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Buying a second home - advice please :)
Comments
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The one I was comparing is a 3 bedder, by the way.No reliance should be placed on the above! Absolutely none, do you hear?1
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I have been staying holiday accommodation down there for the last 8 years and in high season Iv always paid in excess of £1k per week. Yes admittedly the last 2 years the prices have risen (by around £200 - £300 per week in high season for the smaller cottages but the area has seen a drastic change too and has become more popular so that’s probably a factor too.GDB2222 said:It’s odd that there’s such a difference in the letting rates, compared to N Norfolk. In some parts of the country, the rates went through the roof during the pandemic. I’m not sure they won’t come back down again. I made enquiries about the rates that applied a couple of years ago, and I suggest you do likewise.I agree that, if you can rely on £25k plus in income, it’s a no brainer. The problem is if that drops right off it’s no skin off the agent's nose.I think to break even I’d probably need around £16k - £18k a year rental income gross which is extremely doable.1 -
Are you planning to use the place during periods when it is unlet?No reliance should be placed on the above! Absolutely none, do you hear?1
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Yeh but only for around 4-6 weeks per year. Most agents set a limit anyway I believe to prevent you fro using it - think it’s around 4 weeks between March - September and then unlimited in the winter months.GDB2222 said:Are you planning to use the place during periods when it is unlet?1 -
Update:
Placed a deposit down to reserve a plot on the development.
Developer says I will be looking at possibly exchange in June 2023 with completion in September 2023 so a long way off.
Would I need to arrange a solicitor now or near the time of exchange?
Thanks again
2
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