buying for holiday cottage let

blushingbride_3

hi there,

Wondering if anyone else does this?

I have a budget of about £1150000 to buy a cottage to let for holidays.

My current mortage is £300 a month & so i worked out i would need @ least 12 weeks @ £300 a month to cover the mortgage & everything else would be to cover expenses.

I'm just wondering what sort of properties people look for?
From research i find that bigger properties seem more popular so it might be that i could increase the mortgage to get a larger property.

Just thoughts at the moement but wanted to know others experiences

:T

N79

Where can you borrow £1150000 for £300 a month? I think you need to check your figures.

blushingbride_3

i never said i was borrowing the full £115 did i?!

N79

blushingbride wrote: »

hi there,

Wondering if anyone else does this?

I have a budget of about £1150000 to buy a cottage to let for holidays.

I'm sorry I don't think you got my joke.

Let me put your original figure in words for you - 1 million 1 hundred and fifty thousand pounds. If you have that sort of money to spend why are you worrying about a few hundred pounds here and there? I'm sure you could get lots of cottages for that sum.

blushingbride_3

oh yes sorry stupid me! now i really am blushing!

yes wouldnt that much be lovely!

Ian_W

Where are you thinking of buying?

We rent holiday cottages a lot and researching the property market in the places we stay (Cornwall, Devon, Whitby, Northumberland etc) suggests you wouldn't get much for £115K in any of those areas, a flat maybe, but not much in the way of a cottage.

Obviously, I also check a lot of owners and agents websites for our bookings and I find that in Cornwall, where I'd expect a lot of bookings outside July & August, many properties have availability, whereas the more northern places I've mentioned seem to book up out of season much better.
Example is a house we recently stayed at in Robin Hoods Bay which already has 26 weeks bookings for 2010 and that was new to the letting market mid-last year.

I really think you need to decide where and concentrate on researching the local rental potential of that area. I'm sure it works for some people who treat it as a business, buy the right property in the right area and market it to their target audience. Equally I'm sure others heavily subsidise their property and rely on capital growth to justify their outlay, which in my mind, it doesn't.

PasturesNew

My next door neighbour's put their house up with an agent, sleeps 7, lots of parking, 100 yards from a choice of sandy Cornish beaches .... agent popped round in the past few days to take the photos, he said he was expecting it to be let 8-10 weeks of the year.

PasturesNew

I also know of a couple who have one of the most fabulous views right across a famous, sandy, surfing beach. They got PP and created 4 fabulous 3-bed flats with full on views and large balconies .... all to rent out. Nightmare. Since they built them they've not been booked enough at all, they've dropped their price and still had big voids, they've tried selling one or two, no takers, now I see I could afford to rent one as a resident at what's a really low rent .... I'm surprised they've managed to drag it out over the past four years without being repossessed to be honest.

chappers

PasturesNew wrote: »

My next door neighbour's put their house up with an agent, sleeps 7, lots of parking, 100 yards from a choice of sandy Cornish beaches .... agent popped round in the past few days to take the photos, he said he was expecting it to be let 8-10 weeks of the year.

I would be looking for another agent then.
Last year I tried to rent a cottage in Cornwall for eight of us and there was virtually nothing available for the whole of May, June July and August.

blushingbride_3

yes the big cottages seem to be much more popular than the smaller ones, maybe i will save more or look for a bargain

thanks for all the advice!

I am looking around the Norfolk/ suffolk area as we are going to be relocating to beccles by the end of the year & i want it to be max 30mins away so that i can do the change overs on Sats.
Do agents organise change overs? if i went down that route?

i had thought of southwold but its very expensive there