It isn’t difficult to understand the appeal of owning a holiday home in the UK. We’re sufficiently blessed in this part of the world to have a strong stock of holiday homes from which to choose, on often stunningly picturesque backdrops. Such a home might be an inviting place for you to stay and relax with your family, or you might wish to rent out yours to other people.
Whatever the situation, if you’re in the market for a UK holiday home, there are a few factors you will need to consider – such as those we have set out below.
Firstly… why are you looking to buy a holiday home at all?
There are many circumstances and factors that may lead to a given person seeking to purchase a holiday home in the UK. Broadly speaking, you will probably be looking to buy such a property – or a caravan – to live in and use yourself, or as a financial investment.
If you’re in the first of those categories, you might like the idea of getting to spend more time in a location that is sentimentally important to you – for example, somewhere you have fond childhood memories of, or where you met your partner.
Or you may be considering holiday homes in locations where you could easily involve yourself in certain activities you love, such as hiking in the countryside, surfing at the beach, or going to the theatre in a nearby city.
Alternatively, you might be interested in buying a holiday home with a view to renting it out to holidaymakers. Such properties can certainly provide a dependable rental income if you make all the right decisions.
Bear in mind, though, that whatever your justification may be for entering the holiday home market, you should never allow your heart to entirely rule your head.
What will your budget mean for your purchasing decision?
Certain parts of the UK – such as Cornwall and Devon – are extremely well-established hotspots for holiday homes. This means you may require a hefty budget in order to invest at all, but you will also be able to expect healthy rents. Plus, such reliably sunny and scenic areas of the country are hardly likely to “go out of fashion” among holidaymakers in the foreseeable future.
But on the other hand, the enduring popularity of holiday home and caravan holidays in the North East, North West, and other slightly less “obvious” destinations could present you with the chance to snap up a relatively overlooked holiday home that offers “punch for your pound”.
Be mindful, however, that buying a holiday home in a cheaper and quieter location might turn out to be a false economy if there are extended periods during the year when the property is left empty instead of being rented.
Do your research on holiday home locations
If you want to be relatively “risk-free” with your holiday home investment, you might simply target one of the top UK family holiday destinations. According to Mumsnet, such locations include the likes of Northumberland, the Isle of Wight, North Norfolk, Pembrokeshire, and the Lake District, to cite just a few.
But as we touched on above, choosing the ideal location for your UK holiday home isn’t just a question of picking out a universally popular destination. As well as the price relative to your budget, you will want to consider factors such as:
· The local amenities and attractions
Again, personal interests and sentiment might influence you here. If you’re a “culture vulture”, for example, you might target a holiday home in or near London, Edinburgh, Bath, or another major city that offers an abundance of museums, art galleries, and heritage properties. Or if you’re looking to target ramblers or live somewhere during the summer that is walker-friendly, you might look towards the Cotswolds or the Lake District.
Don’t forget to research the more “mundane” (albeit essential) amenities nearby too, and the ease with which they can be reached, encompassing shops, pubs, and restaurants.
Then, there are those tourist attractions that are typically free to take advantage of, such as verdant parks and sandy beaches. Young families who rent your holiday home, for instance, might be thankful for these facilities when their money is running tight towards the end of their break at your property.
· Accessibility and transport links
Even if almost everything else about the holiday home you’re considering looks great, it might be made a much less attractive investment if the transport infrastructure is less than optimal (and of course, this applies whether you plan to rent out or live in the property yourself).
So, you should make sure you are well-informed on how quick and easy it is to get to the given holiday home by road, train, or other methods, such as flights.
Take note of any nearby attractions or events – such as Stonehenge or any big music festivals held locally – that might cause roads to become clogged up at certain times of year.
· The distance between your main home and holiday home
Think, too, about the proximity of the holiday home to your main residence. If the property is difficult to reach, this might impact on how often you can enjoy it, as well as your ability to get to the property in the event of “emergencies”. It might also have implications for the holiday home insurance you arrange.
Of course, some prospective holiday home owners are attracted to the notion of buying a property some considerable difference away from their principal home. For example, there is no shortage of people who live in London or the South East, but who advertise caravan holidays in the North East or the North West.
If this describes your situation, you will almost certainly want to put aside some money to pay for a property management service. This will enable you to ensure trustworthy people are looking after and managing your property in ways that cannot be done entirely remotely.
Conclusion: make the right holiday home purchase, for the right reasons
As exciting as it can be to invest in a holiday home, you are advised to adopt a long-term perspective on your decision-making, given how serious a commitment any property purchase is.
By establishing exactly why you are looking to purchase a holiday home, and carefully thinking about the factors that will support your aspirations, you can help ensure you make a sound decision that brings you an immensely rewarding ownership experience.