So much to consider!
Working with clients wanting to buy a holiday home can beÂ quite a challenge, mainly because it is a â€˜wantâ€™ not a â€˜needâ€™.Â Often there is no deadline, no sense of urgency and although some people have their favourite locations, they can be quite open to the whole of the county.Â Price-wise, a second home purchase generally comes in under Â£500,000, which means there are literally hundreds of properties to choose from. This also means talking to a vast amount of estate agents across the county and it really is time-consumingÂ to sift through piles of properties, and spot the really special ones. Having an in-depth knowledge of the county really helps as it’s not just the house listing I’m looking at, I’m considering the location and how the surrounding area might factor into a holiday choice for my client’s target market.
When helping clients re-locate with larger budgets of a million plus I know I need only speak with the specialist estate agents who deal in high-end homes.Â These clients have a reason for moving, often with a buyer wanting to exchange and move into their home, jobs to start and children to get into schools before the new term starts.
On the plus side, I love holiday homeÂ searches as I look for houses that I would want to holiday in myself, in locations that I would enjoy.Â I imagine that it is my money I am spending and I say to myselfÂ â€˜would I buy this house and how much would I pay for it?â€™.
There are several things to consider:-
- Are you buying to use for your own holidays or income, or both
- Is annual income your main driver or capital growth
- Who is your target market – Families or couples
- Will you permit dogs
- Location â€“ north or south coast, beach, river or countryside
- Charming cottage or swish new apartment
- Size – small and sexy or large to cater for families
- A must is parking and small outside space
- Good pubs/restaurants nearby (Cornwall is a great foodie place!)
- High quality interior, wood burner and squashy sofas (it might rain!)
- Get advice from a good holiday letting company such as Helpful Holidays
- If you buy a fixer upper â€“ bear in mind that you will be without income for months
- Consider buying an existing holiday let as instant income and a track record
Â The autumn is a good time to start looking for a holiday home, as often there is a flood of new properties coming to the market after the school half term when bookings are down.
If you would like some help and you want me to do the hard work for you, please do get in touch for an informal chat.