Should You Purchase A Holiday Home In The UK?
However, staycations have become increasingly popular over the last decade, creating an opportunity for citizens to explore the hidden corners of the UK and spend more of their hard-earned cash on their travels.
As a result, many are committing to long-term domestic tourism by investing in their own holiday home. But what exactly are the pros and cons of this investment? Let’s find out!
Buying a Holiday Home – The Cons
According to the team at Park Holidays, holiday home sales have sky-rocketed since the company reopened in July. This should come as no surprise, given the impact of international lockdowns and prohibitive quarantine measures.
However, purchasing a holiday home isn’t a short-term investment, so you must achieve sustainable value for your money once a vaccine has been discovered for the coronavirus.
Otherwise, if you don’t intend to use your holiday home regularly or rent this out to potential tenants (which may incur additional costs in terms of property management), you’re unlikely to see any return on your capital.
Similarly, buying a holiday home in an area with poor or inadequate transport links can undermine a property’s appeal and future rental value.
Unless the property can be reached with relative speed or ease (either by car or rail). You’re unlikely to make regular visits or market the structure at a price that can deliver a sustainable profit.
Investing in a UK Holiday Home – The Pros
Conversely, there are many pros to buying a holiday home in some circumstances. Particularly if you’re committed to domestic tourism or are looking to make a wise investment.
Regarding the former. A holiday property enables you to enjoy the freedom of a home-from-home lifestyle while on your travels while simultaneously experiencing the beauty of the UK’s countryside and coastal towns.
Investing in properties at established parks can also create tremendous flexibility regarding when you book your holidays during a typical calendar year.
Although this may incur a price premium. This also helps to create a more appealing proposition when looking to let your holiday home. As these parks have tremendous transport links and are home to a raft of viable facilities.
Some parks even offer 50-week seasons. So you can invest in a holiday property that can be let all year round. And generate substantial levels of passive income.
In this instance, you may also want to invest in a structure equipped with full heating. And double glazing suitable for frequent during autumn and winter.
Even on a fundamental level, buying a home can generate significant cash savings over an extended period.
This is particularly true if you book regular staycations and look to get away frequently throughout the year. You’ll ultimately eliminate future accommodation costs and allow you to enjoy more frugal holidays over time!
