There’s nothing quite like venturing off with the family to your very own holiday home. While there are a number of benefits both from a financial and personal standpoint, there is certainly a lot to consider to ensure the home you purchase is serving your purpose and leaving you in a comfortable position with your budget and time.
Here, we’ll take a look at some things you’ll need to consider before purchasing that holiday home.
What is its primary purpose?
The idea of having a holiday home waiting for you whenever you choose to visit sounds lovely, but it’s important to be realistic about how often the house will be used. If it’s only for your immediate family, how many weeks of the year do you predict to use it? If you prefer to use it as a source of income, do you prefer a long term tenant or renting it out as accommodation for temporary guests?
Knowing the primary purpose of the home can help you make some important decisions. For example, if you plan on using the home yourself for extended periods or for long term tenants, you’ll want to ensure the property is self-contained and has important luxuries such as a laundry and larger bedrooms.
If you plan to rent out the property to help with mortgage repayments, it’s a good idea to do your research and determine when the peak periods are for holiday goers in that area. If you’re selecting a coastal area, for example, you may experience a lull outside of summer. If your family also plans to enjoy the summer in the home, you’ll need to factor the limited rental income in your budget.
To get the most out of the space for renters, you’ll want to look for a home that provides marketable features, such as:
- proximity to beaches, cafes and restaurants
- well-sized bedrooms suitable for larger groups
- proximity to attractions in the area
- sea views
As well as being close enough to cafes, restaurants, attractions and supermarkets, it’s important to have a think about the proximity to your family home. While you’ll want enough distance so it actually feels like you’re escaping the hustle and bustle for a proper holiday, too far and it might act as a bit of a deterrent and mean you get to enjoy the home less.
With frequent stays made easier, you’re sure to make the most of your investment. It will also mean that any last minute maintenance, repairs or necessary visits can be attended to quickly by yourself if needed.
As well as the price of the home itself there are going to be extra expenses that you’ll need to keep in mind. Garden maintenance, property management and essential furniture pieces, such as beds, linen, white goods and entertainment will be essential for the family or any guests. Before moving pieces in, you’ll also need to determine whether repairs or renovations are needed to ensure it’s safe and inviting.