Applying For Mortgages For Beach Huts
Mortgages aren't just for buying a dream home
, and they don't have to be loans that have an inordinate number of zeros on the end either. It is possible to get a mortgage to buy smaller properties such as a garage and even a beach hut, which are ideal spaces for an artist's studio. It was my dream for a long time to have a studio by the sea, but the rickety old beach huts that were dotted along my local beach weren't nearly weatherproof enough, and didn't let in enough light. Sure, they were up for sale for around five thousand pounds, but at the time, spending my hard earned savings in one failed swoop wasn't enticing me to make a purchase and then carry out some much needed renovations.
In hindsight, this was one of the worst decisions I could have made. Over recent years, local councils have been buying back the dilapidated beach huts and replacing them with veritable beach mansions. As a result, these are now for sale for in excess of fifty thousand pounds. This price tag may well have you choking on your morning coffee, but compared to some seaside shacks, fifty grand is in fact quite a bargain. There was once a beach hut for sale in the UK for a whopping one hundred thousand pounds!
Applying for mortgages for a beach hut, whether you find one with an old fashioned price tag or want to invest in a seaside palace, is exactly the same as applying for a mortgage for a house, but there may be more difficulties in getting this type of loan approved. The reason being that beach huts are not generally known to increase in value, and as most of the huts are bought on a leasehold basis, or rental is paid for the land the hut stands on, a lender will deem it a high risk loan, with no potential for profit.
This is where the one hundred thousand pound price tag starts to make sense from a mortgage point of view; it is a freehold beach hut. This means that whoever buys the property also owns the land the property sits on, which will inevitably continue to increase in value over the years. It is less about the bricks, mortar and uPVC double glazing, and more about what is under the foundations, which means that a borrower will be more likely to get a mortgage application approved for the more expensive beach hut.
by: Anna Stenning
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