'Rent out your holiday home' to make a little extra
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Investors who are thinking of buying a holiday home may want to consider renting it out to other holidaymakers to offset some of the costs, it has been reported.
According to the Guardian, this strategy can help people who want to buy a second property abroad to get away to for breaks manage their costs.
They can either hire an agent to do the letting for them for a percentage of the rental income, or if they do not mind doing their own advertising and managing the property, investors can opt to rent it out themselves, the newspaper has advised.
Another consideration the paper has told buyers to take into account is the prospect of paying local taxes on any profit made from the property.
One sunny retreat where buyers will not have to worry about local taxes is the Venezuelan island of Margarita, as there are no local income taxes and property taxes are "negligible", according to simplyglobalproperties.com.
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