Beachside or country retreat, when you are holidaying with family and friends in beautiful destinations, it’s hard not to be enticed to splash out on your very own holiday house. As tempting as it is to put an offer on a piece of paradise at your favourite weekend destination step back and consider your options before taking the plunge.
Establish how the holiday house will be used throughout the year
Holiday homes can be your private sanctuary, an investment, a retirement plan or a mix of all three. Establishing how you’ll use the home beforehand will guide your purchasing decisions, but no matter how you choose to use it, the location, views and local infrastructure are the big three that should drive your decision making.
Research the local area and property market
As with all things real estate, do your research. What is the occupancy rate during peak and off-peak periods? What are the rental returns? What amenities are nearby (this is particularly important if you’re considering holding on to the property for retirement)? What developments are in the pipeline? What will the ongoing financial commitments be?
The distance from your primary residence matters
If you are looking for a weekender that you can access year-round, then keep it within a two-hour driving radius from your primary residence. This will ensure you maximise its usage. The drawback of this setup is that the holiday home will sit unoccupied for periods of time, so consider ongoing maintenance and costs.
Balancing rental and personal use
If it’s an investment where you rent the holiday home intermittently or permanently, location is key as rental demand can be seasonal. One of the pitfalls of balancing rental and having personal access is that you won’t be able to make use of the holiday home in peak season when rental demand is high. Make sure it is a holiday home you will want to make use of during off season.
Enlisting a property manager for your holiday rental
Take into consideration longer vacancy periods and fluctuating occupancy levels. Enlisting professional property managers will assist you with turnover of occupants and property maintenance. There will be fees associated with property management but the level of service they provide far outweighs the hassle of self-management, especially if you are managing it remotely. To learn about holiday rental services, contact your local Belle Property agent.
However, you choose to maximise the usage of your holiday home, one thing is for certain, there will be a time when you get to sit back and enjoy the serenity of your very own beachside or country retreat.