The running costs of a holiday home can vary depending on how you choose to address issues and maintenance. This section will look at how to manage the annual costs of the property. Below is a summary of the typical annual running costs:

• Mortgage payments with redundancy and life cover where appropriate.
• Insurance – buildings and contents.
• Council tax or ground rent and service charges if on a holiday site.
• Annual service charges for apartments.
• Utility bills including gas, electricity and water.
• Other supplies to the house – TV licence, telephone line, broadband.
• Maintenance costs, such as repairs, boiler service, improvements and a key holding service.

It is possible to compile an annual review of the running costs to look at usage and how the property is being used and how more could be got out of it, for example opening it out to friends and family or even making it available for holiday lets to help pay the running costs.

The review could also look at ways to manage the property more effectively or with a better use of your time, considering for example, the use of a keyholder, cleaner and other suppliers.