Buying a holiday home is an exciting step, and certainly not one that should be taken lightly. It seems that there are even more things to consider when buying a vacation property than when buying a standard home, which can make the process somewhat confusing if you’re not prepared. If you’re new to the vacation property market and don’t really know where to start, take a look at this guide, and you’ll be ready to buy a place in paradise in no time.
Consider Your Location
Location is an essential factor to consider when buying any property, but when it comes to holiday homes, it’s pretty much at the top of the list. You’ll need to consider how often you want to visit your property, and how easy you want transport to be. Are you happy to fly halfway around the world, or do you want somewhere that you could drive to in half a day? Do you need public transport links, or would you prefer a more remote location? Most people who buy vacation properties do so in a place they’ve visited several times already, as they already know that they like the local area. If you’ve only visited a place once, it’s a good idea to get to know it a bit better before you buy property there.
Location becomes even more important if you’re planning on renting out your vacation home throughout the year. If this is the case, you’ll need to choose a more popular vacation destination and make sure that the local area is attractive and that transport is easy. Buying a remote property in the mountains will probably bring in less money than one by the beach, so bear this in mind when deciding where to buy.
Maintenance is Key
When it comes to maintaining your holiday home, you’ll need to consider whether you’ll do most of the maintenance yourself or hire a vacation rental management service to do it for you. This will likely depend on how close you are to your property, as if you’re more than half a day’s travel away you’ll likely want to hire a company to take care of the cleaning and gardening. This is vital if you’re going to be renting out your property, but if you plan on keeping it for your own use, you might decide to take on the maintenance tasks yourself.
The important thing to remember when it comes to maintenance is that your vacation property is supposed to be a relaxing and enjoyable place for you to visit. If you spend more time cleaning it than you do relaxing in it, the chances are that the enjoyment factor will wear off fast. Bear this in mind when deciding how to maintain your property, and remember that pools and lawns can quickly become unhygienic and unsightly if left alone for too long.
Know Your Priorities
Before buying your holiday home, it’s important to think about what you want to get out of it. This will likely affect every other decision you make, so take some time to decide whether you want a place to relax with your family, or a chance to earn a bit of extra cash. Once you know what your priorities are, making decisions about location, renting and maintenance will be a lot easier. If you’re going to be sharing your holiday home with family, you might also want to ask them what they want out of a holiday home, and what their ideal destination would be. Although you might get several different answers, you’ll most likely be able to reach a decision that everyone is happy with. The last thing you want is a holiday home that no one else wants to visit!
Remember the Essentials
Don’t forget that buying a holiday home is not dissimilar to buying a standard home, which means that you’ll need to organise your bills, internet, heating and electricals. These things are what turns a property into a home, so don’t forget to stay on top of them throughout the year. You’ll also need to make sure the bathroom and kitchen are well-stocked with cleaning supplies, first aid essentials and toiletries so that you and your guests aren’t caught short. When it comes to kitchen store cupboards, it’s a good idea to buy long-life items that might come in handy for last-minute trips. It’s easy to forget small things like this during the purchasing process, but keep it in the back of your mind so that you’re prepared once it comes to furnishing your property.
Do Your Homework
As you’re no doubt aware, buying a holiday home involves a lot of paperwork and can include a complicated legal process. If you’re buying abroad, it’s essential that you familiarise yourself with the local property laws, to avoid any problems or disappointments further down the line. If you’re not buying abroad, it’s still a good idea to research the local area to check if there are specific laws applying to the place you’re hoping to buy. Of course, getting legal advice is wise when buying any property, but reading up on things yourself could save you time and money further down the line.