What factors should you consider when buying a holiday home?

 

What factors should you consider when buying a holiday home? What should you look for in a holiday home or second home? We’ll share the factors that should matter most and why they should be at the top of your list.

 

Value

 

The purchase price of a holiday home should be evaluated based on the value, not necessarily the purchase price. Don’t buy a property because you think you’ll come back some day. Only purchase property if you’re regularly visiting the area or already planning on living there in the future. This ensures that you don’t buy property that you never see again except to sell it.

 

Be careful with properties promoted as an investment. Yes, you may be able to sell the property for a profit later, but that’s only true if the area itself holds its value. For example, property near the beach is always valuable unless the area becomes crime-ridden. Properties near tourist attractions retain their value as long as that attraction remains open and good enough to attract tourists.

 

The ideal vacation property is usable year-round, whether it is a place to stay when your house is being renovated to a location to hold parties so your house isn’t messed up. Or use it to get away from the house and your day to day life.

 

Economics

 

The economics of a purchasing decision must be taken into account. There is no point in buying a vacation property that has significant maintenance costs. Nor do you want to buy a property that results in spending your so-called vacation performing do-it-yourself repairs, denying you the fun you wanted to have. Buy a low-maintenance property, ideally something that can be taken care of by someone else. This is where holiday homes in a park maintained year-round or a condominium complex win over a single family home where you have to cut the grass and deal with infestations when you return for the summer.

 

Don’t make the mistake of buying property on the expectation that you can rent it out to others to defray the maintenance costs. In some parts of the country, the only time tourists will pay to stay in the property are the same limited time frame you’d like to visit. Nor do you want to become a de facto innkeeper to help pay for what is supposed to be your vacation. If you’re able to rent out the property for a profit without investing a ton of effort, then that’s a bonus.

 

Environment

 

The best vacation properties are those that are relaxing and enjoyable in and of themselves. For example, you can step outside and enjoy the views instead of hiking to the beach. They allow you to live in a home away from home instead of feeling like an overpriced hotel room. Nor do you want to buy a property that you’re afraid to leave at night. This is why buying in a protected estate or development or an incredibly safe area is worth it, even if it costs a little more.