You’ve decided that you want to invest in a holiday home; a property overseas where you can enjoy some sunshine or perhaps benefit from an investment. Your search for a holiday home will include different priorities and criteria compared to the criteria you had when searching for the home in which you live full time. So how do you know what to look for?
Firstly, you should be absolutely clear in the reasons for your holiday home purchase. Are you looking for a place where you and your family can enjoy extended holidays all year round? Or are you seeking an opportunity to rent the property to holidaymakers as an income stream? It is likely that the criteria that you draw up will differ depending on which of these is your primary aim. This doesn’t go to say that you can’t mix the two of course, but it will help you to isolate the primary role that the home will play for you.
Is it more important for you to be able to enjoy year-round holidays, or do you intend to visit your home only during a specific season and close up the house for the duration of the year? This will narrow down the locations that are practical so it is vital that you research the weather patterns of a location and the frequency of direct flights from your home location and what time of year, if any, they stop.
Some of us fall in love with a place. Indeed this is something that often happens with the island of Menorca with its relaxed vibe and unspoilt beaches. If you’ve not experienced this, though, your choice of location must be a much more considered process. Ease of transport links, both from your home and from the destination airport must play a part, as should car parking facilities and proximity to amenities, entertainment and beaches. All of these things are important to other holidaymakers too, so if you intend to rent your property to others, you should be even more ruthless with these criteria.
If you intend to holiday with your family, ensure that you have enough bedrooms. You may think this goes without saying, but remember that you are investing in a long-term holiday destination – are your children likely to have children of their own soon? How much could your family expand over the next five years? This also affects your required size of dining and living areas; on holiday it’s important not to feel claustrophobic! As a rental investment, where is your focus; smaller family units or large extended family and friend groups?
From swimming pools to air con to wi-fi, there are facilities that you will feel that it is impossible to live without on holiday. However, these are things which could be changed where a location cannot so you can treat them with a degree of flexibility. If you intend to add facilities to a home, however, it is vital to ensure that your plan is possible in terms of space, technological capability or legal permission.
Seek advice on any relevant legislation that will affect you. This may be property focussed, such as the recent legal requirement for Spanish properties to possess a valid energy certificate if they are for rent or to be sold. Alternatively, if you intend to rent your property ensure that you comply with guidelines around which properties are legally allowed to be offered as a holiday rental.
All of the considerations above will feature, to varying degrees, whatever the core reason for your search for a holiday home. The way to ensure that you have covered all the bases in your search is to embark on that search with someone who can offer you the benefit of their experience and knowledge. This is what we offer at Move Menorca and we delight in finding the perfect match for our clients.