Buying a vacation property is something many people do at some point in their lives. It’s nice to have a home away from home; a place you can jet off to when you feel like you want to relax. If you’ve decided this is a route you’d like to take, here are some tips for buying a vacation property.
Think About the Vacation Season
Before buying a property, think about the popular travel seasons for your vacation property’s location. You may only go on holiday once a year, so the rest of the time you might want to rent your property out to other travelers. Peak travel seasons will be the most lucrative time for you to rent your property out and make the most money. It depends on your motives for wanting a holiday property. If you’re simply doing it so you have somewhere nice to get away from it all, you won’t be too bothered about renting out the property. This could give you another income though, so it’s worth considering whatever your motives may be.
Speak to a Holiday Home Letting Agent
A holiday home letting agent can give you some great tips. They can help you work out what you need to do to start letting your property out. They can help you find the property of your dreams that you’ve been searching for. Do your research and read a few reviews to find the right one for you. If you’re looking at Cannes property, you’ll want to speak to one in the area or one who specializes in that area. Make sure they can focus on your dream area specifically.
Hot Tubs/Swimming Pools
By having a hot tub or swimming pool included in your holiday property, you can make more money. You also stand a far bigger chance of actually getting people to let out your property. If you’ve found your dream property but it doesn’t have a hot tub or a swimming pool, consider having one. It’ll not only benefit you, but anyone who chooses to rent your property from you.
Facilities and Amenities
The facilities and amenities are really important. You’re going to want to buy a holiday property somewhere you don’t mind visiting over and over again; somewhere you are completely in love with! This means it should have all of the facilities you need. Not only that, the amenities close by should be of use to you. Make sure you have transport links, shops, and anything else you might need on your stays. This will not only be attractive for you, but renters who consider renting your property when you’re not in it. Think of who you’d like to rent to; couples? Families? Then design your property around them. Just make sure it’s worth the money you’re spending on it or you won’t make it back.
Make Sure You Have Someone to Manage Your Property
You’re not always going to be in your property, or even in the area for that matter. That means you’re going to need to have someone to manage your property the rest of the time, when you’re not there to do it. Make sure they are trustworthy and that you can afford them. They will take a percentage of the money you’re earning to cover their duties.
Can You Add Value?
Always consider ways you can add value to your new vacation property. Just beware; you may need to spend a lot of money for it to actually make a difference to your rental. Usually it’s better to try to find a property with everything you need already, and add bits where you think it’ll make it more attractive to renters. Plus making it more practical for yourself, of course!
Legal Requirements
The legal requirements of buying and letting a holiday property must always be considered too. Buying is one thing, letting when you’re not there is another ball game. You need to make sure you have insurance, that the property is safe, and anything else that the law says for the area. You’ll need to do your own research of the area to ensure you have everything you need, but a property agent in the area could help you, too.
Use these tips when looking for and buying a vacation property and you’ll not only find the perfect property for you, but for the people you may want to rent it to.