A holiday home is an amazing, luxurious asset to those who can afford it. By purchasing a holiday home you can enjoy amazing retreats with your family and friends, and potentially even let it out to make some extra money when you’re not using it. However, there are quite a few things you need to carefully consider before you decide whether this is right for you or not. Below, you’ll find 10 things to consider before you make up your mind:
10 Things To Consider Before You Buy A Holiday Home
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- Are You Aware of The Local Market?
Make sure you’re aware of the local market if you would like to buy to let. You should have a good idea of things like pricing, USPs, sea views, and any extras that would be beneficial, like tennis courts. This will help you to know where to position yourself in the local property area.
2. Can You Visit The Area/Property First?
As unbelievable as it may sound, some people do buy their holiday property sight unseen. This is a huge mistake and can lead to many issues later on down the road. Never let your heart rule your head, and always go into this with a clear mind and a sensible head on your shoulders. Know what it is you want and why. Don’t get sentimental about an area just because you have memories there, for example. This could lead to buying a property for the sake of it. This is especially important if you would like to buy a property as a long term investment.
3. Do You Know The Local Property Laws?
Are you allowed to purchase in the area with your passport? Make sure you get as clued up on the local property laws as possible.
4. Is It Accessible?
Make sure you can get to your new holiday home easily. What would the journey be like if you decided to head over there last minute? Would there be plenty of options and transport links? Do your research so you don’t end up stuck at any point!
5. Could You Go For Joint Ownership?
Joint ownership might be right for you if this is something you want to do but you’re worried about maintenance costs and money. You could find the most affordable condo for sale and still find it beneficial to go for joint ownership.
6. Have You Thought it Over?
It’s easy to feel like you’ve fallen in love with a property and like the only reasonable thing to do is to buy it, but you need to give yourself breathing space. You need to think about the long term, about whether you can afford this property now and in the long run – you shouldn’t get yourself in a situation where you feel like you need to ‘act fast’. Get a valuation and property survey so you know of any problems, structural issues, or damp, and seek expert legal advice. It might transpire that this isn’t the right property for you at all, or you might be able to haggle on price.
7. What Would You Like In The Future?
The property may not currently have a hot tub or a place for games, but you could always add these later on. Is there room for that? Will you be able to build?
8. How Will You Make Sure You Don’t Overpay?
If the property has been used as a holiday property before, the seller may be adding a premium to the purchase price. If you ask for proof of previous rental income, you will be sure that you’re not paying too much.
9. Do You Know Why You’re Buying?
Ask yourself why you are buying a holiday home. Perhaps you really want some rental income, or you just want to enjoy amazing breaks with family and friends. Maybe you want to do both. Ensure you know exactly what you want it for before you buy it.
10. Who Will Service Your Property?
You probably live a while away from the property you’re going to buy, so you’ll need somebody to service it when you can’t. This will ensure it is clean and maintained properly, which is especially important if you want to let it out. Research servicing companies in the area so you can be sure it is being taken care of in your absence.
Have you considered all of the above, or are you so caught up in wanting to buy that you’re not thinking things through? Now is a good time to take a step back!