If there’s a certain area you love visiting, and plan to go back again and again, you may be considering buying a holiday home there. Holiday homes can be a great investment. You and your family can use them year-round, or you can let them out and potentially make some money back. The choice is yours. But when you make a big purchase, you want to be sure you’re getting it right, so here’s a guide to choosing the perfect holiday home.
Think about what you want from a holiday home
It’s important to think about what you want for your holiday home and what kind of property will suit your needs. For example, if you are seeking a private pool and beach proximity, then look at luxury villas for sale in Koh Samui, which should tick all your boxes. If you’re looking more for a base to stay in, and just want basic facilities or a kind of pied-à-terre, then places like apartment complexes might suit your needs.
Some things to consider in the early stages include:
- The type of property you’d prefer
- Size and number of bedrooms
- Whether you’d like private facilities or shared amenities
- Whether you want concierge services and extras such as maintenance included
Those who are planning to let all or some of the property out should also focus on the market in the local area. When holiday makers visit this destination, are they after cheap and simple properties or is it a luxury destination? If you know the demographics, you’re more likely to fill bookings.
Location, location, location
The old saying that location, location, location are the most important things to consider when buying is true of holiday homes too. Although you won’t need to think about boring things like commuting distance, you will no doubt want to be close to local amenities such as bars and restaurants, near the beach, or perhaps even close to sightseeing places. Also, if you’re buying in a country where some areas aren’t completely safe, then the right location is important to ensure you stay safe on holiday. Stick to neighbourhoods with a lot of tourists or expats, as these are more likely to be safe locations for a property.
See what you can afford
Affordability is important when you look for a holiday home. While you may let it out to help pay for it, 100% occupancy isn’t always guaranteed, so you need to be sure you can afford to pay for the place in all-seasons. Also, you may need to pay for things from ground rent to regular cleaning and maintenance, even if you’re not staying there all the time. If you’re in an apartment block, then service charges usually apply, which pay for things like gardening and pool maintenance, so make sure you know how much they’ll be.
Know the travel requirements for your destination country
One mistake that some people make when buying a holiday home is buying somewhere where they can only stay for a short period of time, usually due to visa requirements.
If you only ever plan to stay a week or so, this shouldn’t be a problem, but most holiday homeowners will opt for longer stays in their destination. If you’re retired, for example, you may even be planning to spend the whole winter away, but you need to check if this is feasible. Most countries offer a variety of options, for example, Thailand offers a special tourist visa, which means you can stay 90 days, and then extend your stay by another 90 days twice. But some other places have stricter rules. For example, post-Brexit, British passport holders can only spend 90 days per 180-day period in an EU country. This has meant a lot of holiday homeowners in Europe have been left disappointed.
If you’re looking to buy a holiday home, it’s important to find the right place for you. While you may be considering a certain area, it’s worth doing your research and looking at a wide variety of places. Also, you should think about the practicalities and what will really work for you. Not all holiday home locations are the same, there are places to suit everyone, you just need to find your perfect fit.
Image Credits: Michal Osmenda