MOVE FROM BUY-TO-LET TO HOLIDAY-LET PAYS OFF FINANCIALLY AND SAVES HASSLE FOR TRACY AND ADEL EISA
Adel and Tracy Eisa bought into Byron to diversify their buy-to-let portfolio. They’re enjoying the tax advantages of a Furnished Holiday Let, have appreciated a smoother purchase experience – and say that marketing their sea-side apartment is a breeze.
Adel Eisa (50), Wokingham-based sales director for a recruitment company, and wife Tracy.
Adel and Tracy already own buy-to-let properties, but because of the tax changes relating to them wanted to diversify their portfolio, and so turned to furnished holiday lets.
Says Adel: “A Furnished Holiday Let brings benefits with capital allowances and other tax benefits compared with buy-to-lets where your rental income is effectively added on to your PAYE income, which can push you into a different tax bracket.”
The combination of Woolacombe and the Byron proposition really stood out for them.
“We’d been to Woolacombe, so we knew it had an outstanding beach. Some friends have a holiday let in Fowey, Cornwall, which is lovely - but Woolacombe is that bit easier to get to.
“The concept of Byron as a combination of apartments and high quality services on site really attracted us. There are plenty of holiday lets in Woolacombe, but they don’t come with access to a spa, pool and a top restaurant.”
Adel and Tracy’s confidence in Byron has been borne out in practise with their apartment proving even easier to let than they had anticipated.
They bought no.17 off-plan and have been renting it out since July. To date, the apartment has been rented for more than 110 days.
They set up their own website and have had most of their bookings so far through Booking.com. The longer-term plan is to be much more hands-off and for Byron to take over the management and letting completely as they offer a concierge service.
Owners could claim as much as 27% off the buying price in capital allowance.
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Says Adel: “The apartment has been really easy to let out, even before the full facilities were complete, so it is effectively a guaranteed income stream.”
Adel has nothing but praise for the purchase experience. “They are really nice people to deal with. I’ve bought buy-to-let apartments in new-builds, and dealing with management agencies and developers tends to come with problems - but not so with Byron.”
On Booking.com Adel and Tracy say: "Our apart hotel is situated a few minutes walk to Woolacombe Beach. With underground parking, from car park space to front door entrance in the complex is one minute's walk. With its modern build in a new complex, the on-site Brundles restaurant is now open. There is be an indoor pool, spa and gym too, expected to open in June 2019!
Whilst this is a one bedroom apartment the lounge also has a king sized Sofabed and the Bi-folds onto the patio have blinds for added privacy.
This is a lovely flat, very close to the sea and with the indoor swimming pool coming summer 2019 sure to be a big hit. Don't leave it too late to book!
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