After you have zeroed down on the location to buy your holiday home. It’s now time to decide the size of the property. The one that fits your budget and needs.
Moreover, you would need to consider your long term usage of your holiday home. Today, your intention to buy your holiday home maybe just for yourself, but after a while, you may consider renting it out to families and other travelers. In fact, many holiday homeowners have managed to cover some of their monthly mortgages by letting out their property.
Here are some areas to keep in mind regarding the size of your holiday home:
1) Long Term Usage:
As mentioned above, consider whether your intention to buy is just for yourself and your family, or do you plan to rent out your holiday home to other travelers.
2) Budget:
Strike a balance between your needs and your budget. You would need to know the rate of your property per square feet or square meter. This will help you to decide on the size. If you have a fairly large budget, you can opt for a bigger property. It can be rented out to smaller groups while the other part of the house can be kept locked without compromising on the guests’ access to the facilities or amenities of the common areas. During the peak season, this will enable you to rent it out to either multiple small groups or to a single bigger group.
3) Location:
While the price of a property will be dictated by the general residential property market, some properties although small, will be able to generate a higher return than others. As a holiday home, the purchase price could be the same even if the location is in a recognized tourist destination.
4) Size of Common Areas:
Before deciding the size of your holiday home, check how big the common areas are. You need to see whether there is enough living space for the number of bedrooms. You also need to see if the kitchen can cater to the number of people. For instance, if there are three bedrooms, the living area, in this case, should ideally be able to comfortably accommodate nine people. If the living space is less, you need to see if there is any other alternative. Does it have a garden/lawn, where guests can sit comfortably without feeling cramped inside the house?
For a buyer looking to buy a holiday home which might be later used as a holiday home for guests. It is very important to get the size of the property right. So before you decide on the property make sure that you have weighed all the pros and cons of the particular property vis-à-vis its size.
