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Buying a Holiday Home for Investment
Buying a holiday home is a big decision to make. Before committing to it, you need to make sure that you are fully prepared, not just financially. You need to plan and think out everything carefully. When deciding to make a purchase, here are some of the things that you should know.
Of course, you may have visited the holiday home once or twice already. But is that enough? Hardly. Before deciding to buy it, make sure that you visited it well enough to know the place. Remember, you will spend a lot of your time there. Is the vacation home fun, pleasant, and relaxing? Does it meet your needs? How about the surrounding area? What are the activities you can do? Is there more the place can offer? The only way to know these is to explore the vicinity and ask around.
It’s also crucial to know the safety and security of the area. Are there cases of break-ins in the area? How often do crimes happen in the vicinity? It’s wise to install some security devices, especially if something like that does happen in that vicinity.
Another thing that you would like to consider is the distance of the house. How far are you willing to drive, fly, or even sail, to get there?
Another crucial deciding factor when buying a vacation home is the price. You should be aware not only of the cost of the house but other expenses as well. These include taxes, insurance, and other paperwork. You will also take in consideration utility installation, like water and electricity, landscaping, and other upkeep expenses.
Keep in mind that even though you won’t be staying on the vacation home year-round, you’ll still have to deal with a lot of costs and expenses.
Quality of The House:
Another thing that you should take note of is the quality of the house. Of course, it’ll have to be something that you like in terms of the outside appearance. However, you also need to know the quality of the house. What materials did they use to make the walls and the roof? If the house has a patio, what flooring boards did they use? Is it wood, PVC, composite materials? Composite decking is inexpensive and you can also find cheap composite decking boards.
Aside from what type of materials they used to build the house, you will also have to inspect the current state of the home personally. Are there broken windows? What about the roof? Are there missing shingles? Are the pipes, HVAC, and electric cables in excellent condition?
Remember, when buying a vacation home, the inside is as much, if not more, important than the outside appearance.
To Rent or Not to Rent:
You will only be spending a couple of days or weeks in your vacation home. Because of this, you should consider whether you want to rent it to people or not. You can turn the house into a business and recover, or gradually pay, the cost of the vacation home.
To do this, you may need to talk to local agents and rental companies. You’d also want to research when the renters usually rent, for how long is their average stay and occupancy rates.
Maintenance and Repairs:
Before even buying the vacation home, you should have a clear plan in mind when it comes to maintenance. Is the location near enough for you to visit it frequently for maintenance works? If that is not possible, can you consider getting a property manager instead?
Whether you decide to rent the property out or keep it to yourself, you’ll need regular house maintenance. Property management services, along with repairs and maintenance fees, is not cheap. However, not doing so can cost you so much more.
When buying a vacation house, make sure to look at it in the long-term. For instance, will there be a chance that you won’t want the property anymore? If so, is the vacation house sellable? If you do want to keep it forever, is it a place where you can call it home? Remember to always look at things with the future in mind.