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Second home purchase

We are potential cash buyers with a budget of £200,000 - £230,000 for a second home mainly for family use in South Devon. We would need to cover running costs. Would a 2 bed flat with 33 acres of grounds and outside pool, with a maintenance contract of £2,000 p.a. be an attractive let? Would it be cost effective in terms of an investment or would the maintenance costs be off-putting for future re-sale? Thanks

Asked on Nov 21 2010, General in Kingsbridge | Report content

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  • If you were to rent the property out 3 months of the year, normally Holiday rents are a lot higher than the usual rental. As you are buying cash there is no outlay every month so just electric gas and the usual bills to pay etc. As for future re-sale every property has its own merits and this is something you will have to determine for yourself. Ask a local agent which properties sell the quickest in their area.

    Answered on Nov 22 2010, Report content
  • The maintenance contract does seem high and may have a baring on re-sale. Second homes are very personal, look for the location that offers you exactly what you want first and foremost and then consider would it appeal to others for short term rental. Location is very much the key, as is service provision locally. Accommodation can often be secondary. I know someone who owns a very basic ex-farm workers cottage in a village where Snowdonia meets the sea. Breath taking countryside, no TV, open plan living space,2 beds and a wood burner thats about it. He hasn't had a fallow period for more than two weeks in the 10 years he has owned it and regularly gets guests from all over, a couple from NZ have taken it for New Year.

    Answered on Nov 23 2010, Report content
  • Don't forget council tax on second home will add considerably to annual costs - in South Hams only 10% rebate is given against the full residential tax.

    Answered on Sep 6 2011, Report content

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