Choosing The Right Area
When considering in which area to buy your holiday home, it is important to remember what will appeal to the average holiday-maker. However, if you have decided early on that your holiday cottage will be for the sole use of you and your family and friends, then obviously finding the right location may not be so important and you can simply purchase a property in a location that appeals to you
If however, you are intending to let your holiday home to other people, then it is vital that you do your homework and research the most suitable areas .A big factor in deciding which area to invest in will of course be down to finances. It is no good setting your sights on a beachside house in a busy tourist area if you have very limited funds.
When deciding on area, think about the following:
When considering where to buy a holiday home, it is important to look own holiday history. Ask yourself
Which holidays you have enjoyed the most and why. Are there any places you would return to? Is there any place you would never visit again?
Choosing The Right Property
When you have found the area you wish to invest in, you will then be in the difficult position of finding the right
property. The best advice I can probably give you at this stage is not to rush. Take your time and look at as many different properties as possible. Remember that you will be in the enviable position of not having anything to sell. You will probably either be financing your purchase with a mortgage, which should already have been secured, or as a cash purchase and this will put you in a strong position. Most sellers are keen to steer away from a chain and a quick sale is preferred.
Property Criteria
It is a good idea to draw up a list of the things you would like your property to have. Perhaps make a list under three headings,
Essentials, Desirables and
Things to Avoid.
You may consider the following as
Essentials:You may consider the following as
Desirables:You may consider the following as
Things to Avoid:
Property To Renovate
Your own list will of course be dependent on your personal preferences. Whereas a property in need of renovation may be one person’s nightmare, if you are a builder or have contacts in the building trade, then this may be a very viable option for you to purchase a property at a cheaper price and do the work yourself.
Of course, considering buying a property that needs work doing on it will also depend on how quickly you are hoping to market it as a holiday let and how long you intend to be without rental income. If you decide on a house that effectively needs gutting and rebuilding, you may well have a project on your hands that will take in excess of 12 months to complete. While the property is not being rented out you will have no source of income from it, but it will be costing you in mortgage fees as well as the building work involved. Think carefully about the financial implications of this situation and how you will pay for the renovations. If, however, the house only requires a new kitchen or bathroom, or simply needs redecoration, this will probably only take a couple of month and then the house will be ready to market and therefore begin to generate an income.
Appealing To Holidaymakers
The property you choose will have to appeal to a large number of holidaymakers, so it is important that you do not choose one that will alienate any prospective customers. For example, a picturesque cottage near to a fast-flowing river may look beautiful, but will it pose a
danger to families with children and therefore encourage them to look for a more suitable destination? Likewise, a property with a railway line running at the bottom of the garden or near to busy roads could be equally off-putting. It is therefore important to take your time and choose your property carefully. Do not be tempted to try to save money by purchasing a property in a less desirable area or which has an unconventional layout as this could prove a false economy. You may struggle to get the customers, and even if you do get the bookings you are unlikely to get guests returning if they have been disappointed with the property or its location.
Generally, people who are looking for a holiday cottage are looking for something that at least matches the standard they are themselves currently used to, and quite often they desire something that bit more special. holidaymakers looking to book a cottage are seeking the property that they themselves would like to own and therefore will expect your property to match their own criteria. Of course, it is impossible to please all the people all of the time, but you must strive to appeal to
most of the people
most of the time!
When deciding on the type of property to purchase, it is also a good idea to consider the practicalities regarding renting. Holiday lets are usually for between one and two weeks. This means that you are likely to have a high turnover of guests passing through your property. Your holiday cottage will need to be thoroughly cleaned in a short space of time and, although inglenook fireplaces and heavily beamed ceilings look nice, they can be a nightmare to clean, especially in a limited period of time.