As interest rates are low and are likely to stay that way for a while, many people have had more freedom to make life more enjoyable and secure a property for a holiday home. If you’ve been thinking about finding a home to holiday in for a few months or weeks per year, you may wonder what makes a good purchase.
Your decision will depend on a number of things, from your budget, size of your family, how much time you wish to spend there and what you like to do in your spare time.
In your budget
First and foremost, your budget should be your main point of concern. As it’s a property for holidays and relaxation, you might look for a tinge of luxury in your home-away-from-home. However, it’s important to remember your budget and stick to it to prevent overspending. After all, this home likely won’t see as much time spent in it as your principal place of residence.
If you did fall head over heels for a certain property out of your budget, you could look into buying the home with friends or family members to share. Not only will this allow you to get the holiday home of your dreams, but you will have a great meeting place to spend time with your loved ones each year.
Although you could be spending a certain number of months in your holiday home each year, it’s likely you won’t be there full time to take care of the property. Tasks such as mowing the lawns, cleaning the interior and weeding the garden might get neglected during your time away from it. This is when it’s good to look for a home that is low maintenance and needs minimal care throughout the year.
Hiring a property manager to look after your holiday home is another option and is a useful tool if you rent the property out during the periods you don’t stay in it.
If you’re buying a holiday home as an investment, capital growth should be a very important feature to look for in a property. Search in areas that have seen a steady level of value growth over recent years and that look promising to rise even further. Real estate agents who specialise in rural and lifestyle areas will have the most up-to-date information on hand to help you with this.