Foreign Buyers homing in on luxury castles

Foreign Buyers homing in on luxury castles

Posted on: January 3, 2014

It has been reported recently that the super-rich overseas buyers are heading to Scotland in search or a piece of history as they look to purchase some luxury Scottish castles, mansion houses and estates.

Most properties are being bought for the purpose of Scottish holiday homes while some might consider private hire and holiday letting.

So ask yourself are you ready for private hire?

-Does the decision to open your property to private hire rest with wider members of the family and they need to be consulted and agree on the future concept?

-Is your property insured for private use?

-Is your property compliant with all the latest licensing laws, health and safety and fire regulations?

-What time of year would be suitable for private hire as this will determine what market you aim for?

-What is the goal of making private hire successful – for sustainability, series of restoration projects, one off financial target?

-What skills do you have and what staff will you need to employ?

-What marketing materials do you have and will you require with an available budget?

-Have you discussed this with your Accountant to ensure it is a viable business decision.

Need help to facilitate such discussions then do not hesitate to contact Estate Life.