If you love to travel, and you are particularly fond of one location in particular, then it could be time to purchase a holiday home there. However, it’s not the easiest step to take by any means.
So no matter whether it’s in this country or you’re looking further afield, you’ll want to ensure that you’re as organised as possible throughout the process. To guarantee that you’re on the right path, here are 6 key things to consider:
Ok, so this might seem like an obvious one. But when you’re spending time looking and dreaming about holiday homes, a realistic budget might quickly go out the window.
So to ensure that this doesn’t happen, make sure that at the start of the process, you sit down and work out exactly how much you can spend. Holiday homes don’t come cheaply, so you don’t want to fall in love with one, only to find that you can’t actually afford it. During your research process, take a look at how much properties are in that area and how much space you can get for your money.
Thankfully, if you don’t have the money upfront for it, there are methods you can use – from loans to a second mortgage. Which is why it’s so important to look at your finances and weigh up your options from the get-go.
Regardless of if you’ve been to the location dozens of times, it doesn’t mean that you’re fully aware of what it’s like to have a property in that area. So to test this out, it’s a good idea to try and spend more than one week there.
Even though you’re not necessarily moving there full time, it will give you a better insight and flavour into what it’s actually like to own a house/apartment/villa there. After this trip, you can then start to determine whether it’s a suitable location for your holiday home.
The Property Market
As well as looking at the property market in that location to determine the price of the houses, it’s also useful in indicating any planned developments in the area and whether it’s a potential candidate for renting out.
In terms of planned developments, these could change your mind as to whether it’s the best location for you. For example, if you’re looking at a villa or apartment with a beautiful sea view, it might turn out that they are planning on constructing a building that blocks this off.
When it comes to renting, many people turn towards this option as it’s an effective way of getting more income. However, in some cases it’s not always possible. So it’s important to look at the regulations in that area and the process it takes to do this.
The Size of the Property
Another key factor to consider is the size of the property. A point that will depend on your individual requirements, you’ll want to determine exactly how much space you and your family need.
For example, if it’s an apartment that only you and your partner will typically use, then chances are that you won’t need it to be bigger than one or two rooms. Of course, if you have a big budget for this, then this might not be a big concern. But if you’re looking to not overspend, then it’s an incredibly important thing to consider at the start.
What Attractions and Amenities Are Nearby
As a holiday home is a long term investment, you want it to be situated within a location that’s got plenty of amenities and attractions nearby. As nice as it might initially be to have a villa in the middle of a peaceful area, in the long term, there’s no denying that you’ll appreciate having a range of shops/things to do within easy reach.
If you then want to rent it out, whether it’s as a holiday home to others or in the longer term, this will make it a more enticing property.
How You’ll Maintain it
If you’re considering investing in a holiday home that’s further afield, you’ll also want to think about how you will maintain it throughout the year. This can be particularly challenging if the home is further away from amenities or not within a complex that comes with service fees.
From hiring a cleaner to a handyman to fix any issues that arise, these are extra costs that you’ll have to factor into your budget.
Those are just 6 things you should consider if you’re thinking of investing in a holiday home. Of course, the steps that you take are up to you. But as long as you’re fully prepared and you’ve researched thoroughly, you should be ready for the incredible journey that’s ahead of you.