If you have a second home or you plan on buying a home you use for the holidays, this could be the time for you to earn some money! Many tourists in England are searching for a good place to stay in their visit. You should open doors for them as they will put money in your pocket on holidays. I’ll let you know the benefits of letting out or renting out your home on vacation.
- Earn money by the end of holiday
This is the sole reason why you rent out your holiday home, to gain a return. So here’s some good news for you, the self-catering accommodation demand is on the rise and will continue for several years. In England, there is about 30% of the occupancy level for self-catering accommodation. But do you know that by the peak summer period, it increases up to 40%? What should you do at this peak period? You can give increase an amazing charge on your weekly rental as much as five times on winter rates.
- Provide home for married couples or civil partner
Holiday home isn’t only a target for tourists, but also a target for newlywed couples or civil partners.
- You’ll be able to help the local enemy
Yes, you’ll help the local economy by having the people who rented out your holiday home spend the most of their money within a ten-mile radius which includes pubs, restaurants, local shops, and service providers, particularly during the peak season.
- There are potential tax benefits of renting out your holiday home
Letting out a holiday home especially if it is fully furnished differs to renting out other types of property in England. The rental income of your holiday home has more advantage for tax purposes than any other rental income. It includes tax advantaged pension savings which are 100% capital allowance on the first £250,000 of capital expenditure. If you sell out your holiday home in the future, there are capital gains tax reliefs.