Before you decide to buy a property, it makes sense to decide what is best for you or in short you need to be clear for what purpose you are buying the property. Since you already have a house you will not be spending only a few days a year in this home. So what to you intend to do when the house is not occupied? If you are planning on renting out the property to vacationers while you are not here, your property will need to be located in an area that is on the tourist destination map. Today there are various types of properties available – from row-houses to villas within a gated community or a stand alone villa which you may construct yourself if you buy land, etc.
However real estate experts usually recommend 3 to 4 bedroom properties to larger properties because these properties seem to be renting out more often than larger properties. In addition, they are usually less expensive. However, there are many instances when you might get a bigger property for relatively a lesser price tag in a location which is away from a tourist destination, but has potential to be a major tourist destination in another couple of years. Only if you are ready to wait and if the location really holds potential, it makes sense to buy then.
Since you will turn the property into a holiday home try to buy a property that cater to the masses. Try to find out the travelers’ profiles that visit the particular location. For instance if it is a honeymoon destination, even a 2-bedroom property will suit you. On the other hand if it a golfing destination, golfers will ideally visit with their golfing buddies. So it makes sense here to go for a bigger property which can comfortably accommodate a group. Also think about what kind of travellers you want to rent out to. If you want to appeal to families, then a spacious villa is better than a studio property.
Also look at the property in its long-term value. Properties with stunning views of the snow-capped mountains, luxurious balconies, direct sea views will not only give your property immediate marketing rental value, but also a good appreciation later on when you want to sell it off. A property with amazing views or close to the beach may come at a slight premium, but will also boost your property’s appeal to holidaymakers. So consider paying a little more to get back more in the long term.
