Buying a holiday home abroad can be a lot of fun. Whether for your own use, or as a rental investment, But it is a big investment, so it’s a choice to be made with care, to ensure your new holiday home is everything you want it to be. Here are ten things you should think about before you make that holiday home purchase…
1. Pick the perfect spot
You’ll no doubt have a list of criteria that your holiday property must have, such as a pool or a breath-taking view, but the area is also very important. Is it well situated for everything you, or your guests, may want to access? Being close to the beach is always a bonus, but there are other amenities that make a holiday more comfortable such as shops, and bars and restaurants in close proximity to the property.
2. Think about who will use the property
When you’re choosing a holiday home, you need to have a good idea of who will be using it. A small apartment or one bedroom villa would be fine if it’s just going to be for you and your partner, but what if you invited friends or family to stay too? If you’re letting out your property, the more versatile it can be, the more attractive it will be to a wider audience.
3. Is it suitable for use all year round?
A summer holiday in the Mediterranean sun is wonderful, but you may also want to grab a winter break? If you’re letting out your holiday home, you’ll also want to ensure you can maximise your ROI by renting it year-round, so do make sure that your property is suitable for year-round use, and check that any shared facilities such as communal pools can be accessed whenever you want them, not just in high season.
4. Is it easy to get to?
Accessibility can also be a deciding factor. Are you reasonably close to an airport? Are the road links good for exploring?
5. Buy with your head, as well as your heart
Holiday homes are something we dream of, and so it’s easy to fall in love with one. However, you really do need to buy with your head. If it’s out of your budget, or not in your preferred area, then you may end up regretting your choice.
6. Understand your reasons for buying
Having a clear understanding of why you’re buying can help you to choose a property. Will it be a holiday home for all your friends and extended family to gather together regularly? Will you hire it out to holidaymakers to bring in an extra income? Would you perhaps consider moving into the property permanently one day?
7. Find out all the costs involved
Find out early on in the process what the costs for purchasing the property are and look into any ongoing fees too. This will help you to set your budget for your purchase.
8. Find a good holiday property servicing company
If you’re letting out your holiday home, it’s likely you don’t live very close by. You may not even reside in the same country, so it’s going to save you a lot of hassle if you employ a holiday property service company to look after your property, and the requirements of your guests. Whether it’s general maintenance, or cleaning between lettings, a service company makes the running of your holiday home rental business simple.
9. Do your research and keep in the loop
Visit areas of interest and look out for properties that interest you. Be sure to inform your agent regarding the type of property you’re looking for and check in often for the latest information.
10. Get some expert help
Your agent will help and advice you on the legal requirements of renting your holiday home, and guide you through the whole process.
