Many of those who own a second home abroad help to finance this by letting it out. There are several ways of doing this.
RENTING OUT TO FRIENDS, RELATIVES OR COLLEAGUES
This is one way to ensure that your tenants look after your home and if they do not at least you will know how to get hold of them. If you know enough people to rent to and that provides sufficient income for your requirements then this will be the safest option. It is also the cheapest as you do not have to pay an agent to let them into the property and to read meters and there are no advertising costs. However, you may not be able to get away with charging so much rent.
RENTING TO BRITISH HOLIDAYMAKERS
By advertising in the UK for tenants you can interview them and take a deposit in advance as well as references. However, you will still need to employ someone to let the tenants in, to clean the property before they arrive, read the meters and collect and past. You can also advertise your property in newspapers or in magazines.
REGISTER YOUR PROPERTY WITH AN AGENT OVERSEAS
This could mean that you have tenants from all over the globe. But it is up to the agent to find them and to oversee cleaning, taking of deposits and meter reading. You will have to pay for this service and before signing up make sure that you are dealing with a reputable company. If your tenants do not get their deposits returned they may come to you for redress. Alternatively your agent may fail to ensure that the property is kept in good order, may fail to keep an inventory or may not pass on the full amount of cash you are due.
REGISTER YOUR PROPERTY WITH A TRAVEL FIRM
This will only apply to particularly desirable properties and often you are required to ensure that the tenants are given the keys, that the property is clean and that everything is in working order. This will be difficult if you are in the UK.
RENTING OUT ROOMS
You could offer a B&B type service. However, the low cost of package holiday's means that most holidaymakers can afford to stay in hotels so you may find that there is little demand. And do not forget that you will have to pay tax on this income.