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In the last few years a real boom has hit with numerous British citizens buying holiday homes. National Statistics show that those who own property abroad doubled between 1994 and 2004. More than one and a quarter million now own second homes in Spain and France alone.
Contributing factors includes a strong growth in the UK property market; thus, creating equity-rich home owners which have enabled them to re-mortgage UK property to buy overseas. Higher prices in the UK meant people have looked abroad to find property investment opportunities.
According to statistics Spain remains the most popular location to holiday and also to buy. 27% of British owners abroad have properties in Spain. The established areas include Costa del Sol and Costa Blanca which are known favourites for buying. France and Portugal follow Spain in terms of its popularity for British buyers. Other countries are also seeing an influx of British investors including Eastern European countries such as Bulgaria and Croatia to new emerging property markets such as Dubai, Brazil and Thailand.
The question is why has the rental market also boomed? Looking at the growth of other industries in the last ten years you will find low-cost airlines - Ryanair, Easy Jet, BMI Baby, Thompson Fly and Monarch which have exploded into Europe - opening routes throughout most European cities to the public, allowing travelling within Europe easy, accessible and affordable.
It is this that has created a booming rental market to second home owners through renting properties directly to holidaymakers. The power of the internet has helped holiday home owners to reach consumers directly, through an increasing presence of the marketing power of online rental listing sites.
Foreign investors are buying holiday homes overseas as an investment or a lifestyle purchase in the hope that properties can be let out when not in use by the owner.
Buying to let is a fabulous way to invest in property for long-term capital gain and also to cover your mortgage with your rental income. The inevitable drawback on buying a second home is a second set of responsibilities – you’ll have two mortgages and two properties to take care of, and that could prove stressful. When you are buying a second home even if it is for buy to let, you need to be confident that you can cover that second mortgage even if your financial situation changes for the worse or you don’t obtain Holidaymakers’ custom.
With property prices remaining high in UK, buying abroad can get you a lot more for your money. With many of its countries joining the EC soon, house prices in some states in Eastern Europe are currently low but rising rapidly and may also give a good return for investors in the area. However before you buy, source the particular country. In some countries property price rises are solely due to foreign investment. When interest from these foreign buyers fades, the bubble can burst and prices bottom off. Look to buy in an area where the economy is set to grow independently in the long term.
On the other hand if you buy to let outside the UK you will have to deal with legal procedures that are entirely unfamiliar to you and possibly a language barrier as well. Think carefully before taking on a property which needs substantial work, unless you can relocate for a few months, you won’t be there to make sure any work gets done and you will have to manage building or repairs from a distance.
Many investors are still choosing to buy a second home in holiday destinations in the UK. While the initial outlay may be higher, you have the advantage of easy access to the property and the option of long-term rentals as well as short-term holiday lets. You can make good returns on your initial outlay if you buy to let shrewdly and purchase the property being sold for less than its full market value through private sales or at auction.
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Contributing factors includes a strong growth in the UK property market; thus, creating equity-rich home owners which have enabled them to re-mortgage UK property to buy overseas. Higher prices in the UK meant people have looked abroad to find property investment opportunities.
According to statistics Spain remains the most popular location to holiday and also to buy. 27% of British owners abroad have properties in Spain. The established areas include Costa del Sol and Costa Blanca which are known favourites for buying. France and Portugal follow Spain in terms of its popularity for British buyers. Other countries are also seeing an influx of British investors including Eastern European countries such as Bulgaria and Croatia to new emerging property markets such as Dubai, Brazil and Thailand.
The question is why has the rental market also boomed? Looking at the growth of other industries in the last ten years you will find low-cost airlines - Ryanair, Easy Jet, BMI Baby, Thompson Fly and Monarch which have exploded into Europe - opening routes throughout most European cities to the public, allowing travelling within Europe easy, accessible and affordable.
It is this that has created a booming rental market to second home owners through renting properties directly to holidaymakers. The power of the internet has helped holiday home owners to reach consumers directly, through an increasing presence of the marketing power of online rental listing sites.
Foreign investors are buying holiday homes overseas as an investment or a lifestyle purchase in the hope that properties can be let out when not in use by the owner.
Buying to let is a fabulous way to invest in property for long-term capital gain and also to cover your mortgage with your rental income. The inevitable drawback on buying a second home is a second set of responsibilities – you’ll have two mortgages and two properties to take care of, and that could prove stressful. When you are buying a second home even if it is for buy to let, you need to be confident that you can cover that second mortgage even if your financial situation changes for the worse or you don’t obtain Holidaymakers’ custom.
With property prices remaining high in UK, buying abroad can get you a lot more for your money. With many of its countries joining the EC soon, house prices in some states in Eastern Europe are currently low but rising rapidly and may also give a good return for investors in the area. However before you buy, source the particular country. In some countries property price rises are solely due to foreign investment. When interest from these foreign buyers fades, the bubble can burst and prices bottom off. Look to buy in an area where the economy is set to grow independently in the long term.
On the other hand if you buy to let outside the UK you will have to deal with legal procedures that are entirely unfamiliar to you and possibly a language barrier as well. Think carefully before taking on a property which needs substantial work, unless you can relocate for a few months, you won’t be there to make sure any work gets done and you will have to manage building or repairs from a distance.
Many investors are still choosing to buy a second home in holiday destinations in the UK. While the initial outlay may be higher, you have the advantage of easy access to the property and the option of long-term rentals as well as short-term holiday lets. You can make good returns on your initial outlay if you buy to let shrewdly and purchase the property being sold for less than its full market value through private sales or at auction.
Please click on text below to view appropriate advertisements for this section:
Buy To Let
Should you wish to view more articles on property services presented from the Advertise Properties For Rent section, please click the first link.
o Thank You For Visiting ‘Buy To Let' In The Article Section On Property For Rent Guide ...
