buy to let home insurance UK
Top Five Tips to Buying a Holiday Home
While we seem to be in the middle of a monsoon season as opposed to a gorgeous heat wave, many people dream about buying a holiday home for lots of lovely long weekends and sunny breaks.
Is it worth investing in a holiday home in the sun? Can you make money from holiday homes or could you suffer the same fate as some who have bought on the Costa del Sol and are currently unable to sell?
Follow Kate’s Top Five Tips if you are considering buying a holiday home:-
Top Tip One
Don’t buy on a whim while you are away! By all means look for property and check out what you can afford, but then come home and plan to re-visit local experts once you have worked out the finances. Compare the costs of buying (and selling) as well as on-going costs versus renting or staying in hotels.
Top Tip Two
Check the legal and tax implications. Some countries have a tax treaty with the UK, some have different inheritance rules. What is certain is that the way you buy, rent and own land will be different to the UK. For example, in most other countries when you make an offer, you go straight to exchange and hand over a deposit. If you plan to rent, you may need a licence. Always get advice from an English speaking, international solicitor as well as a local one.
Top Tip Three
Don’t buy the property without a full survey and make sure you know what the downsides are of living near the sea or a river. If it’s a new build or you are buying off plan, don’t hand over any money until you are sure that the developer has permission to build and you have deeds proving you are the owner.
Top Tip Four
Who will look after and maintain the property when you are away? If using an agent, how do you know the property is being let? Have you neighbours that will be able to double check the letting agent is honest? What happens if there is a disaster? Can you get there quickly?
Top Tip Five
Don’t forget specialist insurance that covers you for as many eventualities such as hurricanes, flooding, fire and landslips. You will also need to insure the property if it is unoccupied for months.
Finally, don’t commit to buying unless you have a clear escape ‘plan of action’ just in case you need to sell quickly. We think that selling in the UK is slow, but abroad it can take two years to find a buyer!
Still need a bit more info before you take the plunge? Take a look at my other article Is it worth buying a holiday home overseas? before you make your final decision.
What Has Labour Got Against Pensions For Women And Carers…?
They seem to have a systemic hatred of pensions in general, but this is really bad. Why is that?
http://news.bbc.co.uk/1/hi/business/7153401.stm
The government has rejected a plan to let women boost their state pensions by buying up to nine years’ worth of extra National Insurance (NI) contributions.
In July, the government indicated it would probably support this, so women could make up for years spent at home looking after children or relatives.
Now the idea has been dropped, angering pension campaigners.
The charity Help the Aged was equally upset.
“In what amounts to an abuse of Parliament, the government has reneged on a promise to help millions of women and carers reaching state pension age between now and 2010,” said Anna Pearson, the charity’s policy manager .
“The decision… is effectively a stab in the back for women and carers,” she added.
Carers, women, the elderly , the mentally disadvantaged, the otherwise disabled are all vulnerable members of society, but also the easiest to attack from the Government’s point of view. They are always the first to feel cut backs or cancelling of services. The Government knows that they are not a strong force politically so they can be treated with disdain.Far from being a caring Government,this administration is motivated by cost cutting except where it concerns themselves and then they make sure they all have a substantial pension fund, proofed against inflation, plus many other perks too numerous to mention.
