If you’re thinking of buying a second property, it can be hard to know where to start. You want to find the right home and setting but you should also think about things like the future value.
Why do you want to buy a holiday home?
Your reasons for buying a holiday home will play a big part in your choice of location and property.
Many people want a second home to be for several different purposes. For example, you might want to look at lodges in Scotland to let as an Airbnb to earn extra income, but also use the place for yourself for your own trips.
It can be difficult to find all of these things in one place, so you will need to decide what is most important to you. Knowing this will make the process much easier.
Buying a holiday home for investment
If you are looking for a good investment, you might have some different priorities than you would if you were just looking for a holiday home for your own use. If earning some income is your main priority, then it’s likely you will choose a different place than if it were for only you to use.
Where is the best place to buy a holiday home?
Where you buy will depend on what you want from the property.
Access is one of the big things to take into account when thinking about where to buy a second property. If you want somewhere to stay at weekends, it would be foolish to buy somewhere abroad. Look into transportation services to the property and consider how you or rental guests would get there.
Where you buy will depend on what kind of surroundings you want. Take into account the local nightlife, food, and scenery, and what you want from these things. Don’t forget about the weather either. Some places have good weather all year round, but others have low seasons where many of the tourist attractions will close.
A technique that you can use in order to help you narrow down your search area is by working through ever-decreasing circles. Once you’ve decided on the country, you can decide on the region, then the city, and so on, until you can pinpoint the specific location and focus your search in one area.
What should you look for when considering a holiday home?
Write up a list of things that the property you want must have. Do you need somewhere to park a car? Do you need storage space for skis? How many bedrooms does it need to have? Do you want to be near local nightlife? Make sure you are clear on which things on your list are non-negotiable and which you’d be willing to make a compromise on. If you plan to rent, think about what might be in demand. You might like the idea of a farmhouse in the wilds of Scotland, but will that provide you with the rental income you want if you plan to rent it to other people?
