How Much My Tiny House Airbnb Made in Its First Year

[@Patchy]

Hope you all find this little update interesting! If you have any questions or suggestions, just let me know. 🤠

[@Suebee1988]

Would it be possible to make it a long-term rental property?

[@GenXHeart]

Sounds like year one was a success! Congrats! 🤔...maybe Mum should get her cut AND some monthly sweets or flowers? lol And you won't catch me shaming you for owning the property! If I ever get to book my bucket list trip to Scotland I don't want to stay in a boring hotel! Your rental is the first place I'll book!

[@jemma50]

@@Suebee1988 That's what I was thinking. Steady income and no Air BnB or cleaning expenses. As long as you found good tenants who won't trash the place. :)

[@coachab100]

I live in USA and could see me living tiny. Now I live in 4 bedroom and never go upstairs. Hate paying $2-300 for heat or AC I like your place

[@15Lochinvar15]

I know you said you didn’t really want to increase the price… but you could do it seasonally? If it’s £109 a night in the summer, make it £120 a night in the winter. That way it’s still very reasonable, but it puts a dent in the extra heating costs.

[@poppyalameda9968]

Former banker here. Interest-only mortgages give me heartburn from a consumer borrower pespective and a risk perspective. Such loans are very risky, especially in a rising interest rate environment. My strong personal preference and advice is to convert when one can, to a fixed rate mortgage and pay down the principal, including earlier when one can.

[@Patchy]

I've grabbed my sharpest crayon and noted this down. Thank you.

[@tanya8116]

Agree. I would apply your profits to pay down the principal.

[@nicolad8822]

I didn’t know people still had interest only mortgages in the UK.

[@Martial-Mat]

Same same. My best friend has been crippled by one. The second he told me about it, I was concerned, and now he has to find an extra £950 a month, and it's REALLY going to hurt. If it was me, I simply couldn't afford that sort of increase.

[@anetaw.3742]

that's it! just before the pandemic I took out a fixed-rate mortgage in Poland (banks currently offer a maximum of 5 years). the installments were only slightly higher, but in retrospect it was very worthwhile. first, the rates dropped to almost zero for a while, but then the madness began. when interest rates were soaring and people's loan installments were practically doubling, I could sleep peacefully. this wonderful time for me of very low interest rates compared to the current ones is over, but I decided to take another 5 years of a fixed interest rate. I prefer to know how much I will pay in the next 5 years and have peace of mind. the rates are unlikely to drop to zero again (certainly not in the next few years). even though the interest rate is higher than in 2019, I have paid off so much in these 5 years that it does not hurt me at all. this is the best decision of my life and I recommend it to everyone!

[@jemma50]

I don't see a problem with ethics at all, George. It's definitely not a family home, so you are not taking housing from people with children who need to be close to the school. Also, if you hadn't purchased the place, it might still be abandoned and unliveable. Your profit might have been small, but at least you did have a profit and it will probably grow in the coming years. You could also rent out to a long-term tenant and have a steady income, if not a huge one. Thanks for sharing! ♥♥♥

[@Patchy]

Glad I'm not coming across like a total knobhead there then haha! Renting long term is something that a lot of people are suggesting so that's something I might look into. :)

[@Suziesuzi]

This is true, you possibly saved a building’s life here George! It seems like what you did was very positive for the building, like it’s been mentioned, you turned it into a liveable home! It might be still sitting crumbling away if you hadn’t taken it on..

[@anitaevans2432]

@jemma50 - Families, with children, are not the only important people. There are single people & couples looking for a home.

[@jemma50]

@@anitaevans2432 I am aware of that, but George seemed to be concerned about taking a home away from families who would want to be close to the nearby school.

[@jemma50]

@@Patchy ♥♥♥

[@mioww325]

Ok. Now I am convinced you are the loveliest person on KZbin. You saved that little house, and brought it back to life. And you're allowing others to share in that. And not depriving anyone of anything in the process. Give your business time, as soon as the mortgage is paid off you will have a very welcome earner for the long term, and like you said, you and your sweet cats can always live in it yourself.

[@joannahampton5979]

Your tiny house is what I would consider the perfect example of what a tourist Airbnb experience should be.

[@Patchy]

When I got it valued, that's what the real estate agent kept saying haha. I asked her if I should sell or rent it out and she was like 'holiday home for couples'.

[@joannahampton5979]

@@Patchy Smart agent 😉

[@bonniepwtf]

After all you did to restore it I can't imagine letting it go. I'm sentimental that way.🥰 You are a wise man & deep thinker so I know you'll do what's best for you in the long run. Best wishes to you & 🐈🐈🧡🧡🧡

[@Patchy]

I think that's what it comes down to, just finding it hard to let it go haha.

[@Martial-Mat]

@@Patchy I'm sure that you'll get over it quickly if you do sell, but I really understand the feeling. I feel the same about my house.

[@dmm5022]

1st year of a new business is usually the least profitable. Give it another year. You saved that house which is highly commendable.

[@Patchy]

Giving it another year seems to be the common response here, so it's looking like a good shout!

[@lindah8838]

I don't blame you for feeling sentimental with your tiny home, George, especially with all the love you put into it It makes sense that it would be hard to let go of it. It makes total sense to make some profit of your hard work until the time comes for you to move back in if that suits you. I think you've done great all round!

[@cecillec2331]

And that is an educational video from the one and only lovable, George.

[@Patchy]

🤠

[@albertjanik8532]

I wouldn't let go of the house if it were mine! All the best, George! ❤️

[@jimw6659]

Hi. I worked as a mortgage specialist for many years. Interest-only mortgages can work if you are looking to overpay and settle the whole thing in the medium-term (although few people are) - so, if you are confident you could chip away and pay it off in 10 to 15 years, that’s great. My advice is to overpay as much as you can as early as you can. When I was in the business, it worked out that for every £100 you paid off the capital, you were saving about the same amount in future interest payments over 25 years. There are always risks with loans because who knows what will happen in the future, but I hope that helps. Good luck!

[@Patchy]

That's a bit of a relief to hear because that was my plan haha. Guess I just wondered how worthwhile it is plugging all of that money into the mortgage vs. going with something like stocks or even flipping another property. Guess they all have their downsides though.

[@jimw6659]

@@Patchy Good to see! In reality, few people do overpay, or they let it slide for a few years then have problems later, or they lose the means to overpay, etc. etc. I hope it works out. Good luck!

[@tanyesil]

its always nice seeing your videos, cheers!

[@Patchy]

Thank you! :)

[@jodi4384]

I have zero experience but my advice is give it another year before making a decision. On another note, I switched to a larger screen to watch the video hoping for a Junior or Tigger cameo. Your videos must always include these cameos!

[@Patchy]

I think waiting another year is a good call because then it won't be as much of a reflex decision, whatever I do. And I'm deeply sorry about the lack of Junior and Tigger. I will sort this in the future.

[@ShelleyTwedt]

Have no guilt about your tiny house. You're not a corporate guy who bought 50 houses in an area and now regular people have nowhere to live. The home is charming. Give it another year and with more information you can make a solid decision of where to go next. I much prefer staying in airbnb's to hotels; far more homey, and I love meeting the hosts.

[@margaretmcghie9329]

My husband works away from home a lot and he can rely on airbnb when he's away. Hotels can be really expensive. It is your house you put the work into it you do whats right for you. I wish you all the best for the future.

[@Patchy]

Interesting! I guess it depends on the area but I've definitely seen instances where hotels end up being much cheaper than Airbnb haha.

[@margaretmcghie9329]

@@Patchy he travels all over the uk and I think it depends on he is at the time and how long he's going to be in one place. I live just outside of Edinburgh and it can be really expensive to go up north. However the views are definately worth it.

[@Suziesuzi]

I hope 2025 is a prosperous year for your tiny house 🏡

[@RawAlbert]

It's always a great watch whenever it's one of your videos :D

[@Patchy]

Thanks man!

[@janeb3024]

Logic is highly over-rated sometimes, George! Sometimes, a "gut" feeling is the right one to follow.

[@Patchy]

Very true indeed!

[@donnamullins2089]

Why on earth do you think it is unethical? This building was in ruin. YOU spent YOUR hard earned money rebuilding to modern standards and beyond. I don't understand who is making you feel guilty. This could never be a family home! It is a business and you also offer a service. You are bringing visitors to your village who spend money to eat and shop at other business. Local economy is key. Try another avenue of advertisement. Are their flower or garden shows? Have a listing of local events, festivals or interest. Castle tours. Whatever?? Cat petting? IDK. Are there any business or corporations near by for a corporate lease by the week or month? It would be best if you could refinance and have a mortgage where you are at least paying down the loan!!!! Thank you George. Hugs to Junior and Tigger. Thanks for the financial update and I don't mean to rant but this is what I would say to my own children.

[@chrislang7460]

I look forward to seeing how the next year (and few years) go. Long term I think you'll be sound

[@Patchy]

Cheers Chris!

[@chrislang7460]

@@Patchy you’ve turned a profit in the first year. That’s spectacular really. The property is still establishing its reputation. Honestly I’d stick with it at least another year. Preferably longer. You’re in profit. (If you’d lost horrifically I’d still suggest another year). Theoretically your property is only going up in value.

[@Moffit366]

I find paying down the mortgage is a viable alternative. After several homes bought and sold. Having No mortgage is a blessing, I did rent a half house ( duplex ) for several years, people need a place to live and are willing to pay. No one is forcing them to rent. ( it is a pain in the arse though at times)

[@SteamyG]

“No one is forcing them to rent” is an astronomically out of touch thing to say 😂

[@Moffit366]

@ yep I’m out of touch . Also I’m out of debt, owe no one anything, and pay every bill off before purchasing anything, yep out of touch that’s me.

[@SteamyG]

@@Moffit366 congrats here’s your reward 🥇

[@SteamyG]

@@Moffit366 from your response you don’t understand what the term out of touch means I take it

[@ConniePretula]

Thank you for sharing how the year has gone. The way I look at it, you improved the street by taking an abandoned home and making it into a livable dwelling, you're improving the neighbourhood. I'm in Canada, the expenses from these types of properties can be claimed against the profit. In fact, many people don't want them making much in the year so they don't have to pay a lot of extra tax. I'm mot sure how it works in Scotland. An interest only mortgage is not a bad thing if you take the profits to pay of the principle but again, in Canada, the interest can be deducted from the profit to lower the net profit. I don't blame you for wanting to keep it. You put a lot of work into the home and this was your first 😉 There is always something special about a first. Business ventures take time to grow, next year could be even more profitable as your YT channel continues to grow. Plus, the guests who enjoyed their stay will tell others 😊

[@bryduhbikeguy]

There you go:460 Views, and 132 Likes by the end. We love following along in the life of George story :) I think you've done a great thing by turning an empty place into a Home.People who stay shop in town,and dine out too.They wander about doing exploring stuff and that can only help spread the words about your wonderful home and area.

[@Patchy]

Appreciate having you along for the journey and for the kind words. :)

[@_1Brick1_]

Love your vids man. Keep it going 💪🏾👍🏾.

[@Patchy]

Appreciate it!

[@nevisscot7697]

You are very smart .2 houses at your young age .stop putting yourself down ..i personally dont like hassle so i only have one home ..i am not savvy to give you financial advice but you seem successful at what you do..would like to think you are also happy with your life .

[@Patchy]

At the risk of putting myself down, I don't feel terribly smart haha. Thank you though!

[@catprotector2759]

I'm always happy to see the new video. Wish you all the best George and see you at the UFC 312. 🤜🏻🤛🏻

[@Patchy]

Thank you. I'll see you there.

[@sherripaynehawkins7660]

Happy Holidays George! Good to see you looking so well. Love all your videos and cat ❤

[@billholden5271]

Hello George, thanks for the video. So glad you made a profit your first year in operation. It was interesting your choices for mortgages. I never knew that it would factor in what type you could get. Thank you for your honesty and willingness to share. All the best to you

[@davedublin1]

Sounds good for year one. Would you vary the price per season? Higher in summer and lower during winter? Encourage more people off season to come along. Mightn't be practical though Wouldn't be worried about ethics. It's a business and it's a small home and probably not suitable for a couple and five kids. If it was me, I'd probably leave it a year or two and see how the figures go on a yearly basis. All else fails, you've the security business to fall back on!! Or convert the tiny house to a mini cage fighting arena, and charge double for the tickets. Use "Scotland's Premier (or exclusive) Fight Club" as a marketing ploy!! :)😊

[@Patchy]

I guess we just quite liked the simplicity of one price all year round! I think I'll give it one more year and then either sell or rent it long term if for whatever reason selling doesn't work. I love the final idea though. A real booming business.

[@DonnaleaSpencer]

One year is not enough time to make a decision. If you aren't strapped for cash, keep it. You worked hard to turn something so run down into something so beautiful. It's the loan that concerns me. I never knew of a mortgage that puts a cap on the max of annual principal payment. hmm.

[@Patchy]

Yeah I agree on the loan. There weren't really any good options when I last renewed the mortgage. Maybe I'm talking nonsense but I'm pretty sure interest only loans and a cap on the repayments are fairly common in the UK.

[@MD-wk3gj]

I’d definitely put something towards the mortgage otherwise it won’t decrease. Also save a bit for repairs and general wear and tear. You’ll need to repaint every 5+ years etc. I’m curious what the value of the property was 1 year ago versus now. In my area prices have been climbing so that’s a hidden profit that will come when sold. If 109 is fair I’d look at how you could increase nights. In a small town maybe you could find locals who have guests coming over the holiday. A nice rental could be a huge advantage instead of everyone in one house. Wishing you a merry Christmas and a happy new year. May 2025 be a successful year for you.

[@kevinm-py1nt]

Be sure you know if the solar panels would be facing the best direction for optimal efficiency. Also take into account that solar panels need to be periodically washed, so DIY or paying someone. And finally, I'd hate to see the panels damaged when you're doing your Caber Tossing.

[@Patchy]

I'm fairly sure the front faces SE so that would be OK, no? It's not too high and I have ladders so I'm sure I could wash them myself. The caber tossing is definitely still a concern though.

[@1603holly]

We have a solar gate here in California. It stops working for a couple of weeks every winter when we have more than a couple of rainy/overcast days in a row. Depending on Solar Heating when you have so much less sun than we do seems like it might not work so well...

[@Carin-m9v]

Yay! George video, though I do feel a leetle cheated at not getting any kitty cat footage! Happy holidays to you and your family, I hope you all are well. My opinion is that you need to re-invest what profit you've made back into the place by paying down the mortgage on your current terms. Interest only is a crusher, look to change that whenever possible. You've only had it a year and you are profitable, great job! Keep it, real estate is a great long term investment. Pencil out a five year plan on your property to get a better sense of how the value will grow with time.

[@Patchy]

That all seems like smart advice. Thank you. :)

[@willimina362]

I wonder what the numbers might be if you rented to one tenant (a long term renter)?? What do you think? If you discussed in the video sorry haven’t finished it yet! Thanks for sharing the info!

[@Patchy]

It's something I've thought about but honestly, I'm becoming more drawn to the idea of just selling and putting the money somewhere safe. Making this video/looking at the numbers has made me think about whether the sentimentality is really worth it...!

[@zachalger]

Had a great stay at your tiny house in March on the way up to the Highlands, planning for another at the end of next March. I'll echo what others have said, it is the perfect example of what I'd expect from an AirBnb and it really contributed to the quality of my holiday. As for future ideas if it doesn't pan out, I'd say turn it in to a posh nightclub. Can't imagine there's much local competition and you could really put that bouncer's skills to the test (just please wait until after my visit next March!). In all seriousness, I'd be looking at the fluctuations on the expenses because it looks like there's a lot of variation there month-to-month. Can't remember if your heating was on a schedule or manual only when I stayed, but I know other places I've been had measures in place to try and minimise accidental over-useage. ~£200 a month on a 'leccy bill would have me wincing!

[@katherineschexneider585]

October: "I guess people wanted to come to Scotland for Hallowe'en." That had me rolling on the floor. I love your sense of humor.

[@auntbeth448]

I think you are doing great! I (personally) would switch to a fixed rate mortgage and pay it down (I am not a banker - just a regular person)…this is a wonderful way to develop a family business…how about give it another year…? Maybe switch homes, and do an Air B&B with your home you are renovating now? I am SO impressed with your business sense…you are doing great!

[@lindafrank8277]

Keep doing what you are doing! I enjoy your videos.

[@wolfxzen]

Greetings, ty for sharing your experience with us, best of wishes

[@Patchy]

Thanks for watching! :)

[@ianstewartorr8455]

Always very interesting and informative videos how’s The cat’s doing greetings from south Lanarkshire

[@Patchy]

Cheers Ian! They're all good. :)

[@ianstewartorr8455]

That’s good to here we are doggy sitting this weekend a lasso apso

[@Linnet09]

I have no problem with renting in general, or even, often, with air B&Bs, although sometimes, like anything else, they can be run unethically. Not everyone can own their home; for many years I, like most of the people I knew, rented and I really appreciated landlords who were professional and responsible about how they handled their properties.

[@daynagayle]

Happy Christmas and all the best in the New Year! From Canada. 🎉🎉🎉🎉🎉

[@1979RoadFan]

Keep the property and keep renting. I enjoy watching your business grow.

[@SisterSherryDoingStuff]

Who are your clients? International folks? Local, Scotland folks?

[@Patchy]

A mixture! Had people from as close as Edinburgh and had people from as far as Australia!

[@florentinalily]

keep it and rent it out. The tenant pays the taxes; you can get a cheaper repayment mortgage and the tenant will cover the mortgage; pays the electric bills and you keep the house which grows in value over the years.

[@Patchy]

I suppose that's an option too!

[@AudreyM2023-yo1fb]

Merry Christmas!🎁🎄

[@MazterRedz]

I think it's a good idea to keep and continue with AirBnB, sounds like you've got a good set up with your brother and mum and my rough calculation shows that you're getting about 5-7% ROI a year on the 170k house, which is hopefully also going up in value! Also consider that most of the house value is in the mortgage so if you sold it you'd only be left with £50kish to invest somewhere else which you'd struggle to earn 10k a year from.

[@SisterSherryDoingStuff]

What about raising the price during high season?

[@Patchy]

I just kinda feel bad doing that haha. 😅

[@nicolad8822]

High season? It’s not a holiday destination really.

[@SisterSherryDoingStuff]

@@nicolad8822 There seems to be times of the year where the bookings are more -

[@nmrubeck]

good stuff george!

[@Patchy]

Thanks! :)

[@jmk1962]

I was surprised that you didn’t fit a multi fuel stove when you were renovating it as I thought everyone in Scotland had one. Would certainly keep heating costs down as it's a tiny home which would heat up fast. Trouble with Air B&B's is the renters can go out an leave the heating on full blast all day cos they know you're paying for it not them. Unless you fit timers on your rads you can't really control that

[@Kim-fe2sg]

4th option you didn’t mention, what about just renting with an annual lease? Maybe not as profitable but your mortgage is covered and you still own the house. Love your videos, your calm voice and sense of humor. Happy holidays to you!

[@jeannettecarpenter3784]

Have you done a comparison of standard rental vs AirBnB?

[@Patchy]

No, but I need to!

[@aliplay5]

I’d hang onto it for now since you’re still making a profit, which is awesome! It’d be cool to dig deeper into the solar panel idea, though I’m not sure if it would be affordable. What do you think about renting out the house only during the peak season and shutting it down in winter when heating costs are high and bookings are low? Also, boosting the number of bookings in the warmer months could really help your profits. What are you doing to attract more guests, and do you know what's stopping people from booking? It really depends on the area-if larger groups tend to travel there, maybe adding a fold-out couch could help. Or is there something else that might be holding back bookings?

[@Go3p-p5q]

Hey 👋🏽 George.... Happy Sunday ✨✨....

[@Patchy]

Happy Sunday to you!

[@tanya8116]

Another option that wasn't mentioned is to rent it out to a long term tenant. That way you can pad the mortgage a bit, in accordance with the rental rates in your area, to account for taxes and unexpected maintenance expenses, and then the tenant is responsible for heating, internet etc. It might not bring in as much profit but will also be less work and provide affordable housing to a local resident. It's an adorable place! 🤩Also, look at your investment over the long run. Once your mortgage is paid off you will be bringing in much more cash and also rents and property prices tend to go up over time. I would hang on to it. If you decide to stick with the Airbnb route, you could up the price a bit, say 125/night to offset some of the expenses. You can also book through your own web-site or offer a discount for return guests to book directly through you thus bypassing the Airbnb fees.

[@Patchy]

A few people have mentioned that so I might consider it! I didn't think about the own website angle either. I always felt like it would be too much hassle but it's maybe worth giving a shot.

[@nicolad8822]

As an older Brit I’d never book thru Air BnB, we book cottages but through traditional holiday rental agencies or direct with owner.

[@Erin_Wilson_Studios]

I think the ethical concerns related to Airbnb are with taking housing stock out of the market. You didn't do that. You made something that wasn't a home into a holiday rental...in a way that it could become part of local housing stock. Fwiw, I'd hang onto it until there's a compelling reason not to. 🤷🏻

[@Patchy]

Appreciate your insight! And I like that advice at the bottom there. 😄

[@HadriansWallNZ]

Give it another year or two as it takes a while for word to spread amongst the AirBnB community and reviews to build up. Once you gain that reputation and your profit increases, you can start paying down the mortgage instead of just the interest. And in another few years, the value of the property would be increasing too so a win-win scenario.

[@Patchy]

That's a fair point and a sensible plan. I think with another year I'll have a more definite answer of whether it's a good idea.

[@shannahmiller]

Your point about not buying an inexpensive house near a school and turning it into an AirBNB makes sense to me. On the other hand, I imagine that there are a lot of people like me, who usually prefer to rent something in/near a city, rather than a shepherd's hut, just for being close to stores. I also think that the solar panel idea is a good one, especially if you have a spot for battery storage. We have solar panels, and they have reduced our electricity bills by a lot. If your brother and mum are happy helping you run it, I think it could bring in more income as more people learn about it.

[@Patchy]

Aw I'm sort of the opposite. I'd be more inclined to stock up on food and then stay at the hut!

[@tightropewalkergirl6485]

How does the repayment option compare with the interest only amount? Be very careful with solar panels You could put the price up a little bit to say £120 a night and include a cuddle with Junior! I’d definitely pay for that! Definitely hang onto the house, there’s no ethical problem as it’s not a family home so you’re not depriving anyone of anything

[@SS-hl6ut]

Would it be cheaper getting a long term tenant? They would pay the electricity and water and cover the mortgage.

[@Patchy]

Yeah I'm wondering about that.

[@bluesquadron593]

Option 2 all the way

[@Patchy]

🍁🍁🍁🍁🍁

[@passplus1]

This is an asset and a pension investment. You can offset losses and when it goes to profit, use every spare penny to pay down the mortgage. Your investment portfolio should include a variety of investment. This is a good one. Keep it going.

[@whhsfordian]

As an American, I totally disagree with the 'ethical concerns' of those who have issues with your house. It's YOUR house and you have the FREEDOM to do what you want with it (as long as those things are legal). From an investment standpoint, you are covering your costs and making a profit. Over time, that profit and the value of the house (real estate virtually never decreases in value) should improve making it an attractive long-term investment. Finally, everyone involved, including the customers, seems to be enjoying the endeavor. My approach would be to keep doing what you're doing and repeat the process on yet another property. Build an empire!

[@jimh8713]

I think the interest only loan, especially with the penalty for paying down the principal is tantamount to usury and ought to be illegal imo. Bottom line what I’m learning here is that you’re not getting rich with Airbnb. Very enlightening. I know I first learned of this channel because of the initial video. Do you consider the YT income as related to the tiny house? Are there any tax advantages that help you long term? In the US you can factor in depreciation of the asset to pay less taxes …

[@Patchy]

Very much agree on the loan front and think I'm discovering a similar bottom line to yourself here haha. Yeah I'd say the fuel for this channel's growth was definitely the tiny house. Feel like I've managed to branch out where it's no longer reliant on just that though. For tax advantages, I've found that I was able to get relief from 'council tax' which was about £110. That's about it...!

[@nicolad8822]

⁠@@Patchy You can offset all your expenses?

[@erinandbryan994]

I just love your videos. If you don't want to do AirBnb then what about a long term rental? Not as much income but not as much hassle maybe. Also I live in Mexico and have solar panels. Our bill every two months is about 500 pesos or $25 USD. We have a wee bit more sunshine here than Scotland....Look forward to the next video and cute kitty Junior. Cheers.

[@DF12]

Profitable in your first year is pretty good man :) solar panels are a big expense but might be a good shout - a wee log burner would be a nice touch but not sure if that would affect your insurance costs. Not sure if you would consider a long term let? Would save your mum and brother admin/cleaning time. Ethically, your house is not a family home, it's very unique, so renting is fine by me.

[@Patchy]

I'll need to look at the log burner idea! It'd definitely add to the cosy vibe I want ha. Long term let/selling are the two options I'm considering if it doesn't seem viable after this next year I reckon.

[@dorothydotson7154]

If you stop with the B&B, have you considered a full time rental? Lots of people would love to rent a tiny home. I know I could live quite happily in that lovely cottage. It's probably too small for a family though. Whatever pay down the mortgage as much as you can and as fast as you can.

[@janecarlson459]

You could rent it out long term. The renter would pay for the utilities. You would pay property tax and Insurance plus maintenance.

[@Patchy]

A few people have said this. I'll need to look into it!

[@nicolad8822]

The renter pays the local taxes.

[@peterbrandt5320]

I would love to buy something like this in Kent ❤

[@jonclassical2024]

Plan A, and try and get a loan with principal and interest if the lending scheme's in Scotland improve. Merry Christmas George, looking forward to your "Christmas Episode" !!!!

[@JodyLSumrall]

I really think YOU FIT in this house. It is 'so you and Jr. Move back.

[@Patchy]

I agree! Only thing is that Jr loves being outside and I wouldn't have a garden here. If it wasn't for that, it would probably be a pretty easy decision for me.

[@Robert-xy4gi]

You made the 10% you can put on the mortgage and keep going. I would do the math on converting a fixed rate mortgage. If you make more each year, there is no limit to pay down the principal. I would pay each month’s profits that same month on the mortgage. You will save so much interest over the life of the loan. If your goal is 10 bookings a month, you might be able to pay the place off in 5 years?

[@pintsizestories196]

I wonder how much electricity solar panels would generate in the winter in Scotland - not a very sunny time? I think over time happy customers will generate more business for you and you will be able to rent without going through AirB&B so your profit will go up a bit.

[@marilynhaverly570]

I think I understand the concern people have about AirBnB's taking away housing for folks who need it. But, I miss the AirBnB experience I used to enjoy in NYC where I visited a couple times a year to see my daughter. I loved meeting other people (including my host) when staying in more personal spaces. I liked paying less money than hotels in NYC. And, my daughter lives in a neighborhood where there are no hotels. So again, I liked being able to stay near her. I know that the situation there may be a bit different than some other places, but I also know there were those who actually lived in the properties they rented rooms from and now, with short-term rentals by BnB's prohibited, they are without that income and I'm without the great experiences. (Well, not all of them were great, but still...). I trust you to do what's right in your community and your viewers don't really know what that would be. 🙂 Thank you for another video!!

[@Patchy]

That's where Airbnb really started wasn't it? Just renting a room from a host. I never experienced that but can imagine it would be interesting!

[@marilynhaverly570]

@ I think so and then some people took advantage and ruined it for those who were simply renting a room. NYC was under the impression that their housing shortage could be at least partially reversed by outlawing short term rentals outside of hotels. I’d love to know what the real effect has been!

[@jille9650]

As to the ethical issue of taking housing away from others, speak to an estate agent in your area. Is there a chronic shortage of inventory? Do houses and rentals get snapped up fast because there aren't enough housing options for the population. If not, then you're justified in keeping it for your own purposes.

[@merfymac]

It’s sooooo much better to buy outright. Think of all that interest you’re gaining vs the rest of the population

[@Patchy]

Goes without saying I think ha!

[@NewsRedial]

Do you get to deduct the loss from tax? Also, does it come with the cat?

[@1wuzgray325]

If you are going to keep your little house then I'd think getting a mortgage where you can pay down the principle has to be a priority. Solar panels to reduce electric costs is definately a good idea if they work well in your area... the same would go for a heat pump. Having the house paid off and being a revenue source when you're a pensioner will make your retirement more comfortable. Long game thinking can pay off nicely. As to the ethics of air bnb, the space was doing nothing before you fixed it up. It's not like you're taking up condo space in an urban area.

[@lisagarner8261]

I’m a little disappointed we didn’t see the kitties in this video. Otherwise it was great to see you again!

[@tightropewalkergirl6485]

Yep, love the fluffy co hosts!

[@brackalack1]

You took a derelict property and turned it into something warm and cosy. Maybe advertise more? If you're all ok with the work, keep at it. Plough some of the profit back into the mortgage each year or shop for a better mortgage?

[@sighheinrich]

Why are the expenses varying so much? Water and power usage of the guests coming out of your pocket? Good Christmas btw, and thanks for the videos in 2024. :-)

[@Patchy]

The electricity can vary by about £100, and I just cover that rather than the guests. Other times, there are sometimes once per year fees like annual insurance or needing to buy something new.

[@nicolad8822]

Who is going to stay for a few days and pay utilities separately? Summer vs winter will vary utility costs enormously.

[@jmk1962]

​@@Patchy- You should charge a minimum amount for electricity/heating which could be included in the overall rental price. Annual insurance - can you not pay that monthly rather than annually to spread the cost rather than a lump sum once a year?

[@sighheinrich]

@@nicolad8822 That's how it's done in my country. They check electricity usage before and after, and you are billed for usage.

[@Aldrahill]

Oh Christ I can’t imagine having an interest rate only! Are you variable? Or is it just because it’s a BTL? That actually gives me an anxiety attack xD You’re paying more than me per month and I live in an ancient 2 bed on Perthshire! I suppose it can make sense if you’re planning on paying chunks off every year, but damn!

[@MrKnotWright]

George, you missed your best "Dad Joke" chance... what's your favorite musical... CATS" :-P

[@missco2820]

Why not make it a permanent rental instead?

[@Patchy]

I'm considering that as well! I'm honestly just very unsure what to do about it all.

[@GrannySanny]

The place is adorable. I would not be a good judge because I would hate for it to not belong to you.

[@bryduhbikeguy]

Less then a Minute after post and I was already the 7th Like and now there's 20 Views too.

[@Patchy]

You gotta be quicker on the draw 🤠

[@RvRestoration]

Get a long term tenant that pays their own utilities

[@nicolad8822]

Your property isn’t in an out and out tourist location?

[@Go3p-p5q]

I would say stick with it George....then get the solar panels...

[@Patchy]

I'll give it a year and see!

[@veepotter307]

Just try for one more year before giving up totally.

[@Patchy]

I think that's a good call.

[@lisasnyder6291]

I don’t believe I heard you mention renting/leasing out the tiny house to tenants. It would save many of those monthly costs.

[@dscrerar1111]

Where do you prefer living? I think doing up an abandoned house is payingit forward btw.

[@Patchy]

I really do like the new place I'm living in and Junior loves the garden, so it's tough!

[@Matt_Mosley1983]

_Doooood!_ you've spent all that money doing it up.....and it's an Interest-only mortage? Sell and use your share of the profit to buy a flat in a seas-side town. People pay £650+ for a week in a CARAVAN in Skegness ... but charge that for a flat instead between May and September (20 weeks) that's *£13,000* and no exessive heating costs (just the dreaded counil tax and basic electricity) Ideally buy a house that it 2 flats so you can live in one and rent the other out (and clean up etc... yourself)

[@Patchy]

It wasn't initially interest only, just changed to that when it was swapped to the holiday rental. Feel like I'm spooking a lot of people (myself included) with this one haha.

[@Graymlkin]

Give it another year :)

[@BejitaConnor]

Isn't that an interest rate of almost 6%? Jesus Christ Patchy, you need to refinance this somehow

[@BatchelderPatrick]

I think your expenses are way high.

[@Patchy]

I agree

[@rickmcgee2628]

What’s a gruel factory?

[@anitab6436]

Doesn't having an interest-only mortgage mean that you never increase how much you actually own?

[@Martial-Mat]

Bitcoin would be an absolutely appalling idea. Property almost always appreciates in value eventually (although the area can be a factor). Bitcoin is always just one piece of legislation away from crumbling (although it's doing fine right now, and there are no hints of legislation.) Are you really willing to convert a guaranteed asset into a roulette wheel on your future? I am 100% in tune with you on not profiteering from affordable homes from an ethical perspective. However, no family was doing anything with that home or it would not have been abandoned. Also, you have to fact or in WHERE the home is. THere are not thousands of families desperate to move to where you are. You've done a really superb job restoring the place, and I think that you can rent it without too much guilt. I totally get the emotional attachment to the place, and the value to you as a personal home in the future is not to be understated. And as you said, the opportunity to spread happiness is a lovely thing. So long as you are not losing on it, unless you sell it and use that money to step up the property ladder, I would hang onto it. It's a lovely place with a lot of charm.