by twice_as_nice » Thu May 09, 2013 4:10 pm
My husband has always been keen to buy a ski chalet. It's possible that we might be in a position to do so sometime in the next few years. However, we have no idea about how to go about this / what sort of additional hidden costs there might be in doing so. So, we thought it's worth trying to work out now if it's worth scrimping and saving over the next few years in order to try to do this.
We are thinking of buying in France and wondered if anyone had any advice - in particular, my questions are....
- is it correct that you don't pay stamp duty but you pay 20% VAT on a property price? Are there any other taxes on buying a property?
- what happens with income, would it be taxed by France or just taken into account as income by the UK government and taxed in that way? Or do you set up a company and pay corp tax instead of income tax?
- lots of properties come with the leaseback agreement (where you agree to lease your property back for a certain number of weeks per year, restricting when you can stay in your property and what sort of furniture etc you can have). does anyone have any experience of this?
- is a property more attractive to rent (for the week etc) if it's got 3 beds or 4 beds?
- how much do you tend to have to pay for management of the property? And do you manage bookings yourself or have a company to do this?
My husband has always been keen to buy a ski chalet. It's possible that we might be in a position to do so sometime in the next few years. However, we have no idea about how to go about this / what sort of additional hidden costs there might be in doing so. So, we thought it's worth trying to work out now if it's worth scrimping and saving over the next few years in order to try to do this.
We are thinking of buying in France and wondered if anyone had any advice - in particular, my questions are....
- is it correct that you don't pay stamp duty but you pay 20% VAT on a property price? Are there any other taxes on buying a property?
- what happens with income, would it be taxed by France or just taken into account as income by the UK government and taxed in that way? Or do you set up a company and pay corp tax instead of income tax?
- lots of properties come with the leaseback agreement (where you agree to lease your property back for a certain number of weeks per year, restricting when you can stay in your property and what sort of furniture etc you can have). does anyone have any experience of this?
- is a property more attractive to rent (for the week etc) if it's got 3 beds or 4 beds?
- how much do you tend to have to pay for management of the property? And do you manage bookings yourself or have a company to do this?