Financial benefits of buying a holiday lodge
Purchasing a holiday lodge can be a great investment that also allows you to make new friends, explore new places and experience a different lifestyle. The benefits don’t just stop at the social aspects though, as there could also be financial benefits.
Low maintenance costs
When lodges are built they are designed to be low maintenance. From the choice of materials to the construction and the single story layout, this usually means that expensive repairs are unlikely.
When you are not holidaying with family or friends, there may be the option to rent out your lodge to fellow holiday makers (depending on park rules). According to data from Hoseasons you could achieve average weekly rents of c. £700, depending on what area your park is in and the season - eg school holidays. You will need to check with your park’s owners with regard to sub-letting; some parks don’t allow you to rent out your lodge, whilst others encourage it and even offer to manage your bookings for a fee
Lodges can be built to BS 3632 or EN 1647. EN 1647 is the European standard for caravan lodges, which are suitable for temporary, or seasonal holiday use only, whereas BS 3632 lodges are built to the residential standard for park homes, and are suitable for permanent residence (depending on the site licence) and all year round use. The British Standard BS 3632:2015 has just got even better in terms of energy efficiency, so if you choose to buy a BS 3632:2015 lodge then you will benefit from significantly improved insulation meaning you will use less energy and save money on energy bills over the winter months.
Breaks away in your own bit of paradise
Investing in a holiday lodge gives you an opportunity to take a break in a luxurious, familiar environment in a location of your choice. Having your very own place to stay in a destination you love, could save you money on expensive hotels or cottage rentals year after year. Don’t forget you may also be able to rent your lodge out to people when you’re not using it.
Save on interior costs
In contrast to many bricks and mortar holiday homes, most lodges are sold with fully fitted kitchens, bathrooms, flooring and furniture saving you time and money on renovations. If you specify a new lodge, you will have the option to choose all of your own furniture making the lodge to your own taste and style. However, you could request for the lodge to come unfurnished if you have your own.
If you’re thinking about buying a holiday home for personal use or for a holiday let as an investment, choosing to buy a holiday lodge over a traditional property will mean that you are unlikely to pay Stamp Duty. For further information visit www.gov.uk.
There are many financial benefits to buying a lodge but you need to make a decision that is right for you; make sure your research.