Well, folks, it's time to talk about the elephant in the room (or the town, in this case). Is Stevenage the next big thing for serviced accommodation (SA)? The short answer is... it depends. But don't you worry, I'm here to break it down for you in the most entertaining way possible.
Stevenage may not seem like the most glamorous location for a serviced accommodation business. But, as the saying goes, "don't judge a book by its cover." And, in this case, don't judge a town by its roundabouts.
In all seriousness, Stevenage has a lot to offer for those looking to start an SA business.
For starters, let's talk about location. It's conveniently located just north of London and has decent transport links to the city and the surrounding area by road, rail, and bus, making it a hub for commuters. This makes it an attractive destination for contractors, and business travellers & staycation-ers who want easy access to the city, but don't want to pay city prices. Let's be real though - if you're looking for a scenic location for your SA business, Stevenage might not be the place for you. It's not exactly an aesthetic paradise, but it's not the worst place in the world either.
Now let's talk about the housing market. Stevenage is generally considered an affordable place to buy property, with a good range of properties available at attractive prices. There is strong demand for both rental and owner-occupied properties, making it a good place to invest. But before you start buying up every property in sight, it's important to do your research. Each property and area is different, and a more detailed analysis is necessary before diving in.
What about the local economy? Stevenage has a strong local economy, with a range of employers and good job prospects. This makes it an attractive destination for those looking to relocate or invest in a property. Plus, with the local council's plans for development in the coming years, there's expected to be an increase in demand from contractors and local companies. So, if you're looking to cater to the working crowd, Stevenage might be the place for you.
But, before you get too excited and start envisioning yourself as the next SA mogul, it's important to consider all of your options. The SA market in Stevenage is varied, with opportunities for both long-term and short-term rentals. You could go the traditional route and buy a property to rent out on a short-term basis (aka Buy 2 SA), or strike a deal with the landlord to rent and sublet their property on a Company Let contract (aka Rent 2 SA). Alternatively, you could take a more unconventional approach and enter into a Lease Option with a property owner, allowing you to control the property for a longer period of time (aka Lease Option 2 SA).
So, there you have it folks, the lowdown on starting a serviced accommodation business in Stevenage. Sure, it may not be the most glamorous location in the world, but it's got plenty of potential. The key is to do your research and make sure you're aware of all the different strategies available to you, and how they compare in Stevenage. Lastly, it's important to consider who's going to run your new SA unit.
That's where The Property Don comes in. As a serviced accommodation management expert with extensive experience in the Stevenage market, my team and I offer a range of services to help investors navigate the local market and make the most of their investment. Whether you're looking to rent out your property for long-term guaranteed rent on a Company Let agreement, to have us manage it as a serviced apartment for some extra risk and reward, or even to just get some guidance and accountability, we've got you covered.
And the best part? We're offering a free private consultation to anyone interested in our services. So, whether you're a seasoned pro with plans to scale, or a newbie to the serviced accommodation game, we can help you maximise your results.