Owning a holiday home gives you a place to return to and, if you choose, the opportunity to share it with guests. Whether you’re looking for a second home for family and friends or planning to start a holiday letting business, it’s worth taking time to find a property that fits your plans.
In this guide, we’ll explore what to consider before buying, how to choose a location and what to look for in the property itself.
5 things to consider before buying a holiday home
A little planning now can make owning your holiday home more enjoyable later. Start by thinking about how you’d like to use the property and what you’ll need to manage it.
1. The time involved
Running a holiday let can be rewarding, but it does take time. Alongside welcoming guests, you may need to manage bookings, market the property and arrange cleaning and changeovers.
Think about which jobs you’d enjoy doing yourself and where local support could help. Having someone you can call if an issue arises during a guest’s stay can make things easier for you and give guests a better experience.
2. How often you’ll visit
One of the pleasures of owning a holiday home is having a familiar place to escape to. Imagine spending time there year-round. Is it somewhere you and your family would enjoy returning to regularly? If you plan to let it, consider how often you’d like to reserve it for your own stays.
3. Looking after the property
A reliable local team can make owning a holiday let much easier, especially if they can help with cleaning, changeovers and garden care while you’re away.
It’s also sensible to allow for repairs and replacements as part of your plans. Keeping on top of maintenance helps you welcome guests into a comfortable property and enjoy your own visits.
4. Balancing personal use and bookings
You can decide how to divide time at your holiday home between your own stays and guest bookings. Popular holiday periods may bring more booking enquiries, so think about which dates matter most to you and how that choice fits your income plans.
5. The ongoing costs
Having your own holiday home could save you the cost of booking accommodation for regular trips. To build a realistic budget, compare those savings and any expected rental income with the costs of buying, running and maintaining the property.
Phil Schofield, Head of Sales and Marketing at Schofields Insurance says, “After this summer’s UK heatwave and the disruptions at airports, people are choosing to holiday at home. When the sun shines, there’s no better place than the UK. With an increase in holiday homes for sale, especially in Wales, now is a good time to purchase your dream holiday home whilst prices have dropped”.
Where is the best place to buy a holiday home?
The best location to buy your holiday home depends on what you want from it. A lively destination with plenty to do might suit one buyer, while another may prefer a peaceful retreat. These questions can help you narrow down your search.
What would you like your holiday home to offer?
You might be buying primarily for family holidays, rental income, potential growth in the property’s value or a combination of all three. Being clear about your priorities will help you focus on locations and properties that suit you.
If it’s mainly for your own use, start with the places you love spending time. Think about the journeys you’d be happy to make regularly and the activities your family enjoys.
If you plan to let it, look at the location through a guest’s eyes too. What would draw people there, and what would make them choose your property?
Popular destination or peaceful getaway?
Popular tourist areas can offer a wide choice of attractions and amenities. They may also have strong competition for properties and guests, so take time to compare purchase prices with the rental income you could reasonably expect.
A quieter location can have its own appeal. Guests looking for space, scenery or a break from busy places may welcome somewhere off the beaten path. Think about how you’d describe its appeal and help potential guests discover it.
Is it easy to get to and enjoy?
Consider how you and your guests would reach the property. Look at travel times, parking and public transport, as well as what’s nearby once you arrive. Shops, restaurants, walks and local attractions can all shape the experience of staying there.
Try making the journey yourself at different times of year. It’s a useful way to understand what travelling to the property might feel like during quieter and busier periods.
Can you picture yourself spending time there?
Visit the area more than once if you can. A weekday, weekend or different season may show you another side of the location. Explore the streets, try the local amenities and ask yourself whether it’s somewhere you’d look forward to returning to.
If you might live there for longer periods or retire there one day, think about how the area would suit everyday life as well as holidays.
What does your research tell you?
If you plan to let the property, explore local demand and look at similar holiday lets. Their prices, availability and guest reviews can help you understand what visitors value. Consider how bookings might vary through the year when working out your budget.
Check the local rules and any proposed changes that could affect how you use or let the property. Knowing what applies to the area will help you plan with greater confidence.
What to look for when buying a holiday home
Once you’ve chosen an area, you can turn your attention to the properties available. Your ideal holiday home should work for the stays you have in mind and fit your budget beyond the purchase price.
The right amount of space
Think about who will stay there most often. Couples may value a cosy space in a great location, while families or groups may need more bedrooms, bathrooms and room to spend time together.
If you plan to let the property, flexible sleeping arrangements could help it appeal to different guests. A ground-floor bedroom may also be useful for people looking for easier access.
Features that suit the way people will use it
Make a list of the features that matter most to you or your target guests. Depending on the property, these might include parking, a secure garden, outdoor space or a well-equipped kitchen.
Check the internet connection, particularly in rural areas. If you hope to welcome guests throughout the year, consider whether the heating and living space would feel comfortable in colder months too.
A property that fits your plans
Would you enjoy restoring an older cottage, or would you prefer somewhere ready to use? A renovation could give you room to make a property your own, while a home that needs less work might let you start enjoying it sooner.
Decide which features are essential and how much time and money you’re comfortable putting into any improvements.
A price that works for you
Compare the asking price with similar properties and recent sales in the area. Property search sites can help you see how long a home has been listed and whether its price has changed.
Look beyond the purchase price as well. Understanding likely running costs and any work the property needs will give you a clearer picture of the overall investment.
The surrounding area
Spend time exploring the neighbourhood and check with the local planning authority for proposed developments. Changes nearby could affect the setting of your holiday home, while new attractions or routes may add to what visitors can enjoy.
Finding a holiday home that’s right for you
Buying a holiday home is an exciting opportunity to create a place you can enjoy for years to come. The more you know about your goals, your budget and the location, the easier it will be to recognise a property that feels right.
Whether it becomes a family retreat, a holiday let or a bit of both, thoughtful planning can help you make the most of it.
Specialist holiday home insurance by Schofields
Once you’ve found the right property, it’s worth considering how you’ll protect it. Schofields offers specialist holiday home insurance to help financially protect you and your second home. Get a quote online today.
Please note the information provided on this page should not be taken as advice and has been written as a matter of opinion. For more on insurance cover and policy wording, see our homepage.