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so who owns a hoilday home /2nd property

Discussion in 'off topic' started by petespeed, Jan 9, 2019.

  1. petespeed

    petespeed Active Member

    hi all
    ok so i sold my blt flat last year as i couldnt be arsed dealing with managment companys no more ,
    as it was leasehold i did ok with it. & i,m now thinking of getting a hoilday home or somewhere else we can go too get away from it all , ideally id like to rent it out aswell to try & keep costs down so i guest my question is whos got one & do you rent it out or just keep it for friends &family ?
    thanks pete
  2. manicatel

    manicatel pfm Member

    Depends on whether you see it as a money making thing, or purely for your own pleasure, or (more likely) a bit of both. We have thought about it a lot in the past, buying a place in Spain. However, the Brexit debacle has put that on hold for a few years.
    Most of the people that I know that have a second property aim to cover their annual expenses, community fees, HOA’s etc by renting out to friends/families & maybe a regular client or two.
    There are always unforseen expenses you may have to cover, replacement furniture, air conditioning maintenance etc etc so bear that in mind.
    Fee paying visitors will expect everything to be 100% working, spotlessly clean & well equipped. Visitors on “mates rates” should be able to accept slightly lower standards.
    Think about the practicalities of being able to segregate a bedroom & storage to keep your valued personal things safe when other people are staying there. Unfortunately, stuff will go “missing” or get damaged when fee paying customers stay there, however well you vet them.
    Wolfmancatsup and kennyh like this.
  3. dweezil

    dweezil pfm Member

    That's a good summary of how it was for us, parents were the main user.

    Eventually it became too much hassle so we sold it, fortunately just before Spanish property crashed.

    I wouldn't have a holiday home again; there are just too many interesting places to see rather than going back to the same old time after time.

    Maybe get a BTL close to home where you won't need an agent? Then use the income to go somewhere you actually want to see.

    Not sure that i'd put cash into BTL any more now the government seems to want us to run it at a loss though.
    Mr Cat, hifinutt and kennyh like this.
  4. kennyh

    kennyh pfm Member

    Spot on what the poster says above.

    We have a place in Spain and the local agents will often approach us to let the place out whilst we are not there.

    Decent money too, especially in the summer season with 700-800 quid a week mentioned.

    Problem is as already stated what do you do with all your own gear that's in the place?

    Ours is a decent size (3 beds/2 baths/pool) in a rural setting but the wardrobes are crammed already and spare bedroom is the junk room.

    Also, it's your personal space and having others there in your absence does not sit well with us.

    You also have the H&S issues with the pool, the moans if the water goes off or electric fails or if even the TV breaks.
    So we give the rental thing a wide berth.

    However if you bought mainly for the purpose of renting then it's of course a different matter and these issues could be planned around.

    I've no doubt you could easily pay for the house's upkeep renting it out for a few weeks a year, especially if you bought in the right spot. Ours is very rural so again it would/may not appeal to families.

    Upkeep is a killer with ours too, we need to pay for monthly visits to tend the land and pool, hence it's now up for sale, it has run its course.

    An apartment on an urbanization although not what I'd ever want must be a better bet for a serious attempt at holiday letting and making a few bob. Cheers
  5. Dozey

    Dozey Air guitar member

    You could rent a holiday home somewhere. Less hassle.
  6. SteveS1

    SteveS1 I heard that, pardon?

    If you want a place for your own pleasure and perhaps that of some family or close friends I would recommend going for an apartment/cottage/flat that is part of a community. You really don't want to spend holidays or additional fill in trips organising or dealing with maintenance and gardening! I would also look to spread the travel risks by choosing somewhere where there are options. Some folk caught a cold choosing nice locations that only became accessible with a budget airline, only for them to cease the route later.

    If you wish to speculate with offering public rental and perhaps use it yourself occasionally, the maintenance issues are different and turnarounds and other costs become part of your budget. Bear in mind that vetting guests that you inflict on neighbours while you are absent can be problematic. People who seem OK on application can turn out to be a nightmare. I've seen this quite often and you have to face people long after your guests have done one.
  7. doctorf

    doctorf left footed right winger

    I’m posting this from our house in Mallorca.
    I think kennyh talks a lot of sense above.
    Mallorca has become a nightmare for tourist rentals, with a licence needed for all rental properties.
    They change the rules regularly so not easy to keep up.
    We don’t rent the house out, and have never intended to do so, so the licensing is of little consequence to us.
    Brexit doesn’t hold many fears for us and we are happy to pay the garden and pool maintenance charges.
    The bills are manageable and we are in a quiet village less than 5 minutes walk on the flat to a gorgeous beach.
    A great place to unwind every couple of months.
  8. Darth Vader

    Darth Vader From the Dark Side

    We have had a holiday home/let for 11 years now. As a family we liked taking holidays in Cornwall based on the St Ives area. We used to rent a flint cottage a couple of times a year and as we had the cash thought having our own property with our own stuff would be nice. However buying a cottage entails quite a bit of work and I have friends who seem to spend all their holidays maintaing their property rather than relaxing and enjoying the area.

    So we decided to buy a newly built apartment in Carbis Bay and let it out via agents that could provide a full outsourcing service. The result is that the property is maintained for us to a high standard as we are registered with Visit Britain and we also get some income from the lettings. This means that whenever we visit the place is sparkling clean and up to our 4* standard and we spend our time on holiday.

    So in a nutshell we have a worry free holiday home that is 'free' to run and gives us on top a small return. Of course this approach is not good for a btl landlord as a lot of the income goes into management rather than paying off a mortgage.

    Our apartment also has a garage and we keep our personal stuff in there away from our guests. We also have an allocated parking space that we let our guests use.

    Take a look at Carbis Bay a hidden gem https://www.bluechipholidays.co.uk/carbis-bay?destination=true


  9. manicatel

    manicatel pfm Member

    As Dweezil said, if you can afford to buy the holiday home and still go elsewhere for holidays, that’s all good, but if it means you will be going to the same place for every future holiday, will that suit you? It’s not for everyone, unless you really have found your own personal heaven.
  10. k90tour

    k90tour pfm Member

    My wife, having paid off the mortgage on our UK home, bought a house in France three months ago. And rather than worry about being bored with the place, we are excited about seeing how it changes through the years and seasons. Very rural with an acre of land. We've only been there twice and there's a pile of Ikea furniture in one room awaiting assembly next time we are down. I'm told that 10% of the local population are Brits. But already the previous owner, who had retired down there, is planning to return because of Brexit. I guess he doesn't want to be an outsider in Europe. We have no plans to rent it out , if all goes well. Just for family and friends but are treating it as a real home, with different things to do that we can't do here. If the ferries were cheaper, I'd be down every other weekend.
    hifinutt likes this.
  11. k90tour

    k90tour pfm Member

    And on the subject of maintenance, the estate agent has been fantastic and introduced us to all sorts of useful contacts, bank manager, insurance company etc etc. We have a guy that checks things over for us periodically. There was a pile of post on the kitchen table on our second visit. Mostly junk mail! It has made it much easier for us to move in. We have a music system already set up. Top priority!
  12. gintonic

    gintonic 50 shades of grey pussy cats

    we have had an apartment in a Spanish city for 20 years. These days we have a long term tenant, we barely bother visiting.
  13. Arkless Electronics

    Arkless Electronics Trade: Amp design and repairs.

    Here's hoping that when Corbyn gets in this will be banned and compulsory purchase orders made against all holiday homes so they can actually be lived in by local people who currently can't afford them!
    HarryB and Snufkin like this.
  14. petespeed

    petespeed Active Member

    wow what replies thanks guys
    ok so ill talk a bit more i,m a builder (45ish ) been looking around for a while if i,m honest its norfolk or north devon westward ho ! , bibeford area . a mate has a place in spain & loves it i cant be arsed with flying nowdays i have seen some nice new builds in westward ho but they want nearly £5000 a year in service & maintance charges ,
    if i,m honest i was going to buy another btl but a house not flat as i want freehold not lease , but round where i live herts a small 2bed in good area will prob cost best part of £300K ,so we thought perhaps hoilday home & let it out
  15. Wolfmancatsup

    Wolfmancatsup Empire State Human

    We have a two bed flat overlooking the sea on the south Kent coast, bought with the money from the sale of my late mother-in-law’s house. Friends visit while we’re there but we have no intention of allowing anyone there while we’re not there. It’s ours to enjoy.

  16. Bob McC

    Bob McC Living the life of Riley

    I have a place in Brittany.
    Only ever used by my family and guests while we are there.
    No intention of renting it. French tax law is far too complicated.
    We go for two months a year at least.
    It doesn’t stop us travelling the rest of the year.
  17. Bob McC

    Bob McC Living the life of Riley

    When you see how quickly your acre gets overgrown you will be!
  18. flatpopely

    flatpopely Prog Rock/Moderator

    Jez, that's a full on thread crap! Please stop or enjoy a holiday in your own home...............
    bob, Mr Cat and Joe like this.
  19. kennyh

    kennyh pfm Member

    That is so true, we were wasting large portions of each holiday trying to clean the land and tend the grapes, olives etc.

    Just impossible. Thankfully we've now found a local who's playing ball on prices and has the Olives to sell himself.

    What a weight off our shoulders to turn up now and it's all tidy. We'd have put it up for sale a lot earlier if we'd not found someone to do this for us.
  20. Bob McC

    Bob McC Living the life of Riley

    Whilst I admire your overweening belief in Jezza’s abilities I doubt they will stretch to Spain or France.
    bob and Joe like this.

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