Basically, would you do it all over again?
We are thinking of buying a small place - UK- which we could afford to buy outright but don't want to as that would use up 50% of our savings. It's in a place I know- going back to my roots -so I'm happy about the location.
So, we intend to put down a large deposit of about 50-60% and get a short term mortgage until we receive our pensions which include a large lump sum ( this will be in around 4 years time or sooner.) We'd rent it out in the short term to cover the outgoings.
We have no mortgage on our main home - paid off almost a year ago-and no other debts.
So, the question is- if you own a holiday home and rent it out is it a lot of hassle?
What do we need to consider, bearing in mind it's 250 miles away and the cleaning etc (and I'm fussy) would be done by someone locally. Is this a nightmare? Do you need a team of people on standby? Is it best to use an agent? What about spillages and damage when we aren't there to replace items between lets?
What kind of income would we expect for a 2-bed cottage annually? presumably it would only be rented out April-October mainly with maybe the odd week over Xmas.
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Anyone here rent out a holiday home? Advice...
6 replies
Mrscountrycottage · 16/08/2015 17:48
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