Buying a holiday home isn’t just a great t give yourself a luxurious hideaway that you can get away to for the odd weekend, it could also be a nice little earner, as you could reportedly earn three times as much as you would from a buy-to-let by renting it out.
However, it’s a big decision to make and there’s a lot to consider, so here are our five top tips when it comes to purchasing a holiday home.
Make sure you buy an attractive property
The most important thing is that you select a property which people are actually going to want to come and stay in.
This probably goes without saying, but it is important to know what sort of things people are looking for in a holiday rental.
Here are a few things to look out for according to Holiday Lodge estate agents Sell My Lodge:
- Proximity to amenities such as supermarkets, pubs, beaches and other attractions.
- Easily accessible by car and train (and possibly air) with good parking facilities.
- Holidaymakers like to make the most of the great outdoors so look out for properties with things such as terraces, balconies or even swimming pools (log fires are always a big priority).
- In the modern age Wi-Fi is a must so make sure that the property is well connected.
Consider how it’ll be managed
Holiday lodges can require a bit more maintenance and upkeep than a traditional buy-to-let, and this is something that you’ll have to bear in mind.
Will you be living locally, and able to pitch in? Or will you need to employ cleaners, gardeners, electricians, plumbers and the like?
While you can employ a letting agency to fully manage the property for you, this will come at a cost (usually of 20-30%).
Talk to the locals
What better way to gauge an area that you’re considering investing in than to chat to the locals?
Whether they be folk who’ve lived in the area for many years or perhaps are holidaymakers, it can be a good way to help inform your decision on whether or not you want o to but property there.
You could also browse some internet forums to do some research.
Consider how you can add value
Don’t just necessarily accept a property as it is, always be on the lookout for ways in which you can boost its value.
For example, could the property benefit from an extension or a kitchen refit? Bear in mind that holidaymakers have come to expect a high level or facilities from holiday homes.
On the other hand, make sure that you’re not just pouring money into a property if you’re not going to see a return on it.
For more information on how to add value to your holiday home check out this post from Crown Gardens.
Enjoy it!
Make sure you don’t just see your holiday lodge as a business investment, and make sure to enjoy it for yourself.
They can be a great excuse to get away for the weekend and some owners often get too caught up in the business side of things.
You could even choose to live in your holiday for as long as a couple of months each year, using it as a second home and using the other months to recoup the expenses, or it could even potentially serve as a good retirement home.
