Everyone loves a little holiday, whether it is a weekend away to the beach or two weeks on the other side of the world. It gives you a chance to move away from the stresses of everyday life and leaves you feeling refreshed and ready to tackle work and life once more! However hotels, flights, catering and entertainment can often rack up some hefty bills, so some people have turned to the property market to look for long-term solutions to saving money while on holiday.
Buying a holiday home could be an extremely worthwhile investment if done properly, so read on for our top tips on what you should look for when buying a holiday home.
Thinking of Future Investments
Is the property you are looking at guaranteed to sell? Could you improve upon it and make a profit selling it on? Is it in a desirable or easily accessible location? Is there local transport and parking available? While you want to get a good deal on a property, it is rather pointless if nobody can actually get to your property, particularly when you are thinking of renting out. Consider the potential expansions available for a property; sometimes a rural home with a lot of extra space has more potential than a smaller flat in the centre of town.
Proximity to Local Tourist Attractions
For buy-to-let investments, you definitely want to look for attractive features surrounding the property in question. Is it near a beach? A zoo? Can you easily walk to town from the property? Does the nearby town have entertainment and tourist attractions? These are all points you need to consider. If you are looking to just buy a holiday home for your own family, these attractions are also important as you will want something to do other than relaxing while on holiday.
Everyone has a different idea of their perfect holiday, so if you are holidaying with friends and family you will want to make sure that there is something suitable for everyone. A holiday home in the Alps might be great for you as a skiing enthusiast, but lovers of the sun and the sand (daughters, wives, husbands etc) might be a little less impressed.
Why do people go on holiday? For a change of scenery and a chance to experience a life unlike their own. That is why extra features are often extremely attractive, particularly to the British holidaymaker. We’re talking ensuites, balconies, open patios, beautiful verandas and all-inclusive pools within the property. Make sure to look and see whether the property you are considering has access to those extra features, or whether an expansion looks possible in the future.
The internet is everything! A lot of holidaymakers have international minutes and free GB of data when holidaying online – as they will want to share their good experiences with the world back home. If your chosen property is out in the sticks or doesn’t have any internet or Wi-Fi capabilities at all, people are more likely to look elsewhere for renting out a property. Just because your holiday home is in an ideal location surrounded by sparkling beaches, doesn’t mean that your family does not still want the ability to log into Netflix and watch a nice film in the evening.
A truly great holiday home will cater to all tastes, and that includes those who need to remain connected to the internet. You will also need to think about holidaymakers who will still need to be connected professionally; such as business owners and workers who need to make meetings even when on holiday. Having decent internet opens up a lot more options for renting throughout the year.
Year-Round Rental Opportunities
For those looking at a buy-to-let, you want to see whether or not the property you are looking at has year round rental opportunities, or whether it is a purely seasonal gig. Sometimes those holiday homes that are only rentable in season will still pull through a good amount of profit in comparison to year-round rentals, but you have to be wise with your location. You want a prime location with good weather and good tourist entertainment, but the price is likely to get bumped up at the same time. If you don’t want to make a risky investment, make sure to do your research beforehand.
At the end of the day, it depends a lot on what you are planning on using your holiday home for. Are you looking at getting a home just for yourself and friends of the family, you’ll be looking for different options than if you were looking at purchasing a home to rent out during the holidays. It is important that you keep in mind what you plan to do with the home while you are scheduling viewings. Keep your goal in sight!
Holiday homes offer a wide range of opportunities for investors and families alike. Whether you’re looking to save a bit of money on hotel costs in the long run, or you simply want to earn a little more pocket money by renting out a property in Spain during the summer, a holiday home could be a great choice to make.
Mike James is a regular traveller and frequent visitor to Spain having lived in Andalucia, Valencia & Murcia during his time. With first-hand experience of life in Spain, a background in finance and property and an established freelance writer, he provides engaging and well-researched content across a broad range of topics.