 Get
the Best Value From Your Holiday Home. EB July
2007
The idea of having a holiday home is a very
attractive one, especially when you see all
those seductive pictures in the ads. However,
buying a holiday home is also a huge financial
commitment. So if you are thinking of
buying a holiday home, it makes sense to
ensure you get as much value for your money as
possible.
• Don’t pay over the odds. The prices of holiday
homes in some of the most popular holiday areas
have gone sky-high. If you pay this sort of
price you are very unlikely to make a profit and
may even make a loss if there is a house-price
slump. Look for your holiday home in areas where
there are still attractive properties to be had
at prices that don’t break the bank. Areas like
the South Tyne, the Lancashire coast or the
South Wales coast could be the next boom areas
so buying there could be a good idea.
• Watch out for maintenance costs. A run-down
property could look cheaper but you may have to
spend a fortune, not just on doing it up, but on
ongoing maintenance. When buying a holiday home
it really make sense to ensure the property is
reasonably sound, otherwise it won’t be good
value.
• Think of what other people might want. Even if
it’s not a
holiday let property, you may want to
let out your holiday home sometimes (provided
your lender agrees, if you have a mortgage).
This would certainly help you maximise on the
value of the property. But if people are going
to want to rent it, it needs to be in an area
where they would want to go on holiday. Plus
having car parking available, and closeness to
public transport, restaurants, bars, and
convenient shops for buying essentials, all
help.
• Don’t be too far from where you live. If your
holiday home is at one end of the country and
you live at the other, it’s going to cost you a
fortune to get there every time, whether in
petrol or by public transport. And that’s just
when you use it for holidays, never mind when
you have to go there to sort out problems or
repairs. The nearer it is to where you live, the
better value it will be.
Buying a holiday home is a great idea.
But there’s no virtue in splashing out money for
the sake of it. The more you can maximize the
value of your holiday home, the better purchase
it will prove to be.
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