24
Jul
2020

Holiday Homes – Pros and Cons

With the chances of flying away for a holiday this year looking very, very slim, it seems that many Britons are instead opting for a staycation.

However, it would also appear that it’s not just the staycation that’s looking enticing to us Brits. Since the reduction in stamp duty, there’s been a huge interest in people wanting to own their own holiday homes.

With the potential to save up to £15,000 on the purchase of a holiday home before March 2021, Park Holidays have said, “we are staggered by the level of interest in people keen to buy their very own holiday home. Sales during the last 3 weeks have been almost double that of the previous year and the demand is still strong.”

While this may seem extremely appealing to those of you with a bit of cash to buy a holiday home, everything comes with positives and negatives. Below, you’ll find our pros and cons when it comes to buying a lockdown holiday home.



Pros

Cheaper Holidays

Of course, the biggest positive when it comes to buying yourself a holiday home is the chance of much cheaper holidays. Just think about it, when you have a few days of holiday spare at work, you won’t have to spend those days at home anymore. Instead, you can rush off to your UK based holiday home. And, it also means when the weather looks radiant on the weekend, you’ll be able to have a wonderful sunny getaway at a moment’s notice.

Return on Investment

The other advantage is that the house will practically pay for itself. When you’re not there you’ll be able to rent it out to holidaymakers in the UK and those looking to visit the UK from abroad.

Cons

Income

While the idea of renting out your holiday home may sound great and can be very lucrative, you need to remember that it’s not a secure form of income. So, while the home will no doubt make money that’ll help to pay off the mortgage, make sure your regular income will help you pay this off to ensure you don’t struggle financially.

Work

Someone needs to keep the holiday home up to scratch, and that person is you. If you’re using it, it’ll be fine, but, if you’re renting it out you’ll need to make sure it looks brand new before guests arrive which, could be a struggle if you live a few hours’ away.

While the positives and negatives all depend on your reason for buying a holiday home, if you’ve been thinking of doing it for some time, with the reduction in stamp duty and with staycations booming – now is the time to buy.

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