Tips for buying a holiday home

So you’ve decided to realise your dream of owning a holiday home where you can kick back and unwind with family and friends on weekends or longer getaways.

To ensure you make a wise acquisition that will bring you years of leisure, enjoyment and a sound investment, and perhaps even a home to retire to in the future, I’ve partnered with Pam Golding to bring you some useful points to consider when looking at houses for sale.

Location

Firstly, location. Depending on your own requirements and personal interests, is the property accessible from a distance perspective, and also within easy reach of the leisure activities available?

For example, if it’s within walking distance of the beach, river or lagoon, with shops and restaurants nearby, this will add to the appeal not only for you but also for a future investor or buyer, ultimately adding to the value of the property.

Importantly, is the property in a destination you would want to visit regularly and is the cost of transport to and from within your budget?

If it’s not too far from where you live you can have short breaks more often, and invite relatives and friends for occasional visits, while teenage children will be prepared to come along if they can stay for short periods and return easily to their friends and activities.

Lock-up-and-go

Security is important, especially if the home will remain vacant for lengthy periods; it’s advisable to look for a lock-up-and-go property which is easy to maintain, such as within a sectional title complex, as then security and external maintenance are taken care of via the Body Corporate.

Before you buy, check that the complex has effective management in place, a healthy track record and sound financial records.

Alternatively, if you need a more spacious property for a larger family or extended family, you could consider a security estate. These are increasingly popular and usually include a number of leisure facilities, such as golf, gym, swimming and walking.

Planning ahead

If you are in your 40s, you may be looking ahead to buying a property to retire to. This makes good sense as, by the time you reach 60, you could have a home on the coast that is then fully paid for. At the same time your primary residence would have increased in value, the sale of which would provide you with cashflow or funds for further investment.

An added benefit is that you most likely would build relationships in the local community and at the local golf, tennis or bowling clubs and already know your neighbours. This makes relocation when you retire less stressful.

Return on investment

If buying a coastal property, bear in mind that, buying a home, ideally a three-bedroom, two-bathroom unit with a sea view or in close proximity to the beach, will optimise the investment return should you need to sell the property later on.

 

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