Can anyone offer any advice on owning a holiday home away from where you live?
I’m looking into the feasibility of owning a holiday home where I holiday each year (120 miles away from where I live). The place I currently use books up really quickly so I’m guessing it shouldn’t be too difficult to rent it for most of the year.
I don’t want an income from the house but would hope the house would pay for itself and allow me a free holiday 2-3 times per year.
So, questions:
1. Other than the costs of advertising through a holiday cottage company what other costs will there be?
2. I’d need someone to clean it between changeovers, any ideas of how much this would cost? Is it simply someone’s time for 4ish hours a week?
3. When issues arise how is this handled? From what I gather at the place I stay at you call the cleaner/house keeper if there are an issues so are they then paid extra for anything they have to deal with?
4. Would I pay tax on the total income or is it just profit?
5. Can I buy a £3k bike “for my customers to use” and claim back the VAT 🙂
Thanks for any help.