What type of property should I buy?
You’ve decided where you want to buy, now what sort of rental property will bring holidaymakers in and what should you avoid when you’re looking for a buy to let property?
- Think like a Holidaymaker when you look at properties. You might have to put your own feelings aside a little and be honest with yourself. Most holidaymakers will want a comfortable and practical property so go for mass appeal and avoid anything too individual such as a very isolated location or an experimental building design. Look for a property which is under an hour from the nearest airport, most visitors will not want a long journey from the airport to their accommodation.
- Go for Unique Selling Points. Look for the stunning views and luxurious balconies which you can’t add on to a property later. Think about what will give your property immediate impact and make it easier to market and to let.
- Don’t compromise on location. If you’re buying a resort property say for skiing or golf, then make sure that you’re near the action. You may be happy to walk 20 minutes to the centre of things, but paying customers will be a lot more choosey and you may lose out on bookings to someone with a more central location.
- Think about paying more to get more back in the long term. Choosing a place with gorgeous sea views may cost you more upfront, but it’ll also allow you to charge more in rent and it may make the property easier to let. With so much choice for holidaymakers, your property needs to offer that little bit extra to make them choose your place over all the others.
- Consider your target market. If you want to attract larger families, don’t buy a studio property or if you’re buying an apartment in an area which is popular with older people, make sure there’s lift access. Don’t put your potential customers off by choosing a property which isn’t practical for them.
