Any advice? Buy to let, good or bad? (1 Viewer)

[richardttt]

Hello all, I'm new so go easy on me. I've been thinking of buying a motorhome and wondererd how practical it was to rent it out and weather or not it was worth it.

Obviously, the repayments would be rather substantial so my question is, would renting it out to people ease the pain?

Also I have seen some companies offering a "buy to let" scheme - and boy do they like emailing me to tell me all about them!

I understand that insurance for self drive hire is a minefield and then there is damage charges, recovery etc etc.

I just wondered if anybody had any experience of hiring out a motorhome and if it is more trouble than it's worth. I don't want to make a profit, I just want to enjoy a motorhome but on a tight budget.

Thanks for looking

Rich

 

[Geo]

Hi Rich Welcome to the fun site
your not the first and wont be the last to think about hiring out your prized possession and thats the trouble from the word go
It will be your pride and Joy
but just a means to an end for others from past responses on here from just such a question, I would say the vast majority are against it, but it has worked out for the odd one, the response I'm sure will be varied.
It also depends wether you intend to go it alone, or use the services of a hire on your behalf and for a cut type company you may want to see it from the hirer's side too Link Removed
good luck with your venture
Geo

 

[45eEver]

Richard I suggest you go to a place that hires them out and chat to the lads that sort them out after they've been hired out.

Maybe even ask teh companies that keep contacting you if they have some folks who have tried it that you can contact.
Then contact several of them.
Bear in mind, the company will probably only give you the names of satisfied customers.

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[superk]

Very difficult to tell how well your MH will be treated - the nice young man who hires it may have six mates round the corner waiting to go off to Glastonbury and trash it.

Others you might be wary of may return it in gleaming condition.

How will you feel knowing someone may have blasted it at top speed for hours on end or having your MH returned after being involved in a serious accident preventing you hiring it or using it until it gets repaired?

If you're doing it yourself do you fancy the arguments about not returning the deposit in such circumstances - or, if an agency will they hang on to your deposit?

Seen a lot of damaged vans (outside and inside) come back from hire.

Needs weighing up carefully - but maybe better not to.


Keith

 

[richardttt]

Thanks for the speedy replies

My aim is to buy a motorhome, finish work early on a Friday, book Monday off and clear off to France every now and again.
I wouldn't rent it out as a business, but I could charge half the price of the well known companies if I just let friends and family take my motorhome - so long as they sorted out their own full comp insurance.

I mean renting it out just to take the edge off the repayments.

Shamefully I worked out that if me and my partner gave up smoking it would pay for a top notch motorhome.......... if we gave up drinking too, we would have one with a helipad!

Rich

 

[Boo]

My aim is to buy a motorhome, finish work early on a Friday, book Monday off and clear off to France every now and again.
I wouldn't rent it out as a business, but I could charge half the price of the well known companies if I just let friends and family take my motorhome - so long as they sorted out their own full comp insurance.

I mean renting it out just to take the edge off the repayments.

Shamefully I worked out that if me and my partner gave up smoking it would pay for a top notch motorhome.......... if we gave up drinking too, we would have one with a helipad!

Rich

hahahahahahaha nice one
Thats why I don't drink dude...............I got a Bell 206b Jetranger strapped to the top (next to the hovercraft)

Oh and :welcome:

Boo

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[Paula]

I think that the problem with renting it out (and the hirer having separate insurance) is that your own ins company might consider there is a dual insurance issue and get twitchy - or worse. If thinking of renting it out, I suggest check it out quite seriously. Even though the companies which hire out other peoples motor homes SAY it is OK I would check with own insurance.

Even though when it is out on hire you wont be driving it so you would think it would be OK. However, it is a genuine problem so do check it out first or you might find in any instance of a claim, you are not insured yourself - or the hirer's insurance will be null and void. I am not an expert but this is what I think might happen - this is result of doing lengthy research myself on this subject.

We have just this month set up a 'private hire' insurance policy on ours, with us as named drivers - not cheap though. Haven't yet rented it out but hope to this Summer. Our original insurance ran out so we got it sorted now rather than later. Aim to get an older camper eventually to hire out too to help cover cost of insurance if we can. We bought our motorhome 2nd hand last year with a view to doing this though - so it isn't quite the same as some of you guys who I realise wouldn't dream of hiring out your pride and joy. If ours was a brand new one, or bought for our own use alone, I expect I would be the same

Would welcome any feedback from those who have rented their own mh or camper out though and what system they used - private or company
Paula