If you are thinking about buying a holiday home, follow this simple guide to help you decide what you would like to buy and how to protect it for years to come.
If you’ve settled on the idea of a holiday home then first of all, congratulations! But now you probably have a lot of questions. In this guide we bring up some factors to consider when investing in a holiday home.
It’s well known that if we want to book the best price for a flight or hotel room sometimes we need to wait until the last minute to snag a better price. In the property market, it can be difficult to tell when it’s the best time to buy a holiday home. If price is the most important factor and the location is determined, off-peak times might be worthy for finding a holiday property.
In general, a property agency provides guides to help you make informed decisions based on your own personal circumstances and your reasons that work for you: rental income, capital growth, lifestyle investment, or both.
A holiday home means you have it to visit when you wish and let it out to help with the running expenses. Here you can find out some of the top tips to consider before buying a holiday home:
Although there’s nothing wrong in NOT letting it out, just using it as an extra home for weekend retreats or Christmas and summer getaways. Enjoyable times and the pleasure that brings you with good company are always priceless.
UK law doesn’t permit you to live in your holiday home for more than 12 months at a time. Council tax is lower on a secondary residence and so you need to decide what your permanent address is for tax reasons.
If you are buying any holiday home with the help of a mortgage, you will be required by the lender to get buildings insurance. If you don’t require a mortgage, you can think about cover for your property in the form of buildings insurance, buildings and contents cover, or just contents insurance.
In general, specialist providers of holiday home insurance offer comprehensive cover and design products which offer specific benefits for your peace of mind. In this way, if you let your holiday, the policy should include liability insurance, insurance for when you leave the house unoccupied, or accidental damage, which covers the cost of an unintentional damage to your property or its contents. If your holiday home is damaged and you can’t live there, holiday home insurance may cover the cost of alternative accommodation.
Do you want to know more about holiday home insurance? Find out more details here.
*The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.
Published by: intasure
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