Buying a holiday home is a dream for many people who want to have a place to escape to during their time off work, but it can be a daunting process.
With so many options available, it can be difficult to know where to start.
Here are our Top 5 Tips on how to buy a holiday home:
Budget
Firstly, it is important to decide on a budget. This will help narrow down your options and focus on properties that are within your price range. It is generally recommended that you spend no more than 30% of your income on a holiday home, as this will ensure that you can afford maintenance, associated fees or taxes.
Location
When it comes to location, there are pros and cons to buying a holiday home close to home versus further afield. If you live in a city, then a beach or country location may be appealing, while those who already live in the country may prefer a city location. It is important to consider factors such as travel time, accessibility, and local amenities when choosing the ideal location.
Property type
When it comes to the type of property to buy, you’ll need to decide whether an apartment, townhouse or house best suits your needs. Apartments are often a more affordable option and require less maintenance, but can be smaller and less private than houses. Townhouses offer a balance between apartments and houses, but may come with additional costs such as shared maintenance fees.
Shared holidays
If you’re considering sharing the purchase of a holiday home with family members or friends, this can be a great way to split the costs and ensure that everyone has access to holiday accommodation year-round. However, it is important to set clear boundaries and rules around usage and maintenance to avoid any conflicts in the future.
Maintenance
You’ll need to ensure that the property is well-maintained and secure, even when you’re not there. So factor in the cost of insurance, repairs, and any associated fees or taxes.