British expats who are returning to the UK and looking to purchase a property may want to consider buying a UK holiday home instead of renting before buying. While the new stamp duty rules, introduced in April, result in expats who rent before buying facing an additional 3 per cent in stamp duty, buying a UK holiday home can present several advantages.
Owning a UK holiday home can provide a source of income through holiday rentals, which can help offset the costs of purchasing and maintaining the property. Additionally, holiday homes often offer a lower entry point into the UK property market compared to main residences, and buyers may be able to secure favorable financing options.
Holiday homes can also provide a comfortable base for expats who are still in the process of securing a more permanent residence, offering a place to stay during the transition period. Expats who are only returning to the UK temporarily may also find that a holiday home is a good investment opportunity, as the property can be rented out during periods when it is not being used.
With the right approach, buying a UK holiday home can be a valuable investment for expats and provide a launchpad for future property purchases.