Holiday homes (to let out) who’s got them?
Discussion
Naturally, this year is rather an exception , but just wondering if any of you that have them would take another path if you did It again.
I’m looking to make a purchase in Norfolk, and just wondering if having a leasehold property (on a holiday park) has too many what if’s attached, it seems a few people have been stitched up when the park has been sold or pay 30k for a caravan on a site, only to be forced 5 years later to sell it back for 3k as it’s now ‘too old’ for the site. I’v seen small plots of land with two or three caravans on for about £150k freehold which seem a safer bet and give a quicker return than bricks and mortar.
I’m really looking for a higher return now than a large asset in 20 years time.
I’m looking to make a purchase in Norfolk, and just wondering if having a leasehold property (on a holiday park) has too many what if’s attached, it seems a few people have been stitched up when the park has been sold or pay 30k for a caravan on a site, only to be forced 5 years later to sell it back for 3k as it’s now ‘too old’ for the site. I’v seen small plots of land with two or three caravans on for about £150k freehold which seem a safer bet and give a quicker return than bricks and mortar.
I’m really looking for a higher return now than a large asset in 20 years time.
Anyone 'stitched up' hasn't read their contracts. I looked into this a few years ago.
The reality is that the model is set (unsurprisingly) to favour the freeholder. You lease the site from them, you usually have to buy the cabin from them, you usually have to let them sell it when it becomes age-expired, you usually have to sublet through them (if/when allowed) and you pay them for utilities. What's left over is often just enough to cover your costs so effectively you're getting free holidays.
I bought a holiday cottage.
The reality is that the model is set (unsurprisingly) to favour the freeholder. You lease the site from them, you usually have to buy the cabin from them, you usually have to let them sell it when it becomes age-expired, you usually have to sublet through them (if/when allowed) and you pay them for utilities. What's left over is often just enough to cover your costs so effectively you're getting free holidays.
I bought a holiday cottage.
I would look into old cottages with outbuildings, ideally a few hundred feet away from the main cottage. I do up the main cottage and attempt to get consent for the outbuildings. Either as a new dwelling or just as a self contained annexe off the main house.
If you get dwelling consent, you have two options, sell one to pay for the other or let them both
I would never buy a caravan/lodge etc etc. To think some fools pay up to 350k for the lodges, with no free hold and very limited lease hold
If you get dwelling consent, you have two options, sell one to pay for the other or let them both
I would never buy a caravan/lodge etc etc. To think some fools pay up to 350k for the lodges, with no free hold and very limited lease hold
Gassing Station | Business | Top of Page | What's New | My Stuff