Many Britons often think about the idea of jetting off overseas to invest in property. Well, if you are planning to make that dream come true any time soon, here are a few top tips from PropertyLetByUs.com to help you along the way, especially if you want to rent out the property for part of the year.
+ Make sure your property is in an easily accessible location with good local amenities and in an area popular with tourists. Don’t forget to take into account the holiday season in the area - many tourist destinations virtually shut down when it comes to the end of the season.
+ Find out what the going rate is to rent similar properties in the area to get a realistic idea of how much you could make. Or even better, if the property you are considering buying is already being rented out, find out how much the current owner charges and how many weeks per year the property is occupied for.
+ Finding tenants for your overseas property: It can be a good idea to market your property through a local estate agent but you will need to take its fees into account, especially if you want the agent to manage the property. Cheaper marketing options include dedicated holiday lettings websites. Word of mouth through family and friends is another good way to find potential paying guests.
+ Rental income: You must pay income tax on rent you receive. You can deduct some expenses from your rental income to reduce taxable profits, but only those that relate to your lettings business.