So you're thinking of investing in a holiday cottage? Smart move! The conventional buy-to-let market may be approaching saturation in many areas, with forlorn 'To Let' notices bleaching in the sun for months on end, but the holiday market is still booming, and here at least there is no reason why the boom should not continue.
Think about it. We are all being encouraged to be green and are constantly bombarded by reports of the damage our carbon footprint, in the form of low cost air travel, is doing to the planet. The increasing number of people who are fortunate enough to be able to take several holidays in the course of the year are thinking hard about jetting off to the sun on every possible occasion, and are looking for alternatives closer to home, for some of their breaks at least. The many hassles which air travel now routinely involves are another disincentive. Rising temperatures and long spells of sunny weather mean that a 'holiday in the sun' no longer necessarily involves foreign travel. (Remember this past Easter? The weather here was glorious - Spain was under cloud.) Britons are rediscovering beautiful Britain, and how better to do so than to live for a while as one of the 'locals' in a comfortable holiday cottage?
There are several other attractive features about ploughing your money into a holiday cottage. Try these for size:
So where to buy? You'll have to do some very simple homework, identifying popular areas. Unfortunately, popular areas can often mean higher prices, and sometimes it pays to think out of the box. A central location, with a lovely area and lots to do round about may find a market just as surely as something stunningly situated and remote.
When it comes to buying, the Scottish sealed-bid system is great for sellers, but nerve-racking for buyers. Attractive properties tend to go for well above the 'offers over' price. Remember to take furnishing and any refurbishment costs into account when placing your bid. Take advice from your solicitor or one of the experience contacts below, and if you really want the place, offer the most you can reasonably afford. That way, if you still don't get it, you won't be kicking yourself wishing you had offered another £1,000!