cashflow strategies like Serviced Accommodation and HMOs, scaling to 200 units in four years.
Peter leads a team specializing in property and business acquisitions across various sectors. A former co-host of “Cashflow With Property,” he shares his expertise in real estate investing and business scaling.
He is committed to continuous learning and helping SME owners and investors maximize their returns, driven by his passion for empowering others to achieve their financial goals.
To learn how Pluxa Property can help you in UK property investment, contact our experts.
