Things you should know before buying a holiday home
If you are thinking about buying a holiday home, you have to make sure you are doing it for all the right reasons. It could be that you are buying to get income from renting it out, a capital investment or perhaps a lifestyle investment? There are thousands of owners all over the world who are successfully renting out their holiday homes and enjoying the money they make on doing so. But if you are looking for an easy way of making money you may want to think again.
Like buying any home, a holiday home is likely to be amongst the biggest purchases of your life and mistakes can easily turn the dream into a nightmare. To ensure you buy the right property at the right price and in the right area, you might use a property search company. They will do all the research and leg work for you, allowing you to short list the most appropriate properties. They will do the homework and ensure you don’t let your heart rule your head. They will have the knowledge that most people don’t have. Not only about great property investments, but also about the financial aspects of buying a holiday home.
Things that property hunters will know about, which will save you researching include:
Inside knowledge of the advantages of buy to let. There are tax advantages compared to other investments when buying a home to let out for holidays. Recent changes to taxes have affected landlords but buying to let is still one of the best investments out there.
Knowledge of what will qualify as a buy to let property – 210 days a year must be available for public letting and let for 105. They will know if this is achievable. They will also advise you if the place you want to buy is a realistic long-term investment. Are you using this as a family holiday home or a commercial let. A property search service will remain focused on what you are hoping to achieve and will not let sentiment stand in the way of a good purchase.
Location is of the upmost importance. Properties that are fully booked are usually located in the best positions and most popular destinations. You might think you are getting a bargain but if no one wants to stay there you are left with an unsound investment. The local amenities are essential considerations for both holidaymakers and you as a buyer. Off road parking, walking distance to shops, restaurants, pubs, beaches, ski slopes, supermarkets, parks, golf courses and tourist attractions etc. all up the probability of letting out your property. Ease of access to the property is also key, public transport links and knowledge of traffic peak times to warn holiday makers can all help people want to book your home.
Property hunters know what holidaymakers like. Outdoor living space where they can relax, for example. A property with a balcony, terrace or even better, a garden is desirable and if there is a hot tub or space for one, all the better. Fast internet connection is commonly required nowadays and can make the difference between a booking or not. Sufficient heating is also required, you can’t go long with a log burner or open fireplace.
When using a property search professional, you will know whether you can legally rent the place. Leaseholds can cause huge restrictions on letting.
A property hunter who knows the area well will know what the area is like year-round. Is it likely to be flooded, is something detrimental to your property be about to be built or on the other hand, is something that is likely to increase the value of your property being developed? What is the traffic like? How noisy is it? How tourist friendly is it? All these questions will be answered by a property finder.
As you can see there are many things to consider when buying a holiday home, be this for yourself or for a commercial investment. Using a professional holiday home finder such as Steel City Relocation Services can save you time and money and ensure that you get the most out of your wonderful new property. If you are in the need of a property hunter to help you, you can contact us on 0114 3485537 today.