Holidays are all too swiftly over before you’re crossing the Solent, heading for home. But are you making the journey with a sense of relief or is parting
sweet sorrow?

It’s easy to cast a rosy hue over relaxing in unfamiliar places, to imagine putting down roots in a place you associate with happy memories. But, for some, the pull is more than a passing fancy.

By the autumn of 2007, second homes accounted for more than four per cent of the Isle of Wight’s housing stock—placing the county among the most popular in England for second-home purchases.

Now, if you’re fortunate enough to have inherited a property on the garden isle, keeping it as a holiday home for your family and friends to enjoy may well be an attractive proposition. And, as markets currently stand, it’s one that comes with appreciation in value as a near certainty.

The choice is pretty straightforward—sit on your asset, or sell up and take the money. The decision to stick yields a paid for home-from-home in a familiar location, which you can one day sell, or maybe even retire to. In the meantime, you can slope off there whenever a break from the norm is needed. There’s also the added bonus of a 10 per cent Council Tax discount if the property is considered to be a second home (although if it stands empty and unfurnished for more than six months, you will pay the full amount). Taking the decision to invest in a piece of Isle of Wight real estate as a holiday bolthole for your own use, however, requires more extensive planning.

For starters, there’s the location and type of property to be decided.

Is your preference for a peaceful, away-from-it-all, rural retreat; a value-for-money way of indulging Island-based interests such as yachting or music festivals; or do you like the buzz of a holiday resort with lively pubs and leisure facilities right on the doorstep?

As land mass goes, the Island’s pretty compact—but there’s a lot of ground between property prices, depending on what and where you plump for.

For instance, at the end of 2007, if you were looking for a modest Island retreat, £98,500 could have secured you a one-bedroom, newly refurbished apartment, in Ryde (population just over 26,000).

This particular flat stands a stone’s throw from the town’s much vaunted beaches and fast travel links to the mainland, yards from the route of the country’s oldest—and some would argue, most spectacular—carnival and walking distance of ample bars, restaurants and night spots.

In contrast, to settle just a few miles east around the coast at quieter Seaview, (population less than 4,000) you would have needed to dig an extra £26,500 deeper to have acquired a broadly similar one-bed, top-floor apartment. This pleasant coastal village comes alive in the summer—attracting a fair share of well-heeled folk to its local shops, hotels and yacht club, which are all within easy strolling distance.

At the other end of the spectrum, if the aim is to holiday when the fancy takes you without compromising on home comforts, you might have been tempted, at the end of 2007, by a picture-postcard Grade II-listed stone and thatched, four-bedroom home, on the market at £575,000 in the village of Brighstone. It’s a spot where the main towns remain easily accessible, but are far enough away not to intrude, and some fine, unspoilt beaches plus the superb West Wight coastline are a short drive away.

If your taste, or budget, dictates something a little less permanent, static caravans can provide a good quality option. It’s even one that Islanders seeking close-to-home breaks are taking up. There are several sites around the Island, offering varying amenities and activities as part of the package. Some operators will even assist you let your holiday home when not using it yourself.

Which brings us, neatly, to another consideration. To let, or not to let? Choosing a second/holiday home for yourself and family is a far less complicated task than selecting one also intended for holiday letting and requiring all the facilities that tourists expect.

Choosing a property with letting in mind will demand that you think beyond your own preferences. If the potential income generated from letting is an important part of your financial planning, then you’ll need to put your business head on and consider properties with tourist appeal.

You’ll be operating in a competitive market and properties suited to family holidays will appeal to the largest segment of that market, whereas those with less than two or three bedrooms, or considerably more, will restrict your
potential uptake.

Your planning will also need to address all the practicalities that go with renting out a holiday home. Things like: handing over keys to your paying visitors; changing bedding and organising thorough cleaning between bookings; dealing with occasional emergencies; and carrying out repairs and maintenance. Any factors contributing to first impressions are crucial because they influence repeat and word-of-mouth bookings. Hiring a letting agent can take the hard work off your shoulders.

Getting the right insurance for your property and its intended use is also vital. Some providers are reluctant to cover properties that stand empty for prolonged periods, and extra conditions and warranties will almost certainly apply (even if you rule out letting and opt for second home status).

If your ambitions go beyond creating a base for family holidays and you decide to let your property to others, you’ll also need to ensure that you comply with all local regulations, such as having adequate insurance cover for any potential liability claims. Letting comes, too, with a duty to provide a safe environment for visitors. Various regulations exist to ensure that you do, regarding gas fittings, appliances and flues, electrical equipment and provision of fire-resistant furnishings and furniture.

With plenty to consider before taking the plunge, you will need to do your homework. Whatever the outcome of your deliberations, it’s the perfect excuse for taking some dual-purpose breaks on the Island—scheduling a thorough exploration of the county and all its options around some all-important R and R.

We asked Sarah Jane Weigall of Shanklin-based lettings specialist Keyview Properties for some advice to assist in your decision making. She recommends…

• Seek the advice of an accountant regarding the tax implications, and pros and cons of property letting.
• If you are considering letting, the location, type of property and the amount of own-use you want from your property will influence whether holiday lets or semi-permanent rentals represent the best approach for your needs.
• It’s worth bearing in mind that the chargeable price for holiday accommodation will vary depending on the time of year. For example, in 2007, a two-bedroom apartment overlooking East Cowes Marina commanded a rental of £400 per week early in the season (March and April), but peaked at three times this (£1,200) during Cowes Week, and settled at £675 during the rest of the summer holidays (August and September).
• A combination of long-term let for part of the year, with individual holiday lets during the summer season might be an option.
• Adhering to legislation is vital.

To ensure that you have up to date information on the Council Tax implications of a second/holiday home purchase, contact the Isle of Wight Council Tax enquiry line on 01983 823901.