Rental income should be utilised to cover overseas property costs

Overseas property investors have been given advice to help them cope with the soaring costs of maintaining property abroad.

Following a study by currency specialists HiFX, which found that a massive 85 per cent of investors overseas had seen maintenance costs rise in the last 12 months, it has been suggested that owners take advantage of possible revenue gaining schemes.

According to the research, a surprisingly high figure of 70 per cent of holiday home owners are missing out on the opportunity to generate income by renting their real estate while it is not in use.

Angela Southall, marketing manager from Owners Direct, explained that time should be taken to ensure that owners target the right market.

"We always recommend holiday home owners really understand the trends specific to their location," she added.

"Talk to neighbours, the local economic development office and estate agents about rental rates."

Figures released by property portal HomeAway.co.uk revealed that an increasing number of Brits are looking to buy holiday homes in the current economic climate rather than investment or buy-to-let purchases.

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