How to deal with nuisance neighbours
QI’m a buy-to-let private landlady with a portfolio of two houses. I’m tired of being tainted as the greedy, unscrupulous, uncaring, soon-to-be overtaxed landlord and am seriously thinking of selling up (at least one house).
However, I want to reinvest so I don’t lose my potential income for when I retire, so am considering a luxury holiday lodge in Devon.
I’ve read that the UK holiday sector is on the up, but what are the pros and cons of trading bricks and mortar for one of these lodges? JH, BERKSHIRE
AI have always believed that property is the safest form of investment to make. Renting holiday homes or lodges has become more popular in recent years, and Devon is certainly a desirable holiday location for both UK and international travellers. You could be pretty sure of regular short lets and income throughout the summer.
You would, however, need to consider the winter months, when you are likely to struggle to achieve a high rental figure. You could also face vacant periods when people are opting to stay in country cottages or even looking further afield to warmer climates.
You should also consider the fact that unlike buy-to-let properties, holiday homes require constant upkeep such as cleaning and basic amenities, which can swallow up substantial amounts of your time and income.
Instead of a holiday lodge, you could consider investing in a freehold property located in a city centre. This way, you won’t be expected to pay a service charge, and you would also be close to transport links, amenities and universities, which will attract tourists and visitors and students throughout the year, ensuring a steady income.