The accidental holiday home owner

Image: Simon Howden

Due to the current economic situation, a new kind of holiday home rental owner has emerged, I like to call them, 'the accidental holiday home owner' and there are plenty of them about.  They are different from the usual holiday home owner who's second home is their love, and sometimes their passion.  Many have bought their homes as a second home, to be used as a side business, extra income maker until they retire to their dream home.

But the new 'accidental holiday home owner' is different, most have bought their homes as an investment.  In the case of Portugal, many bought during the property boom with a view to a quick profit but have found themselves stuck with a property they cannot sell and so have turned their mind to holiday lettings in a view to retain and reclaim their investment.  This is not what they had planned, and they have had to be resourceful and more importantly learn new skills and understand a new type of market. They have a different agenda than your normal holiday home owner with a much stronger focus on the financial side of the business.  But in order to achieve your financial needs, you need to have a clear plan.   I have a couple of Home owners through my role as a Letting Expert with Tots to Travel who are exactly this type of home owner and have had to change their direction and do something completely different to their original plan and they are doing it quite well.  They have found their niche (the family market) and know what they want to achieve and are learning as they go.

But not all in this position can be so lucky, if you are in the unfortunate position of having invested only to find your investment effectively trapped in the downturn with payments to be maintained it can be terrible.  They never imagined or wanted to be in the 'holiday letting' market and are like a fish out of water.  Holiday lettings can be time consuming, especially for the inexperienced or those who do not want to do it, property management companies can be an effective solution but finding the right one, especially for your budget is not always easy.

If you are feeling out of your depth and need some help, now is the time to ask; with only a few weeks left before the critical new year booking season.  To find out how I can help, contact me, to discuss your options and a way forward.