Holiday Home Purchasing Tips

As with any property investment, when looking to buy a holiday property there are several aspects that buyers should consider before deciding to commit to a purchase.

Location

Where is the property situated? Before committing to any property purchase, research the area thoroughly as well as current market conditions.

Future Plans

Purchasing a property should be seen as a long-term investment. Look at possible future developments or plans for the area. Factors such as new developments in the area including shopping centres could increase the value of the property.

Finances
Before heading down the holiday home route, consider your financial position, paying particular attention to the purchase costs such as a deposit, transfer fees, and conveyancing fees. Thereafter maintenance fees, rates, insurance and other running costs should be considered.

Property management

Most holiday homes are a fair distance from where the owner lives, therefore, it may be worthwhile hiring a professional property management company to look after the property. They will conduct regular inspections, screen and place tenants if this is required

Is it worth your while?

Will you get good use of your holiday home? A leisure property can generate rental income, but the most lucrative times will be during the holiday season, which is most likely the time you would want to use it. There is little point in keeping a holiday home if you only get to use it on the odd occasion.

Prior to purchasing a holiday property establish whether the cost of owning and maintaining it is worth your financial commitment. As with any property purchase, a good investment decision will be based on sound research. Speak to a local property specialist to ensure you purchase your holiday home in the best location at the right price.