Lifestyle buyers advised to rent out homes

People who have bought a second home overseas have been advised to consider the possibility of letting it out to visitors.

According to Greg Grant of Holiday-Rentals, many overseas property owners are people who have bought a residence for their own personal use.

However, the ongoing economic decline in the UK has meant that a growing number of people have become financially stretched, including those who own a second home abroad.

This has prompted Mr Grant to suggest that people ease their financial burdens by using their property to generate money.

Speaking to the Telegraph, he commented: "Those who have previously kept their homes to themselves may begin renting out to maximise income in these tighter times."

Mr Grant added that the rental yields collected in a single month could cover the cost of maintaining a home throughout a full year.

According to Holiday-Rentals, Spain is currently the most popular location among second home buyers in the UK.