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The Property Podcast

ASK223: Should I turn my flat into a holiday let? PLUS: Will this area benefit from the ripple effect?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 18 February 2020

⏱️ 7 minutes

🧾️ Download transcript

Summary

This week on Ask Rob & Rob, the guys are answering two great questions on holiday lets and if one certain area could be an up and coming hotspot, following on from the ripple effect. First up is Claire from Nottingham. She is in the process of moving into a house and has taken 75% equity from her 2-bedroom flat to make the move.  She’s now wondering if she should keep her flat as a standard buy-to-let property or if she should turn it into a holiday let and list it on the likes of Airbnb.  Her apartment is located just 10 minutes from Nottingham city centre and she’s tried Airbnb in the past which worked out well for her. So, providing she has regular bookings, she’s wondering if she’d be better off tax wise, to have the property as a holiday let as opposed to a buy-to-let?  So, will Claire be better off going down the holiday let route?  The second question comes in from Graham in Leicester. He’s been an avid podcast listener for a while and has now got three properties in his portfolio.  Graham now has a question on the ripple effect that Rob & Rob discuss quite frequently. He’s heard people talk about the ripple effect of Sheffield and Doncaster, but he wants to know if Rotherham will benefit from Sheffield’s ripple effect?  Will Rob & Rob give Rotherham the green light? Tune in to find out... Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).    Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Welcome to Ask Rob and Rob. That reliable fixture of your Tuesday, where you turn up and you hear a couple of

0:13.9

property questions answered. We are not going to deviate today from this tried and

0:17.7

tested format. We're going to be answering questions for Claire and Brian after a

0:21.6

quick reminder of how to send your question in.

0:24.0

Yeah, it remains super simple. You can call in and leave a voicemail on

0:27.2

013 808.0035. Or you can go straight to our website, Property Hub.net

0:34.0

forward slash ask and leave a message there.

0:37.0

And fortunately, two people have followed that exact process today.

0:41.0

So we've got two great questions coming up. In fact, we've got one right now. to

0:45.0

today so we've got two great questions coming up. In fact, we've got one right now.

0:49.0

Hi Robin Wild, my name's Claire, I'm from Lothian. I'm moving into a house and I've borrowed 75% equity from my two bedroom flat to move, I'm just wondering

0:57.4

whether I'd be better off having my flat as a buy to let or an Airbnb or a holiday let.

1:02.8

We're about 10 minutes from Nottingham City Centre

1:05.3

and I've tried Airbnb before which worked quite well,

1:08.3

but I'm thinking of putting the price up slightly this time

1:11.8

just to cover costs on the new house as well. So assuming that I do get people in

1:17.8

a lot and make a good profit, would I be better off tax-wise having it as a holiday

1:22.4

let than I would have I to let?

1:24.0

Thank you for the question, Claire. Let's tackle your direct question first.

1:27.3

Would you be better off tax-wise having it as a holiday let? The answer to that is yes,

1:31.5

there are a couple of benefits to holiday lets over normal

...

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