Purchasing a holiday let

[Channellingsophistication]

We are buying a holiday house. It’s a house we’ve had lots of family holidays in over the years and always dreamed of owning it one day! The vendors are selling and we have made an offer.

We will carry on with contract with holiday letting agency to continue to let for the next couple of years. Does anyone have any advice they could share re holiday lets please as this is new to us. Its a normal residential property ie not on a holiday development or anything.

thanks

I looked at it and definitely wouldn't.
Regulations abound, can't get labour to clean, high taxes, capital gains ... not a chance.
I have had a rental property abroad, successfully ran it then sold it.

What sort of advice?

Why are the current owners selling?

I assume you know about the extra land tax on purchase?

And also that 2nd homes used as holiday homes will be coming under the long-term rental tax scheme soon? So you are taxed on turnover, not profit.

If it's in Wales or Scotland, there are different regulations and you need to know what they are. You also need to have the electrical installations checked and a gas safety check, I would assume...

I daresay there's a reason the current owners are selling!

If it was very profitable and/or not a total PITA they'd be hanging onto it.

The regulations for holiday lets are very strict and your customers will be very demanding.

We have a successful holiday let, it’s been very profitable and for us light touch as we have a cleaning company who receive the bookings direct and do all the hard work.

We have had lovely guests and always had excellent feedback.

please feel free to DM me with any questions you may have.

I'd recommend joining one of the holiday lets Facebook groups for more directed advice.

Thank you for your comments and advice.

I’m thinking it might be a bit of a headache but its a house we love and may choose to retire to one day. The vendors are selling because they are moving a long distance away and building a new house. I’ll also get info from them re letting. Thanks again