A serviced apartment is a type of guest house, that is fully furnished and beautifully designed to give a homely feel. You can compare it with a 3-star hotel. This service apartment is the latest craze of the people and this outlook is clearly visible when serviced apartment has become a business where you can lease your building or a flat or apartment to the person who needs it for a short period of time. If you want to earn more and having a home or flat in a posh area you can give your home for serviced apartment. It is better than the standard rent, or if you are inclined to start a business with minimal investment, then stepping into this service apartment business will suit you best. The Serviced Apartments in London are very profitable if it has been started in a planned way. Planning is the key source of success in any business.
Benefits of Serviced Apartments Business in London
There are different types of business benefits you can avail from Serviced Apartments In London, such as:
Investment and expenses: If you are having your own property, then you have to spend money for refurbishing the flat or building and have to furnish it with the latest amenities and with utility equipment, refrigerator, washing machine, oven, water heater, Air conditioner, water purifier, induction stove, coffee maker, basic cutlery, iron box are a few must items. All these items will not be under the recurring cost. You can take the bank loan to support your finances and fulfill the investment needs.
Apart from spending money on property, building or on utility assets, there is a recurring cost that is involved in maintenance and running the Serviced Apartments in London like, Property tax, salary for cook, utility bills, insurance and housekeeping staff, security, gardener, manager, marketing expenses, gardener, first aid kit, toiletry and groceries, etc. Your income will generate when your serviced apartment business will get established.
Location Matters a lot: In Service Apartment business, venue or location counts a lot and it is always preferred that the apartments should be in a prominent location so that people can go anywhere from the center point. It would be better if your flat or apartment is located in a high-class area, if not, then at least it should on a road where people can get easy access to main roads and other amenities.
Building: Your creative outlook of floorplanning will give a feel of home to the customers rather than a hotel. You have to keep in mind that in the apartments you will make room for the kitchen, a seating area, and dining places etc.
Legal issues: You must have the no objection letter from the local authority. You must register the service apartment in the local police station. Suppose you wish to settle it as a standalone business, then you are required to open a pan account, bank account duly pays all the taxes, and should abide all the rules, that are affirmed under the legal acts.
Security: Security in serviced apartments is important, and this should be given prime importance, so that any customer is looking for, the security guard can tackle the customer at first. The guard must be on duty for 24hrs. There must be CC cameras to be placed at appropriate places. In your serviced apartments, you must have a Logbook that will be to maintain the track entry and exits from service apartment. Identification and background check has to make for the employees, friends, and workers who visit the facility.
Thus, if you want to have this Serviced Apartments for commercial purpose, then you have to follow these things so that you and your business will not face any problems.