How to work out a budget for your serviced apartment stayLast updated on: October 27, 2019
If you are having trouble working out what your budget should be for your serviced apartment stay then have a look at these tips before you start.
London has so many different styles of properties across the city, each with varying facilities and in-room amenities, which means you have a great choice but this also makes it difficult to compare serviced apartments like-for-like and establish a fixed budget.
One thing you can always be sure of is that a stay in a serviced apartment is always going to be better value than staying in a hotel and more reliable than a private rental.
Here are our top tips for working out a budget for your serviced apartment:
It is always good to be a little flexible and have a budget range because you wouldn't want to rule out a more suitable serviced apartment and risk a bad experience just for the sake of a few extra pounds a night.
Lift access, a reception, air-conditioning, an easy commute, a better neighbourhood, good local amenities, safer area reputation etc. is always worth paying more for.
Where to start
Where do you need to be?
- North of the River or South of the River? Central London? West London or East London? Close to a point of interest, park or your office building? or Search by Postcode like (SW6 or W14)
- Saving money by choosing a location far from your main place of work would mean spending more time commuting.
- And if you pick somewhere totally inappropriate this would result in more hassle and frustration for you, your employees or your colleagues.
What are your main requirements?
- How many people will be staying?
- Could you share the apartment and bring the cost down?
- Would having a lift be a deal breaker?
- Is a reception/concierge on-site essential?
- Would weekly housekeeping be ok or do you prefer daily maid service?
- Do you really need a washing machine in the apartment?
- Are you happy to stay in a smaller apartment in a better location or do you need a lot of space?
How much can you afford to pay?
- Are you working on a price per apartment or price per person?
- Is your company paying or are you paying for the accommodation?
- Have you calculated the VAT savings if you are booking for over 28 nights?
- Will you be able to reclaim VAT? Then you can compare prices ex VAT
If you are booking on behalf of someone else, really get to know what their preferences or needs will be during their stay and try to work out a budget range based on that.
You may even want them to get involved with viewing the property in person or seeing the photos and facilities before you confirm the booking.
What clients do
One of our clients, an interior design firm, needed easy access to their offices in Hoxton but did not want to live in the area so we found them a great serviced apartment in Farringdon.
This way they could enjoy a convenient commute to work while being based in a creative and central neighbourhood close to the West End.
Another one of clients, a finance services firm, required premium accommodation near their head quarters on Chancery Lane, so we placed them in quality mid-range serviced apartments with high spec interiors and round-the-clock staff within walking distance from their office block, which worked extremely well for all their staff.
Compromising for the right deal
You may need to compromise to hit the budget sweet spot.
For example you could get a basic serviced apartment for £120pn or a more mid-range serviced apartment for £200pn in central London.
Similarly you could get a 45 sqmt 1 Bedroom serviced apartment for £160pn+VAT or you could choose a 20 sqmt Studio serviced apartment for £80pn+VAT in central London.
In a nutshell, more amenities, more space, better location = more cost.
But find the right balance between these three important elements and you can enjoy a quality apartment stay at a great deal.
We know the best serviced apartments in town and can help you with budgeting, searching, booking.
We only work with the most reputable accommodation providers in the city and help you narrow down the most suitable options based on your budget and needs.
Give us a call or email us today to ask about a serviced apartment in London.
+44 203 189 1269