Choosing the right area

When considering in which area to buy your holiday home, it is important to remember what will appeal to the average holiday-maker. However, if you have decided early on that your holiday cottage will be for the sole use of you and your family and friends, then obviously finding the right location may not be so important and you can simply purchase a property in a location that appeals to you

If however, you are intending to let your holiday home to other people, then it is vital that you do your homework and research the most suitable areas .A big factor in deciding which area to invest in will of course be down to finances. It is no good setting your sights on a beachside house in a busy tourist area if yoy have very limited funds.

When deciding on area, think about the following:

• 1.Will the property be near to a beach?
• 2.Will the property be in a rural area or a city?
• 3.Will the property be close to pubs, restaurants and other entertainments?
• 4.Will the property appeal to young holidaymakers?
• 5.Will the property be more suited to the older generation?
• 6.Will the property have views?
• 7.Will the property be easily accessible?

When considering where to buy a holiday home, it is important to look own holiday history. Ask yourself Which holidays you have enjoyed the most and why. Are there any places you would return to? Is there any place you would never visit again?

Facilities

Look for the attributes that will attract the kind of people you are hoping to aim your property at. For example:

• 1.Are you hoping to attract young families? If so, look for
• 2.Are you hoping to attract older mature people? If so, look for
• 3.Are you hoping to attract young couples? If so, look for
• 4.Are you hoping to attract walkers and people who enjoy the outdoor life? If so, look for

Just by considering some of the question above it is easy to see why it is important to do your research prior to buying a property. you must know in your own mind what you are hoping to get of the holiday home ands who you are hoping it will appeal to. Although it is very improtant to actually like the property yourself in order to enjoy holidays there, it is equally important that you choose something that will appeal to most holidaymakers if you are intending to make an income out of letting it. It may be that your own dream holiday involves riding on stream trains or exploring old mine shafs, but it is probably fair to say that, although some people may be attracted to a property close to these kinds of attractions, others would probably avoid them like the plague. It is vital then that you find a happy medium. Perhaps try to find a property in a location near to a stream railway but not actually having one going through the back garden!

Obviously some areas will be more popular than others, and choosing the right location will depend heavily on how much money you have to spend. Areas such as the Cotswolds, kent and sussex can be very expensive for buying property, whereas the West Highlands of Scotlands, Snowdonia and Northumberland are at the lower end of the scale.

Areas with good rental potential

Properties in different areas have different rental potential. some areas have proved popular for may years with both vistors from this country and from overseas. It is probably safe to say that most properties in the following areas will benefit from a good rental potential:

Lake District	Kent
The Costswolds	Sussex
North Yorkshire Moors National Park	cornwall
Yorkshire Dales National Park	Devon
City of York	Hampshire
Shropshire	Isle of Wight
Suffolk	Snowdonia National Park
Norfolk	Anglesey
Wiltshire	The Cairngorms
Somerset	Scottish Highlands
Northumberland	Scottish Locks
National Park	(lock Lomond, Loch Ness)
	Edinburgh

Holidays in these areas have always proved popular, but property can be very expensive. These are places, however, that may be within easy reach of the more popular villages but where the house prices are still reasonable. For example, if buying a property in windermere in the Lake District is seriously beyond your budget, then try seaching the surrounding areas. Often similar properties can be found several miles away from the main tourist area for a fraction of the cost. Nowadasy most people drive and take their cars when holidaying in this country, so travelling a few miles to the main attractions will not be problem. Another plus side of buying on the outskirts of a popular holiday town is that the area will almost certainly be a lot quieter and this is something that a lot of people prefer. Most holidaymakers are happy to travel a few miles for the action, if it then means a peaceful night’s sleep away from the hustle and bustle of a noisy town centre.

It is probably safe to say that holiday destinations near to beaches or in beautiful countryside are a safe bet. These locations tend to appeal to most people, and therefore the potential to rent your holiday cottage out will be vastly increased. However, finding a dream property in an ideal location will come at a cost. Houses by the coast have, and always will, come at a premium. While at one time cottages in the countryside were abandoned for city life, good road and transport links have ensured that the country idyll in a remote spot is now much sought after and investors will pay a high price for this kind of property.

Distance to your property

Again it is important to do some research and source the market. Firstly decide which part of the country you are looking to invest in. Think carefully about what you are hoping to achieve with your holiday home. If it is going to be for your sole use and that of friends and family, then you will probably be safe looking further afield and a long drive to the property may not be to any detriment. However, if you are intending to rent the property out for holiday lets then the distance from your own home to your holiday property must be taken into consideration. The distance you travel will have an impact on things such as:

• 1.Visiting the property to ensure everything is running smoothly.
• 2.Routine maintenance to the property.
• 3.Problems and emergencies encountered.

If you live in Cornwall and choose a holiday property in Scotland, you have to ask yourself how practical this arrangement will be if things go wrong and you need to be at the property at short notice. A nine-hour drive is not an ideal scenario. This problem may be overcome if you are willing to employ people to manage the property for you such as a housekeeper, gardener and handyman, but of course paying all these wages will eat into the profit you make from your holiday rents.

Ideally you should be looking for a property within a two-hour drive of your own permanent home. A shorter drive would of course be more convenient, but if your holiday home is too near to your permanent residence you may not actually feel as though you are on holiday when visiting, or that you are far enough away from the everyday life you were hoping to escape!

If you have several locations in mind and are unsure of which to choose, then refrain from making a decision until you have sourced the property market. Look at houses for sale in all the areas you are interested in and see what you can purchase for you money before making a final decision.

Talk to estate agents in the areas you are keen on and ask them who the main people are that appear to invest in the area. Enquire whether they have sold many properties to investors looking to set up holiday lets.

Another good way of deciding on the location of a holiday home is to look at holiday brochures. Even if you are intending to market the property yourself, you would do well to look at the brochures offered by holiday companies to see what they are marketing, in which areas and for how much.

It may be that you have set your heart on a particular location, and by sifting through several holiday let brochures you will easily be able to see whether your ideal location is also considered the ideal location of holidaymakers. if your preferred area does not feature in the brochure, do not dismiss it altogether but give the holiday company a call and enquire why they do not have any properties in that location. In my experience, holiday companies are always on the lookout for new properties to let and are forthcoming with help and advice. It may be that they have had lots of enquiries from potential holidaymakers who would like to holiday in your chosen area, but to date no suitable properties have been made available. If, however, the holiday company advises you that the area you are interested in is not one that they would be looking to market a property in, it is important that you head their advice. They have lots of experience in holiday letting and they know which areas are popular. If a holiday company refuses to market a property in a particular area, you can rest assured that this is because they know they cannot sell it as a holiday destination.

Deciding to pursue your preferred area will depend solely on what you want out of the property. If you want a regular income from a holiday let, do not buy a property in an area where other holiday properties are unpopular.

Sourcing suitable property

When you have decided on the area you would like to invest in, you must then locate a suitable property. At one time most people would only consider purchasing a house through a reputable estate agent. However, nowadays there are other successful ways of locating your dream property. Consider the following options:

• 1.The internet. This is fast becoming one of the most popular ways of tracking down a property. The internet is invaluable for people looking to invest in property in an area some distance from where they are living. The internet is a great way of conducting research and by going on line you will easily be able to get a feel for the types of property for sale in the area you are interested in and, most importantly, how much they are likely to sell for.
• 2.Estate agents. These are still the most popular way of purchasing property. Do your homework and find out which estate agents are located in the area you are intending to purchase a property in. It is probably a good idea, initially, to call into the local offices when you are visiting your preferred location and introduce yourself to the staff. Explain what you are looking for and ask to be put on their mailing list. The agent will ask you several questions, such as:

• 3.Local newspapers. These are another invaluable source of information and can be extremely useful for looking for properties with both agents and through private sales. It may also be worth considering putting your own advertisement in a local newspaper showing your interest in purchasing a property. Sometimes people who are considering selling their property may be tempted by a quick sale from someone already looking. A private sale is desirable for someone looking to sell as they will not have estate agency and advertising fees to pay.
• 4.Word of mouth. If you are a frequent visitor to your chosen area you will probably already have made friends there. It is worth mentioning in local shops and pubs that you are looking to invest in a property in the area and ask the locals to keep their ears open for you. Often locals, especially in small villages, know what is going on around them and ‘village gossip’ can be a good way of securing a property before it goes on the open market.

Choosing the right property

When you have found the area you wish to invest in, you will then be in the difficult position of finding the right property. The best advice I can probably give you at this stage is not to rush. Take your time and look at as many different properties as possible. Remember that you will be in the enviable position of not having anything to sell. You will probably either be financing your purchase with a mortgage, which should already have been secured, or as a cash purchase and this will put you in a strong position. Most sellers are keen to steer away from a chain and a quick sale is preferred.

Property criteria

It is a good idea to draw up a list of the things you would like your property to have. Perhaps make a list under three headings, Essentials, Desirables and Things to Avoid.

You may consider the following as Essentials:

• 1.Central heating.
• 2.Double glazing.
• 3.Outdoor area.
• 4.Good state of repair.

You may consider the following as Desirables:

• 1.Beach-front location.
• 2.Separate dining room.
• 3.Open fires.
• 4.Character features.
• 5.Garden.
• 6.Good views.

You may consider the following as Things to Avoid:

• 1.Property in need of renovation.
• 2.Roadside location.
• 3.Property very near to pubs, railway station, etc. due to the noise factor.
• 4.Property in run-down areas.

Property to renovate

Your own list will of course be dependent on your personal preferences. Whereas a property in need of renovation may be one person’s nightmare, if you are a builder or have contacts in the building trade, then this may be a very viable option for you to purchase a property at a cheaper price and do the work yourself.

Of course, considering buying a property that needs work doing on it will also depend on how quickly you are hoping to market it as a holiday let and how long you intend to be without rental income. If you decide on a house that effectively needs gutting and rebuilding, you may well have a project on your hands that will take in excess of 12 months to complete. While the property is not being rented out you will have no source of income from it, but it will be costing you in mortgage fees as well as the building work involved. Think carefully about the financial implications of this situation and how you will pay for the renovations. If, however, the house only requires a new kitchen or bathroom, or simply needs redecoration, this will probably only take a couple of month and then the house will be ready to market and therefore begin to generate an income.

Appealing to holidaymakers

The property you choose will have to appeal to a large number of holidaymakers, so it is important that you do not choose one that will alienate any prospective customers. For example, a picturesque cottage near to a fast-flowing river may look beautiful, but will it pose a danger to families with children and therefore encourage them to look for a more suitable destination? Likewise, a property with a railway line running at the bottom of the garden or near to busy roads could be equally off-putting. It is therefore important to take your time and choose your property carefully. Do not be tempted to try to save money by purchasing a property in a less desirable area or which has an unconventional layout as this could prove a false economy. You may struggle to get the customers, and even if you do get the bookings you are unlikely to get guests returning if they have been disappointed with the property or its location.

Generally, people who are looking for a holiday cottage are looking for something that at least matches the standard they are themselves currently used to, and quite often they desire something that bit more special. holidaymakers looking to book a cottage are seeking the property that they themselves would like to own and therefore will expect your property to match their own criteria. Of course, it is impossible to please all the people all of the time, but you must strive to appeal to most of the people most of the time!

When deciding on the type of property to purchase, it is also a good idea to consider the practicalities regarding renting. Holiday lets are usually for between one and two weeks. This means that you are likely to have a high turnover of guests passing through your property. Your holiday cottage will need to be thoroughly cleaned in a short space of time and, although inglenook fireplaces and heavily beamed ceilings look nice, they can be a nightmare to clean, especially in a limited period of time.

What have I got to offer?

Before deciding on the location and type of property you intend to purchase, it is vital that you look at this question and answer it honestly. We can all get carried away with the dream and think that we will have the time and energy to run a holiday let ourselves, but when the time comes will this actually be a viable option? Will you really want to travel to the property every week in the holiday season to clean and maintain the property? Are you willing to be at the beck and call of your guests? Can you make the time to give help and advice when needed? Will you be available to make your guests’ holiday run smoothly? If you live on the doorstep to your chosen property then the answer to these questions will probably be yes. If, however, you have a full-time demanding job and live a two-hour drive away from the property, the answer to these questions will almost certainly be very different. Even if you choose to leave the running of your property in the hands of a housekeeper you will, from time to time, still come into contact with your guests, not least if you are only checking that the letting process is running smoothly. If you choose not to be a ‘hands-on’ landlord and prefer to employ a caretaker, you will still need to put time and effort into your business if it is to be a success. How much time and effort you put in is entirely up to you.

It is a good idea to do some preparation work in time for the arrival of your first guests. Not only will this make the job of the housekeeper easier, but it will also ensure that the guests have ample information about the property and the area they are holidaying in. The more information you are able to furnish your guests with, the less chance there will be of them pestering you! Guests feel happy if they know the owner has gone to some degree of trouble to make them feel welcome.

Take the time to source places of interest in the vicinity of your holiday home and collect brochures and leaflets to leave for your guests. If you yourself have had a particularly good meal at a local pub, leave the details of the establishment for your guests to consider. Likewise, if there is somewhere you have dined out and had a really bad experience, mention this as well. Remember that the people holidaying in your house will only have a limited amount of time to explore the area. Most people are grateful if some of the legwork has been done for them and are happy to go with the owner’s help and advice on the best places to visit.