The charm of buying a property in a sun-drenched corner of rural Italy or Spain is a dream many people aspire to. However, the cost of maintaining a second property abroad can be off-putting, but what if your dream purchase could pay for itself?

Many overseas purchasers have recognised the wisdom of choosing a property that has a potential income, but depends on what you want out of the property and how much you can put in to developing its commercial potential. The most popular way of recouping the costs of a foreign property is to create holiday let but that is not the only way.

A straightforward holiday house or apartment can provide a steady income throughout the spring, summer and into the early autumn and with the help of a good local manager it can be done at long distance. Depending on the property, the running costs, maintenance, advertising and management fees can be comfortably paid and also provide a small income. However, if you are not in residence the potential for problems to arise unnoticed and escalate is always there regardless of how good your property manager is. If, on the other hand you intend to relocate and manage the property yourself this will limit the risk.

Taking a step up to running a bed and breakfast is another possibility and there are many very successful enterprises hosting themed holidays offering more than just a place to lay your head. Art or cookery classes or outdoors pursuits can be a very attractive proposition for tourists looking for something more.

Alternatively, taking on an estate with a productive vineyard or an olive grove can be another way of generating income from your property by selling to the local restaurants and hotels.

It goes without saying that very careful research with the help of a professional advisor is a strong recommendation. A comprehensive knowledge of the all the potential liabilities and costs is essential, do not be caught out. A property that can pay for itself in a wonderful region can be an idyllic lifestyle choice provided you have made sure that there are no nasty surprises.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.