Product Description
This step-by-step guide to investing in a second home covers everything from assessing your investment to planning and managing the practicalities.
From the Author
This book is not for the super-rich who can afford to buy a second (or third or fourth home
) and then leave it lying empty until they decide to visit.
Instead it is for the majority of people who have decided to invest in another property because they are worried about their pensions, who may want to boost their savings, and/or because they believe there is still long term growth potential in the housing market.
The book takes you through:
How to raise the money (buy-to-let mortgages are not always the answer)
Making sure you buy the right property
Pros and cons of using letting agents
How to market and then manage your property if you decide to do it yourself (including what to put in tenancy agreements and how to cope with troublesome tenants)
How to furnish, clean and manage a holiday letting cottage
Parents buying for student children
The rules and regulations covering letting
What to do if it all goes wrong (early warning signs of trouble ahead, court procedures, if you get something wrong)
Money out (buying, marketing and running costs, tax implications)
Money in (what is an allowable expense, how to set out your expenditure, how to keep the Inland Revenue happy)
Building your empire (financing it, spreading your risk, not getting in too deep)
There is a lot of common sense in property investment, and some of this book may sound like stating the obvious.
But there are still plenty of investors out there who buy without doing their homework, and who then get stuck with un-lettable properties because they have either bought something unsuitable or because it is in an area of over-supply. There are other investors whove been encouraged to over-borrow and who are now stretched financially as interest rates continue to rise. And there are others still whove gone into the second homes market because "everyone else we know is doing it, and it seems like an easy way to make money". Not a good idea.
So do your own homework thoroughly you can never do too much and use this book to help guide you through the process. If you are a novice investor, then it should cover the areas you are unfamiliar with. If you are experienced, then at least it should serve as a helpful checklist and confirmation that your investment is on track.
Wendy Pascoe