Buy To Let
Two-thirds of holiday home owners paid for property with cash
Homes in Portugal, Spain and France were the most likely to be bought by cash buyers, according to the survey by holiday home insurer, Schofields.
It found that 67 per cent of holiday home owners who purchased their property in the last year were able to do so without taking out a mortgage.
Of that majority, 77 per cent were able to afford the purchase with their own savings and resources. The remaining buyers borrowed from friends and family or combined their resources with other buyers to split the cost.
Some 63 per cent of holiday home owners admitted that their home was a ‘project purchase’, a property priced down due to the amount of renovations and modernisations required to make it ready for use.
The average price of a holiday home was £135,750.
Paul Schofield of Schofields Holiday Home Insurance said: “Buying a holiday home is a real investment, with many owners looking to buy property as a means of investing their cash in something which will see them enjoy a good return in the years to come.
“The market has been promising of late, offering a great opportunity to get on the ladder abroad, receive a regular income and then generate a profit upon future sales.”
Tag Box
There are 0 Comment(s)
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
How to help others and donate to food banks this winter
This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.