What to do about my motorhome?
Discussion
How's that for a catch all title?
We bought a motorhome early this year and have had a couple of great holidays in it and a few weekends. So far so good. My vague planning of lending/renting it to friends and family hasn't really happened but no matter...
The issue is that we've planned a couple of weeks holiday next year around staying with family in rented houses, so I can't really see us using it for more than one two week holiday if we're lucky. Suddenly it's looking like a lot of money (£20k ish) tied up for little use and I reckon it'll cost us £1-1.5k in interest (on an offset mortgage) and running costs.
We want to keep it long term as it really suits us, and with three young kids it seems the easiest way for us to have the holidays we want but I wonder whether we'd be better off selling it and buying another one in spring 2015.
Or possibly making a better go of renting it out. (Anyone else do this privately?)
We bought a motorhome early this year and have had a couple of great holidays in it and a few weekends. So far so good. My vague planning of lending/renting it to friends and family hasn't really happened but no matter...
The issue is that we've planned a couple of weeks holiday next year around staying with family in rented houses, so I can't really see us using it for more than one two week holiday if we're lucky. Suddenly it's looking like a lot of money (£20k ish) tied up for little use and I reckon it'll cost us £1-1.5k in interest (on an offset mortgage) and running costs.
We want to keep it long term as it really suits us, and with three young kids it seems the easiest way for us to have the holidays we want but I wonder whether we'd be better off selling it and buying another one in spring 2015.
Or possibly making a better go of renting it out. (Anyone else do this privately?)
Having recently bought my motorhome I have been thinking the very same thing about renting as I don't use it all of the time and had thought about the odd rental to pay its way. Friends have rented them for the Grand Prix @ £700 for the week so good money can be made when not using it.
The major downside I would say is damage, the exterior panels are easy to dent and scrape and expensive to repair, along with the interior fittings. I know a deposit would cover a lot of this but it can be time consuming getting stuff fixed. I would be gutted if someone damaged the most expensive thing I own after my house!
The major downside I would say is damage, the exterior panels are easy to dent and scrape and expensive to repair, along with the interior fittings. I know a deposit would cover a lot of this but it can be time consuming getting stuff fixed. I would be gutted if someone damaged the most expensive thing I own after my house!
mini95 said:
The major downside I would say is damage, the exterior panels are easy to dent and scrape and expensive to repair, along with the interior fittings. I know a deposit would cover a lot of this but it can be time consuming getting stuff fixed. I would be gutted if someone damaged the most expensive thing I own after my house!
Many yachts are chartered out, and yes, some do get damaged. Most of the charterers are enthusiasts to start with, I think it would be the same with a motorhome too. Many renters would be experienced but just don't have the time/money to warrant ownership of one. http://www.familytravelcentre.co.uk/hire/hire-out-...
Maybe there's something closer to you, but gives you an excuse for a day out, I guess.
Maybe there's something closer to you, but gives you an excuse for a day out, I guess.
Fishtigua said:
Many yachts are chartered out, and yes, some do get damaged. Most of the charterers are enthusiasts to start with, I think it would be the same with a motorhome too. Many renters would be experienced but just don't have the time/money to warrant ownership of one.
That is true, I know if I rented I would look after it well, but judging by the one my friends rented it was starting to look a bit tatty around the edges (it was a 2009 model so not an old shed) where it had been driven down narrow lanes and the windows had been scratched, catches on gas cabinets broken etc. Quite a lot of renters have not driven anything bigger than a car before, so it can be a shock to them when they first drive it!It's 5 years old and no longer as pristine as it was 
so I'm not hugely worried about damage.
so I'm not hugely worried about damage.N Dentressangle said:
http://www.familytravelcentre.co.uk/hire/hire-out-...
Maybe there's something closer to you, but gives you an excuse for a day out, I guess.
Glen bought and rents his through them so I'm picking his brains, but we'd do it privately if we did.Maybe there's something closer to you, but gives you an excuse for a day out, I guess.
Bill said:
Glen bought and rents his through them so I'm picking his brains, but we'd do it privately if we did.
Could you tie it in with the holiday cottage rental somehow? 
I wouldn't have thought it was worth selling now just to buy another in 2 year's time, especially not at 5 years old. Even if you just left it with those Bristol motorhome guys and forgot it for 2 years, I reckon you'd be better off than selling and buying again.
Fishtigua said:
Many yachts are chartered out, and yes, some do get damaged. Most of the charterers are enthusiasts to start with, I think it would be the same with a motorhome too. [b]Many renters would be experienced but just don't have the time/money to warrant ownership of one[b].
Or might be complete novices with no experience of driving such a large vehicle. The people my friends rented from seemed to do OK (a private rent, not through a company), that is what prompted me to finally buy mine. It would be good to know how you find it if you do it as it is tempting to rent mine out.
My thinking was that at £700 a week renting for a month each year would pay for my insurance, tax, servicing and storage when not in use.
I am not sure how you would insure for hire, also I guess the mileage will go up which could reduce the resale value.
My thinking was that at £700 a week renting for a month each year would pay for my insurance, tax, servicing and storage when not in use.
I am not sure how you would insure for hire, also I guess the mileage will go up which could reduce the resale value.
I certainly would not recommend you rent it out, you don't know what's going to happen to it, (different if you were doing it as a business)....
Yes motorhomes are expensive BUT they don't usually depreciate too much, I think you would be silly to sell it and buy another one in a couple of years.
Think of it like I do, as a long term investment.....
btw:- There was a rental motorhome on a site I was on last month in Stirling that had the whole side nearly ripped off, it definitely would not have been hired out like that.
Yes motorhomes are expensive BUT they don't usually depreciate too much, I think you would be silly to sell it and buy another one in a couple of years.
Think of it like I do, as a long term investment.....
btw:- There was a rental motorhome on a site I was on last month in Stirling that had the whole side nearly ripped off, it definitely would not have been hired out like that.
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