Buying a holiday home
Published 30 April 2019
Last week’s sunny weather will have made many consider holidaying in the UK this year, but in fact the ‘staycation' is here to stay for a number of reasons other than the weather: the weakness of sterling, uncertainty over Brexit, lack of travel hassles, stunning beaches, familiarity – and the fact that the UK holiday product has been transformed in recent years.
If you are considering such an investment, then choosing the right property to invest in is vital. Much has been written about what makes the perfect residential buy-to-let property, but when you are appraising a potential investment property with holiday letting in mind, the criteria are somewhat different.
First of all, think about the ideal size. Whilst there is a demand for larger family properties, they appeal to only one part of the market; for the widest appeal, two and three bedroom properties are best, as these will attract both families and couples.
Then, of course, comes location. It doesn’t necessarily have to be right on the beach, but the ideal holiday let will be within striking distance of facilities such as pubs, restaurants, attractions and shops. Although don’t rule out the more isolated properties which will appeal to stressed out city types looking for a complete escape. Local knowledge is key.
Aesthetics count in holiday properties. You are selling a dream, and your property has to sell itself from the brochure page or the website. People often ask whether holidaymakers are seeking traditional or contemporary properties; the answer is a little of both. ‘Charm and character with a contemporary twist’ is a good description of the ideal.
In fact, the overwhelming factor to remember when choosing an investment property for holiday letting are the holidaymakers themselves, and their aspirations (for example, many view decent wifi as more important than a bed!). They have a huge choice, and high aspirations, so the property you choose to invest in has to have some form of ‘wow factor’ that makes it stand out.
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