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A holiday home can be an exciting investment. It’s a place to which you can retreat whenever you feel like enjoying the British countryside, but it’s also something you can monetise throughout the year by allowing holidaymakers to rent it.
There are a number of features we might look for when choosing a holiday home.
Perhaps the most eye-catching of these features is also the most quantifiable: the price. Ideally, you’ll set out a budget in advance and choose your purchase accordingly. Think not only about the value of the home as it is today but how that value might be boosted with the right renovation and investment.
Location, of course, matters a great deal. If your home is surrounded by natural beauty and is accessible and within easy reach of local attractions and amenities, then it’s likely to be a safe purchase.
You might find that there are local bylaws and restrictions governing holiday home ownership and letting, so make sure that you have done your research before committing to any particular area.
Holiday homes come in many different sorts. Each category comes with its own pros and cons.
Cottages and historic homes tend to come with an inherent sort of value that can’t be replicated by building something new. However, they also tend to be more expensive to keep and more likely to come with planning restrictions and other strings attached.
Modern villas and cabins, on the other hand, tend to be more efficient and cost-effective – but there’s a limit on their appeal, and there are certain parts of the country where you’re unlikely to find them.
If you’re renting out a holiday home, then you’ll want to consider the time of year. Find out when the peak tourist season is going to arrive and how much you can expect to make through rent. This will inform your budget – since more lucrative properties are worth spending a little extra on.
We’ve already mentioned the possibility of local laws interfering with your plans. But we should all factor in additional costs. Stamp duty and other taxes can weigh heavily, especially when you’re buying a second home. Then there are the ongoing costs associated with insurance and maintenance, which might make the purchase unviable.
In some cases, you might seek to finance your purchase by releasing equity from your home. Look at an online equity release calculator and see how much you could generate.
Different parts of the UK vary in terms of the experiences and attractions on offer.
In the Cotswolds, there are theatres, manor houses, and Roman villas to consider.
In the Lake District, we might consider the lakes themselves, and the surrounding hills and valleys, as well as the World of Beatrix Potter in Bowness, which tends to draw significant tourist traffic.
In the Scottish Highlands, it’s worth thinking not only about natural beauty spots, but also local distilleries. Tourists flock from across the world to sample Scotch whisky at source, and so if you can cater to the demand, you could be onto a winner.
Finally, we should mention Cornwall. There’s a wealth of quality beaches here, as well as world-class dining and the famous Eden Project.
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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