Buying/holiday letting

[Boabster]

Hello Everyone

I'm thinking of buying a property but I'm unsure of what area to purchase in. The most important thing is that I can let out the property often enough to cover the running costs (mortgage,maintenance,taxes etc). Does anyone have suggestions to the best area for this? I'd prefer to buy something in the Languedoc but would consider other areas of the South of France.

Also, do you think a swimming pool is worth considering to aid letting potential?

 

[YCCMB]

If you do a search on here, you will find loads of info. My two bob's worth? It isn't worth it.

-the market's saturated: there are far more properties for rent than people wanting to rent them

-unless you buy in a truly year-round destination, you're basically looking at the school summer holidays, possibly a few weeks in May/June, and that's about it. Of course, this means that if you maximise your lets, you'll never be able to use it yourself in the periods when the weather's best and you want to take your own holiday.

-a pool's fine if you're resident and can do the cleaning and maintenance but if not, you will need to factor in the extra costs of keeping it running and clean. Guests who know nothing about pool maintenance can wreak havoc on your pool. I speak from experience.

-you'll probably also have to find and pay for someone to do changeovers and cleaning, unless you plan on going out to do it yourself, which is hardly cost-effective.This will also include things like garden maintenance, etc.

-if you have mortgage costs to cover as well as local taxes and general maintenance, you will be lucky to cover your overheads

-you'll need to factor in the cost of advertising, and decide where. Even with a well-known, established and popular website, don't expect miracles. As I said, there's a lot of rental property out there!

And that's just the edited highlights........................sorry!

[Val_2]

For an idea look at some rental properties in the area you are thinking of and see what their booking availability reads at present for the two most important months of the year. As said, the rental market is absolutely saturated in France and you will not make enough to live on if you are dependent upon letting because costs and charges will eat into any profit. If as predicted on the news in the UK this morning the UK is on the edge of a recession, you will need to market more to european tastes anyway because UK visitors unless they have holiday homes here already,will be less likely to spend on foreign holidays.

[Boabster]

No need to apologise betty! I'd rather have a realistic view than anything else. A few other people have warned me about market saturation, particularly in the Languedoc.

 

Val - No intention of moving to France at the moment. House would be purely for letting and the odd holiday myself.

[dr orloff]

We've done up a lovely little old cottage to a very good standard.  There is also a shared, heated pool.  Admittedly, we didn't advertise it until late for this year, but the letting agency said that they have always sold out of this type of property before.  Until now that is - we have no bookings at all. 

[P-D de Rouffignac]

Like the property market overall, the rental market is infinitely more compex than can be explained in a few words. That said, I agree with the other comments so far that the short-term rental market is saturated, and will only generate enough income to cover some expenses. You simply cannot expect to have your cake and eat it - ie. rent out occasionally and have the property available for your own use.

This is particularly true in the case of a house (as opposed to an apartment). There is a shortage of 3-bed properties, with a garage and garden, located within easy reach of a largish tower, available for rent - but this is long term (3, 6 or 9 year leases) and unfurnished. Typical renters are youngish families with 2 children. Rental income per square metre is less than for studios and apartments, which tend to have a higher tenant turnover, and tenants are more reliable (settled, in jobs, children in local schools etc) and are less likely to disappear without paying the rent.

This sort of rental is long term and reasonably secure - it won't pay the mortgage but you'll have a nice house appreciating in value that you can later sell or move into at a later stage in your life.

I've got a piece on the French rental market coming up shortly in French Property News which tells you more.

P-D de Rouffignac www.francemediterraneanproperty.com