You won't get rich by renting out a country cottage - even if it has a sea view. Ken and June bought a two-bed cottage, sleeping four/ five, near Westport in Co Mayo in 1985 for £21,000 on foot of a redundancy payment. It's worth up to £80,000 now, so there has been an appreciable increase in value over the years though the couple would be liable of Capital Gains Tax of 20 per cent on the profit should they decide to sell.

They spent about £5,000 over 10 years fixing this and that, and paid insurance. They spent holidays there but recently decided to make the property work for them and spent £20,000 - by re-mortgaging their primary home. Of this, around £5,000 went on a new roof, and £10,000 on new floors, a new bathroom, new fitted kitchen, fixing up grounds around house, and putting a new door on the garage.

It cost another £5,000 to fit it out completely - three beds, wardrobe, chest of drawers, table, four chairs, bed sofa, washer/ drier, fridge, cooker, microwave and bed linen/delph/cutlery.

They can claim tax relief against cost of refurbishment and rent. They rent out the cottage for about sixteen weeks of summer, charging £250 to £320 per week, less 16 per cent to an agent. It is booked mid-May to mid-September, with rents in the lowest months being about £200. Costs associated with renting include £30 per turnover (usually once a week) to a local woman who cleans the property and does laundry. They spend a few hundred pounds a year on general maintenance, plus insurance, budgetting around £500 a year for such costs.