When deciding whether or not to go for a holiday buy-to-let, there are a lot of things to think about.
How you are going to get a mortgage for your holiday buy-to-let property may be the most important thing you need to think about.
You can look for a mortgage on your own, but it will take time and you'll need to know what to look for and, more importantly, where to look. Smart people, on the other hand, choose to work with a broker who specialises in getting mortgages for vacation rentals.
A vacation buy-to-let can be a great investment if you do your research and do things the right way. As a general rule, getting a mortgage for a vacation rental is a lot harder than getting a regular mortgage. When it comes to holiday buy-to-let properties, you'll find that many of the standard buy-to-let mortgage programmes don't cover them. This is where a broker can help you find the best deal.
If you want your vacation buy-to-let to be a big success, you should think about the property's location before you even start looking for a broker. The location of your rental can make or break it, but if you do your research when it comes to location, holiday buy-to-let properties can be a great investment. In addition to the money you can make by renting out your vacation home, you can also benefit from the tax breaks that come with it.
Again, location is a big part of how well your vacation rental does, and vacation rentals have been known to go up by 25% in just one year. To take advantage of the tax breaks, you must of course follow the rules. For example, your vacation rental must be available for at least 140 days a year, and you must rent it out for at least 70 days.
After you've thought about all of this, there's nothing stopping you from following your dream of owning a vacation rental. The last step is to find a mortgage broker who can handle your loan and help you get the best deal.
