How to Buy And Let a Holiday Cottage

241 Pages·2006·17.76 MB·english

by  Allison Lee

HOW TO
BUY AND LET
A HOLIDAY
COTTAGE
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HOW TO
BUY AN DIET
A HOLIDAY
COTTAGE
Allison Lee
howto books
Published by How To Content,
A division of How To Books Ltd,
Spring Hill House, Spring Hill Road
Begbroke, Oxford OX5 1 RX
Tel: [phone]. Fax: [phone]
email: [email protected]
www.howtobooks.co.uk

All rights reserved. No part of this work may be reproduced
or stored in an information retrieval system (other than for
the purposes of review), without the express permission of
the publisher given in writing.

© Copyright 2006 Allison Lee

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British
Library

First published in electronic form 2007

ISBN: 978 1 84803 162 3

Cover design by Baseline Arts Ltd, Oxford
Produced for How To Books by Deer Park Productions,
Tavistock
Typeset by Pantek Arts Ltd, Maidstone, Kent
Illustrations by Nicki Averill

NOTE: The material contained in this book is set out in good
faith for general guidance and no liability can be accepted
for loss or expense incurred as a result of relying in
particular circumstances on statements made in this book.
Laws and regulations may be complex and liable to change,
and readers should check the currect position with the
relevant authorities before making personal arrangements.
CONTENTS
Preface ix
Acknowledgements xi
Chapter 1 The Property Ladder. 1
Opportunities 3
Will buying to let work for me? 4
Can I afford it? 6
Chapter 2 Location 13
Choosing the right area 15
Choosing the right property 23
What have I got to offer? 26
Chapter 3 Preparing Your Property 29
Appealing to the largest market 31
How should I decorate and furnish my property? 34
How to decorate 35
Buying furniture and equipment. 37
Safety 40
v
CONTENTS
Chapter 4 A Look At The Rooms On Offer 55
Available rooms 57
What to provide in each room 58
Chapter 5 Marketing 77
Grading your property 79
Using a holiday company 79
Marketing the property yourself 92
Advertising 101
Deciding how much to charge 106
Charging for extras 110
How long is the holiday season? 111
Chapter 6 Bookings 113
Deposits and balances 115
Cancellations 120
How many bookings can I expect? 123
How can I increase my bookings? 124
Short breaks and discounts 126
Chapter 7 Maintenance 129
Maintaining the property yourself 131
Employing the services of a housekeeper 133
Employing the services of a gardener 143
Changeovers and cleaning 144
Inspections 164
vi
HOW TO BUY AND LET A HOLIDAY COTTAGE
Chapters Receiving Guests 167
Arrivals 169
What kind of written advice should I leave for guests? 172
The personal touch 176
Providing toiletries and food packs 179
Pets allowed? 184
Smoking 186
Children 187
Complaints. 188
Chapter 9 Inventories and Check Lists 191
Listing and checking contents 193
Breakages 199
Chapter 10 The Financial Aspect 201
Council tax 203
Value added tax 203
Capital gains tax 204
Inheritance tax 204
Taxable profit 205
Allowable expenses 206
Capital allowances 208
Working out your taxable profit or loss 209
Profit or loss? 211
Useful addresses and websites 213
Index 217
vii
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PREFACE
Buying an investment home has been a dream come true
for me. Make no mistake - it has been hard work and at
times I have wondered if it has been worth the effort and
financial outlay but, all things considered, I would recom-
mend buying to let to any other ambitious person with
money to invest.
It is important that you choose wisely; do your homework
and find a sound property in the right location. Be pre-
pared to put in some hard work preparing your property
for letting and keeping up with the daily running of your
investment. By taking your time and considering your
options carefully, buying to let should provide you with an
exciting opportunity and a viable financial asset.
This book can only be read as a guide because, of course,
everyone's circumstances and financial position will be
unique to them. Updates are made frequently with regard
to tax and other financial aspects of owning and letting a
property, and you should keep this in mind if you are
intending to venture into the letting business.
Remember, you are in control of your letting business.
Only you can decide if buying a property to let as a holiday
home is a viable option for your own personal circum-
stances. There is no room for complacency in the property
ix