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If you’re considering buying a second property, it can be tough to know where to begin. You want to find the right property and need to consider things like the future value of the home. Use this guide to start thinking about all the decisions you will need to make.
Why do you want to buy a holiday home?
The reason for buying a holiday home will have an impact on your choice of location and the property you choose, whether you buy Bukit Jalil condo, or buy somewhere a little closer to home.
Lots of people look for a second property that can be mixed-use. For example, they want some rental income but also want to use it themselves.
Buying a holiday home for investment
If you want a rental investment, your priorities will be a bit different from someone just wanting to buy somewhere to holiday in themselves. If your main interest is gaining capital, then you should properly choose somewhere different than if you were buying a home to retire to.
Where is the best place to buy a holiday home?
Where you choose to buy will depend on what you want from the property, but choosing somewhere you like and are familiar with is smart.
Access is one of the most important factors to consider when buying a holiday home. If you want somewhere you can get to for relaxing weekends, then choose somewhere in the UK, like Devon or Cornwall. Look into the transport options to the area you’re considering. What are the road links like? Is there an airline operating in the area or good rail links?
What kind of surroundings are you looking for? Consider the nightlife, food, scenery and other things that you might like. Think about the weather too. How important is it to you that somewhere has good weather all year round?
A good technique to decide where to buy is to work in decreasing circles. Choose the country you want to buy in first, then the region, then the town, and so on, until you can decide the specific location you want.
What should you look for when considering a holiday home?
Write up a list of essential criteria that you want the property to meet. Do you need a garden or a garage? How many bedrooms will you need? Do you want an apartment or a house? Be clear on which of the things on your list are non-negotiable and which you could live without. Think about the style of property that you might like. You might like the idea of a remote cottage, but will you be able to earn enough rental income on this kind of property?
When is the best time to buy a holiday home?
You could easily spend months looking at market conditions and predictions for maximizing capital growth, but most importantly it has to be the right time for you. Some people avoid buying in a downturn because of the uncertainty of their investment, but often this is the best time to find a competitively priced house to buy.
What are the hidden costs of buying a holiday home?
When you’re searching for a dream holiday home, you might not think much about the cost of maintenance. It’s important to factor in these costs, as they can add up fast/
Your holiday home insurance should cover most mishaps which lead to damage, but general wear and tear are not covered. If you want your holiday home to be in good condition, you need to factor in the cost of repainting, deep cleaning, and other maintenance, especially if you are renting out the property.
Any property that is less frequented than your main home has a higher risk of being burgled. If the property is empty for long periods, you may need unoccupied home insurance. Renting out the property can help to reduce this risk, but be careful with key management. Burglars can easily scout out where you store keys. Take proper security measures for your property. Be sure of the details of your insurance policy to avoid having claims denied.
To put off burglars, you can install timer switches around the house to turn lights and off when nobody is home. Ask a neighbor, or use a management company to remove any mail before it piles up shows that nobody is there. Install a safe for any valuables to be stored, and make sure all the doors and windows have secure locks.
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