Despite the current challenges as regards obtaining a mortgage, many Britons are eyeing up the possibility of buying a second home with a view to renting it out. The combined attractions of having a place in which to escape from everyday life, together with generating an extra income whilst the home is not in use by the owner, has seen a record number of people buying second homes, according to estate agent Frank Knight. Cornwall is the most popular location in which to buy a holiday home in the UK.
A contributing factor to the viability of renting out a second home is that fact that many British families are now holidaying in their home country with a view to saving money – the ‘staycation’ – a market that is likely to last in the long term.
A number of high profile lettings firms specialising in holiday homes have reported significant increases in business over 2011 so far. The types of property available range from snug, affordable two-person cottages, to palatial holiday homes that come complete with chefs.
In a tough economic climate it might seem that the number of people buying holiday homes would decrease, but with the possibility of combining such ownership with making a decent income, the opposite is happening. As people look for their perfect countryside bolt hole, they are also seeking high quality
holiday home insurance to help protect their investment when they are not in their second homes, or to insure against damage or theft caused by tenants. If you are seeking such insurance, the type or level of policy required for a given holiday home will depend on a variety of factors specific to the property in question.
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