Business & Finance Blog


Things to think of when looking to buy a holiday home

If you are thinking about buying a holiday home, there are various points to consider. If you plan to use the holiday home simply as a retreat for your family, you may look at different aspects than you would if you hope to let it out for part of the year. Think about how often you will be able to enjoy your holiday home, as this can make a difference in various ways.

Letting out your holiday home

According to The Telegraph, figures published by the Resolution Foundation indicate that as many as one out of ten adults in the UK own a second property. This represents an increase of around 30% in the proportion of people owning more than one home.

Apparently, less than 3.5% of second home owners rent out their properties, but if you plan to let your holiday home, you need to think about what will appeal to holidaymakers. 

This might include facilities such as a swimming pool or a games room. The location of your property is also important as a holiday home close to good restaurants and shops may appeal to a wider group of people than one that is situated in a more remote area.

Finally, the size of the property is also important if you are planning to let it out to holidaymakers. If you can accommodate larger groups, you will be able to maximise your rental charges.

You will also need to ensure that you consult with a Cheltenham Accountants such as to get the most up to date advise on any taxes that you  may be due to pay. 

Aspects to consider before buying

When you are buying a holiday home there are various legal implications to be aware of, particularly if you are buying a home abroad. Certain places may ban second home ownership because of the effects this can have on the local community and businesses.

You may decide to downsize and move into a new home on a permanent basis. Study the park rules and visit at different times of day to research how a particular location will suit your lifestyle.

Decide on your preferred location and check out the local services that are available. Factors such as transport links and the location of services such as health care facilities, libraries and retail outlets can be increasingly important as you grow older.

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