For most of us, having seasonal property is a bit of a pipe dream. We would all love to have a ‘holiday home’, but the expenses often mean that it stays just that: a pipe dream. However, have you ever thought of buying a vacation property and using it as a business venture?
If you live the digital nomad lifestyle, it probably means you’re never in the same place for long.
So if you could do with a little extra cash (who couldn’t, really!), investing in holiday property could provide you with a significant return. Then, when you are not renting it out, you have somewhere home-like to visit that enables you to spend time in a certain part of the world.
Whether you choose to keep it just for yourself and family or whether you choose to make it into a rental, here are the top things you should look for in new real estate.
Proximity to amenities
It’s true that many people like to ‘get away from it all‘ in a remote location. But it also makes complete sense to have your chosen property in fairly close proximity to regular amenities. This could refer to things such as a gas station, a few shops, public transport and a hospital.
These are all things people look for when planning to travel, as knowing they have them nearby can help them to relax and know they are in safe hands. In an ideal world, some of the amenities would be within walking distance, but not so much that it results in loud traffic around the property.
Overall location
Choosing your location is absolutely the most important thing about buying a vacation property. It has to be somewhere that people will want to visit – whether they are travellers, or whether they have come to stay on business.
Plus, it has to be somewhere that you enjoy coming to as well, if you are going to use the property too! Generally, large cities are a good place to start, as they have a lot to offer.
Or, alternatively, go for places that are more picturesque and remote, but ones that still have good transport links. It’s also worth considering the kind of clientele that your property is aimed at. For example, somewhere such as Granite Bay may entice people who enjoy the finer things in life and those who have a little more money to spend.
Competition
Once you’ve chosen a few locations that you are interested in, it’s time to do a scout of the area. Look at nearby homes and work out what will make yours different. It is worth bearing in mind the prices of local apartments and hotels just to see what you are up against.
In terms of facilities, find your unique selling point. If there’s barely anywhere nearby, looking into real estate that comes with an outdoor pool area. This enables you to stand out against the market and it’s a big seller for people who love to travel.