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Buy to let holiday homes are the way forward

October 19, 2012 | Comments: 0 | Views: 240

There are a number of benefits to owning a second home. Buying to let is a long term investment. The property will usually accumulate value over time and also can generate rent on a shorter term basis.

Holiday homes are particularly popular choices when taking on a second property. These could fetch up to four times the amount of income than a standard buy to let property. An obvious factor to consider is that with holiday homes there will be particular times of the year when more rental is generated whereas with a standard buy to let there will be a lot more weeks in the year when rent is coming in. Even taking this into account it is still true that the annual return on a holiday home is still usually more than a standard buy to let property. This is if a popular destination is chosen and the home is kept and maintained to a high standard. These things are obvious factors which will draw in large numbers of people.

With holiday homes the amount of tax which you will be liable for will be less than the flat 18% rate which covers standard buy to let properties. The holiday home must be completely furnished and professionally run. It must also adhere to other rules such as being available to rent for a minimum of 140 days a year. If it fits into these categories it could fall into the special 10% entrepreneur’s tax rate being classed as a commercial business asset.

Another benefit is that if you choose to, you can pass the holiday home let over to another company to manage. There is obviously a fee involved in this however it relieves you from day to day maintenance and responsibilities associated with the property.

Renting out a holiday home property couldn’t be easier. The key pointers to remember are to make sure you do some research into the best areas to buy and to ensure that the property is kept to a high standard once it is in your possession. There are many ideal locations across the UK to purchase. Tourist hot spots are the places to snap up first, especially the kind of places that are likely to be frequented all year round. The Lake District is a key example of this.

There are many different letting companies which can provide extra information and guide you in the right direction to find the perfect property for you.

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