Should You Buy A Holiday Home?
A Place in The Sun, Location, Location, Location, A New Life Down Under the TV schedules are filled with shows that aim to persuade us to buy a luxury Spanish villa. Holiday, or second homes are an attractive option as bricks and mortar is usually a relatively sound investment. You might be looking to retire somewhere hot and sunny, renting it out for extra income or using it as and when you need a little break from the daily grind.
Flickr Image Courtesy Of: Supermac1961
How Often Will It Be In Use?
This is really the most important thing to consider as unless you plan on living in the property itself, when it’s lying empty the sad but true fact is it’s losing money. No, there might not be any occupants there but the gas, electricity and water bills will still need to be paid along with any pool, cleaning and garden maintenance. You’ll also need to employ a property manager as well as someone on site, i.e. the country the property’s in to check up on any issues, air out the rooms and test the air conditioning. If you’re looking to rent the property out then you should aim to have at least seventy-five to eighty percent occupancy throughout the year. This will mean registering with a holiday lettings site, rental villas or even AirBnB to get some money coming in during the slow season.
What Are You Looking For?
Do you want a lovely, colourful garden? An infinity pool? Uninterrupted ocean views? Plenty of local amenities? Five bedrooms? The list of could be endless depending on what you’re after, so consider now what would be a deal breaker and what you’d be willing to compromise on. Do you actually like the property? Not everyone who buys a holiday home loves the house they’ve got, instead they looked at the potential of what the property could do for them, only to come a cropper when faced with reams of red tape and local planning laws.
Where Should You Go?
This is completely up to you, but there are a few factors to consider before you decide that a remote Italian village is a perfect place to put down roots. You’ll want to consider how often you’ll be going there so how easy is it to get to from the nearest airport, bus or train station. Look at how quick it is to get into town, with and without the car, to do the weekly shop and how friendly the locals seem as not everyone welcomes what they see as interlopers in a tight-knit community.
Depending on your interests your criteria will vary, but normally good shops, decent transport links, a few local pubs and lovely restaurants are what most people are after. If you sail, fish, or golf you might want to check out the local area to see if your sport is sufficiently catered for, as it might be better to pick a slightly different location. Whatever you do don’t forget about the weather it may be lovely and sunny now but you need to know what happens in the winter!