There has never been a better time to dabble in the property market in your quest to invest your hard-earned cash in a more lucrative way.
The world of bricks and mortar (or wooden log cabins) can be a sound investment if you’re savvy enough to make the right decisions.
You could choose to purchase property down a more traditional avenue, focusing on a city-based rental portfolio.
You will need to spy the latest up and coming area, ensure that there are solid transport links and make sure that the area that has captured your eye will produce the rental yield you require to make your investment worthwhile. Or you could opt for something different. You may want to break away from the traditional urban setting and explore further afield. Take a look at these reasons why a holiday home could be worth your while.
You don’t have to secure a long-term lease to make your property investment worthwhile. The vacation and short-term let market are more buoyant than ever with people seeking out holidays closer to home. You may want to search for a coastal home close to restaurants and public transport.
Find somewhere in a temperate climate, and you have yourself the ideal beach getaway. Market this correctly, and you could find that your property is booked for most of the year and your rental return will surpass anything you could make on a long-term lease.
Type of property
You need to look through different spectacles to the ones you’d be wearing for the traditional property investment. Think about what you look for when you go on vacation.
The two criteria to consider when purchasing property for vacation lets are convenience and space. You don’t have to be buying a four-bed townhouse if you’re keen on finding an ideal romantic bolthole for couples. You do need your property to be in a location that attracts holidaymakers.
You could opt for a forest setting complete with walking trails like the one located near the gated community of Chinquapin with their log cabins and idyllic stone cottages. Or you may fancy a condo along a vast swathe of coastline to attract the more laid back beach types.
There is a little more hands-on maintenance than a more traditional let. You aren’t handing over the keys for six months, only to do a rental check once every quarter.
Every week or at the end of every party’s vacation, you’ll need to get into your property, clean it, change the bed sheets, take out the trash and make it appear as if no one has ever been in there, ready for the next vacationers. You could, of course, get a professional team into doing this every time that it’s required but this is something you need to factor into your budget.
The world of holiday lets can be lucrative. With the emergence of review sites and social media, it has never been easier to generate a following for your rental. With an excellent reputation, you could be at maximum occupancy and be reaping the rewards of leasing out a property in the wilderness or by the beach or in the mountains.