Top Tips on Buying and Renting your Holiday Property

So you have enjoyed your holidays abroad so much that you have now made the decision to purchase a property in your favourite destination, not just to have cheaper holidays, but to earn some extra income through holiday rentals.

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There are a number of things to consider when choosing what will become your holiday home, this needn’t be a chore but it is always useful to remember the following.

Research your chosen area

Before purchasing your home abroad, make sure you research the area fully, holiday there yourself, what local facilities are available, good restaurants, beaches, shopping, banks, supermarkets etc ,are these accessible for those that are holidaying without renting a hire car, and are these facilities open all year round.

If you are going to be renting the property yourself it is essential that you can provide information about your own property!

Personal Recommendations are invaluable, remember find out what the area is like in the high season and the low season, what changes!? Many Restaurants, Bars and entertainment venues completely close up for the winter season.

When choosing your home abroad with rental in mind consider the type of development and area that you are looking at. In a larger development that has been purposely build for investors, your potential rental income may be reduced. If they are a large amount of properties for the holiday renter to chose from, this may devalue your rental income.

In developments that have been purposely built for investors you may find that a lack of interest in the communal areas and the overall management of the development, making it less appealing to potential holiday tenants. Not paying an active interest in the management of your complex will impact on the services that are offered. Taking an active role in the management of your complex ensures that standards are kept high and the development is a desirable place to stay!

Many new developments are built with ample parking spaces and this can make your rental property more appealing to potential holiday tenants. Some resorts don’t require the necessity of a car, so make sure you do not pay over and above the odds for a parking space that may never be used!

Ok so you have found the area that you like and are ready to buy!
The look of your chosen property will be a major factor in the amount of rental income that you will be able to achieve.

An en-suite bathroom and a decent sized lounge area are important to any holiday tenant; these are key points to remember when you are buying your rental property and when you later advertise to potential holiday tenants!