Recap of Holiday Home News : 27 April 2009
Inform your travel insurer of any pre-existing medical conditions Telegraph
As the holiday season is now upon us and many of you will be visiting your holiday homes abroad over the summer months, it’s advisable to inform your travel insurer of any pre-existing medical conditions.
Travellers who fail to inform their travel insurers of any pre-existing medical conditions (often as a means to secure a cheaper premium or due to the opinion that cover will be refused), could be invalidating cover.
Even if you have a medical condition the chances are you will still be able to obtain insurance, although at a higher premium.
House prices: The Cottage Crunch Telegraph
The Telegraph reports that the value of some Country cottages have now dropped to just below what they were worth five years ago.
If you have been considering venturing into holiday cottage letting, maybe now is the time to consider buying?
Do you need a licence to rent out your overseas property? Independent
Authorities in some countries are clamping down on holiday home owners who are renting out their properties without the appropriate licence. Many owners rent without realising they needed a licence, or are put off by the extensive paperwork and complicated application process
To avoid a potential fine it is advisable to get clarification from a legal advisor or the local tourist authorities what licences you need.
Holiday rentals industry research foxbusiness
HomeAway Inc. the world’s largest online vacation rental marketplace has released some research on the holiday rental market. Although it has a US focus, it highlights that more holiday home owners intend to let their second homes.
Key findings:
- the percentage of holiday home buyers purchasing with the intent to rent has more than doubled since 2005
- for those who do not intend to let over the next 12 months, nearly two-thirds say the economy has increased their interest in letting at some point in the future
- owners consider the Internet an important marketing tool, with 74 percent planning to advertise online
- many owners begin to rent their holiday homes after one or two years of purchasing it because it’s not used as much as initially anticipated.
It seems that holiday letting is a growing market that is set to become more competitive as more holiday rentals come on the market. What are you doing to stand out from the crowd?
Budget – tax changes for holiday-home owners BBC
Changes announced in the budget means thousands of UK holiday home owners face losing a range of tax benefits.
From the BBC:
- From April next year, holiday property landlords will no longer be able to write off “trading” losses from second homes against their tax bill.
- Capital allowances and capital gains benefits will also go.
- Those owning homes within the EU, but outside the UK, will get the tax benefits currently enjoyed by owners of UK holidayhomes until April 2010.
It is advisable to get clarification on the changes from your accountant