We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Holiday rental property help

Hi,

we would like some help regarding the best way to set up a holiday rental business. Currently, we have a home property with no mortgage, which is worth about £350K (but no rental potential). We also have some savings which we could put towards a business.

If we wanted to purchase a bigger place with rental potential, could we use something like a "homeowner business loan" to keep our current home (and rent out) and then buy somewhere with rental potential?

Anyone have any experience? Any gotchas / recommendations etc?

TIA..

Comments

  • Savvy_Sue
    Savvy_Sue Posts: 47,656 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Recommendation: find an accountant with experience in holiday rentals, set out your position to them and allow them to ask all the 'What If' questions, and to point out to you all the pitfalls. I'd say it was particularly important to get 'proper', tailored advice, in view of one of your other posts about pensions. 

    If anyone here has experience of holiday rentals, I'm sure they'll chip in, and I know people often want to become as well informed as possible before paying for advice, but this really isn't an easy ask. 
    Signature removed for peace of mind
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353K Banking & Borrowing
  • 254K Reduce Debt & Boost Income
  • 454.8K Spending & Discounts
  • 246.1K Work, Benefits & Business
  • 602.2K Mortgages, Homes & Bills
  • 177.8K Life & Family
  • 260K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.