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There are plenty of good reasons to buy a holiday home right now. Some people buy a holiday home specifically to bring in a rental income, and others want to use it for their own family holidays or special events. Still others see a 2nd home purely as a financial investment whose value will increase over time. Quite a few prefer a mixed-use holiday home where they can enjoy tome away but rent out when they are not using it. If the home can someday be sold at a profit, all the better!<\/p>\n
If you are primarily interested in gaining a rental income, you\u2019ll probably choose a different location than if you were buying a holiday home for your own use. Consider these factors carefully.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_page_width_inner_container” padding_top=”” padding_bottom=””][vc_column][vc_column_text css_animation=”none”]<\/p>\n
Once you know what you want the property to achieve, the choice of location becomes easier. Access to the property is a huge factor. If you want a weekend get-away, it should be close to where you live and work during the week. If you want to gain the most rental income, it should be near holiday destinations and transport links. Consider how easy it will be to get to the property by road and rail. If you expect to rent it out, you should also consider how close the property is to an airport frequented by low cost airlines.<\/p>\n
Next, consider what surrounds the property. Is there any local nightlife? Dining options? Beautiful scenery? Resorts, activities or historical attractions? How is the local climate \u2013 is there a \u2018tourist season\u2019 of good weather followed by a long \u2018off-season\u2019, or is the weather, nightlife and culture \u2018popping\u2019 all year round?<\/p>\n
Consider the \u2018ever decreasing circles\u2019 method \u2013 Decide first on the country, then on the region or county, then a specific town, and finally a neighbourhood in that town. Now you know where to concentrate your search for appropriate properties.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_page_width_inner_container” padding_top=”” padding_bottom=””][vc_column][vc_column_text css_animation=”none”]<\/p>\n
Many Brits have holiday homes in Spain, Turkey or even farther afield. The climate, the scenery and the low cost of living\/holidaymaking make some overseas locations very attractive, but buying property in another country can be complex \u2013 especially after Brexit. Make sure you speak to a professional with experience in both that country and the UK.<\/p>\n
That will be a different answer for every person. What style of holiday home do you prefer? Are you looking for a stone-built rural farmhouse, a serviced apartment in a secure building?<\/p>\n
Make a list of the \u2018must haves\u2019 for your ideal holiday home. Consider the relative importance of:<\/p>\n
Which of these issues are you willing to compromise on, and which are absolute necessities?[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_page_width_inner_container” padding_top=”” padding_bottom=””][vc_column][vc_column_text css_animation=”none”]<\/p>\n
In some countries yes, but not in the UK. UK law is clear that if a property is designated a \u2018holiday home\u2019, it cannot be occupied for the full 12 months of the year. This is because council tax is lower on holiday homes than permanent residences. If you plant to live in the \u2018holiday\u2019 home full time, you should make sure it isn\u2019t a \u2018holiday home\u2019 when you buy it.<\/p>\n
Again, there is no \u2018one right answer\u2019 for everyone. Financial experts and economists struggle to judge the best time to make real estate investments, and in the end, you have to decide when the right tome is for you individually. If you wait for \u2018the perfect opportunity\u2019, it might never arrive.<\/p>\n
Some people are hesitant to buy during a market downturn. They worry about the future value of the property, and about finding financing. However, some of the best deals can be found during a downturn, and when the market swings up again, the value of your investment goes up with them. Historically speaking, you make the most profit when you buy at the bottom of the market. If it is a \u2018buyer\u2019s market\u2019, it is good to be the buyer. But nothing is 100% predictable, and you may want to speak with a financial professional to decide if now is the right tome for you.<\/p>\n
This is the last time I\u2019ll be saying this, but that depends on you and your situation. If you buy the right holiday home, manage it well and keep it rented out (or make plenty of use of it yourself), then it can be a great investment, bringing you financial rewards and personal enjoyment.<\/p>\n
Second Estates reported not long ago that letting out a holiday home brings in an average of \u00a322,281 per year. That is just the average \u2013 holiday homes in popular holiday destinations can make much more.<\/p>\n
To make the most from your holiday home, though, you\u2019ll need to treat it as a proper business. You\u2019ll need to market it, attend to the needs of your guests, and keep the property clean, bright and well-appointed.<\/p>\n
There can also be hidden costs. Using a letting agency manage the place is incredibly convenient, nut they will take a portion of the profits for themselves. Repairs may be needed before it can be rented out, and there is always the tax man to be paid.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_page_width_inner_container” padding_top=”” padding_bottom=””][vc_column][vc_column_text css_animation=”none”]<\/p>\n