Preparation is everything, it is said, and never has it been more so than for buying a second home or holiday property. Long before you select the right holiday let insurance policy, there are a substantial number of other issues to look into. In part 8 of our tips series, we offer up some more helpful pointers.
25. Is letting the property legal?
Although it isn't very common, in some parts of Europe the letting of property to tourists is forbidden, or may require some kind of holiday letting licence. It's worth researching this point as it could prove calamitous for your plans.
26. Surrounding developments
Check with the local authority to see if there are any development projects in the pipeline. These might be positive ones - such as a new golf course or leisure centre, or they may be negative ones, such as infrastructural eyesores like bridges and motorways. All this information will be available to you, so it is definitely worth seeking out.
27. Ownership of property
Make sure that the person or organisation selling the property has full title to the land. Find out if there is any debt on the property. Expert legal advice on this will be worth its weight in gold.
28. Taxation issues
Sometimes people think about tax as an afterthought, but it can mean the difference between having a viable business and not. Do your maths as regards initial purchase price, annual rental income, capital gains tax and inheritance (or equivalent) taxes in your normal country of residence - and the one you are buying property in.
In you need buildings and contents insurance for a second home or holiday home in the UK or overseas contact click4quote.com insurance