The reasons for buying a holiday home or second home to let are many and varied. Whatever an individuals background or aims, it is important to define goals at a very early stage and think about some of the key questions which will shape the approach and decision making.

• What kind of property is most appropriate? For example: freehold, leasehold, on a holiday park or shared ownership.
• How long will the property be owned for?
• Will the property be used by the owners in-between bookings?

And finally:

• What are the reasons for buying a holiday home?

Going through an exercise of establishing goals can save time and a great deal of expense further down the line. This is the time for research; for understanding what is involved in holiday home ownership and how to optimise the income from it.

Now is the time to consider the long term aims and objectives.

• Will the property form part of retirement plans?
• Is the holiday home seen as a long term income stream or a way of offsetting the cost of future holidays in your favourite part of the country?
• How will future property prices affect the investment?
• What are the tax implications of any income generated and how can these be best managed?
• What personal time commitments will be required on a day to day basis and how will bookings be managed and the property be maintained and cleaned?

These shouldn’t be viewed as off-putting or daunting as all issues can be addressed with research and by allocating resources appropriately.