Purchasing a Property for Holiday Lets

We count ourselves fortunate to live in the beautiful county of East Lothian all year round. For many others, our lovely coastal towns and tranquil inland villages are popular holiday destinations. As we head towards a new holiday season, purchasing a property for investment purposes, specifically for holiday letting, could present an exciting opportunity.

The rules around licensing of holiday let properties have tightened recently but you shouldn’t let this put you off.  If you are lucky enough to have the financial capability to purchase a second property, then purchasing with a view to running holiday lets could be a good option.

• Holiday letting can provide a healthy, regular income for the relatively small amount of work involved in managing bookings and dealing with cleaning turnarounds.
• Investing in bricks and mortar offers scope for potential capital growth if you are happy to hold on to the property for a reasonable period of time.
• You can use the property yourself for holidays and rent it out for the remainder of the year.
• It gives you somewhere to put the family when they come to visit!
• It can be a tangible asset to pass down to family for the future.
• Seeing others enjoy our local county can be a rewarding experience.

If you spot a fabulous sea view apartment or idyllic country cottage for sale, then you can bet that other people will have noticed them too.  What you don’t want is to miss out on purchasing the dream holiday property just because you haven’t got everything ready to proceed quickly. 

One of the first key steps in the property purchase process is to engage with a solicitor. Take time right at the outset to engage with your solicitor, present your up-to-date ID in readiness for offering for a property, have that initial conversation about your plans, objectives and methods of funding. Your solicitor can offer valuable knowledge and experience of the local property market and guide you through the entire process. 

If you are considering purchasing an investment property and dipping your toes into holiday letting, be sure to make contact with one of our local solicitors who will be delighted to assist.