15:58 PM, 10th July 2022, About a month ago 3
I’m looking to buy a house in a beach location to become a furnished holiday let, the main reason is to have a house available for my family to use about 4 – 8 times per year. We are a big family and have foster children so going to the same destination is better all around. (that’s our justification on this controversial topic!)
The plan is to rent it out when not using it. With the various rules changing for FHL and the disruptive holiday market, it’s difficult to anticipate if the house will yield a profit or loss. For us, we would be happy if it suited our needs and broke even over a 5 – 10-year period.
I have 6 HMOs, 2 personally and 4 in a limited company, my default route is to buy it via the property company so any potential losses can offset the profit.
I would appreciate views on the pros and cons related to either route and any other thoughts which might help my thinking.