How to select a holiday Home

You can buy a holiday home as a getaway apartment for your family to spend the weekends at it or you can simply rent it out to other vacationers as and when required. Nevertheless, you must bear these points in mind before buying a holiday apartment for yourself. 

Planning Ahead

The decision of purchasing such a house is a big financial commitment. It is important that you take into consideration the requirements of your family and whether you are choosing a house which you will enjoy visiting in the coming years. Most buyers have to take some kind of financial assistance when they decide to buy holiday homes and hence you should start thinking about mortgages and the affordability of the property in terms of maintenance cost. A holiday house can also be treated as an investment for the years post retirement. 

Attracting Vacationers

You should always seek the advice of a property consultant when you make the decision to purchase a specific property. You have to gain knowledge about the property market in the destination along with the tourism industry of the area where you are thinking of buying a property. For instance, some areas attract tourists only during winters or summers and you have to raise your maintenance costs and profit only within that time frame. You need to think of the kind of people who will be visiting the destination and what their needs might be. If you can match the property type with the needs of potential tenants, you will be able to reap enough profits to see you through the year. Usually tourism is down during school seasons or the monsoons (unless it is Khandala and Lonavala) and hence you have to account for the loss income when tourists do not go visiting.

Safety and Insurance

All rental properties have to obey to different safety standards. If guests become injured or sick because of unsafe environments, you may be facing a potential lawsuit in that case. All gas and electrical appliances have to be checked regularly and maintained so that they are safe enough for use. Your property should also conform to regulations of fire safety. 

As an owner, you also have to buy insurance for your property, irrespective of whether you are looking to let it out. If you are buying a house for personal use and want it in a location which is secluded so that you are away from the maddening tourist crowd, you should invest in CCTV cameras and sophisticated alarm systems for the safety of the property as houses which are away from the hustle and bustle of the city centre tend to attract burglars and intruders.

You may also read: Things to remember while selling your home