Have you ever been on holiday and wished that you could stay forever, or marvelled at the price that you have paid for a week in someone else’s property? Many would-be investors think that a holiday home will be the answer to their financial worries or provide a guaranteed income. Others think of the free holidays that they could enjoy. In this article, we discuss the pros and cons of owning a holiday home.
Pros
– You own a holiday home that you can visit whenever you want.
– You know what to expect and can repeatedly stay in an area that you like.
– You can earn a second income by renting it out when you are not using it.
– You can sell it in the future and make a profit.
Cons
– You must comply with complicated tax laws.
– You will pay a higher rate of Stamp Duty on a second home.
– You may be unable to rent it out enough to cover the mortgage repayments.
– You will need to pay for a cleaner between each paying guest.
– Guests may not treat the property with care and respect.
– You will be responsible for maintenance and upkeep on a second property.
If you decide that buying a holiday home is the right move for you, make sure that you employ a RICS-certified surveyor to complete a home buyers survey ahead of purchase. Conveyancers such as https://www.samconveyancing.co.uk/news/house-survey/homebuyers-survey-cost-9958 will be able to recommend a suitable surveyor, particularly when you are buying outside of your area.
The homebuyers survey cost will pale in comparison to buying a property with undeclared issues which would be expensive and time-consuming to rectify. A holiday home is not without risk but can be a great long-term investment.
