/ ski lodges
For an investor is there any decent money to be made in ski lodges? I'm talking about the type of place with say 20 beds, some single, some double and some dormitory style.
Obviously lots of unknowns in my question, but I thought worth throwing it out there.
I don't know about ski lodges but I've had experience of owning and letting properties both in the UK and abroad for both long term rentals and holiday lets.
It's incredibly time consuming and fiddley. Things always go wrong at the worst possible times and you have to drop everything to sort it out, even on occasion having to fly out at short notice. Not cost effective because you generally can't get a cheap flight and you may have to drop everything and take unpaid leave! Also if you are employed your boss may not see the same urgency as you. Something as simple as a tripping fuse can be a right hassle to sort out from a distance, and you are likely to be taken for a ride by local tradesmen, if you can locate one at short notice.
Taking bookings, deposits and generally managing and juggling with rooms and dates is again time consuming as is dealing with guests who complain with something like the f*cking TV going on the blink mid hire.
What is absolutely vital is to have a RELIABLE agent and/or cleaner on the spot to sort out problems. That's not cheap and I do emphasise the word RELIABLE - I've had some terrible agents. Private individuals are generally, but not necessarily better. As soon as you find a good one, they move on, get pregnant or decide that they want to give it up. More hassle for you!
Then there's income tax! Even with a dual taxation agreement you have to submit a tax return in that country as well as your own, and you will probably need to employ a local tax expert. Other taxes you will have to deal with are local rates etc, and have arrangements with the local utility suppliers, not to mention having to review and comply with local health and safety laws.
The guy we stayed with at half term has rented the same place for eight years year round - he'd never be able to buy it (neck end of a million euro) but the owners take a lower return but no hassle.
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