Clear on the rules and got the money sorted? Is it time to start the hunt for your holiday home?
If you are one of the many kiwis who are planning to invest in another property which you will use as an escape from your usual routine, then keep reading, as Harcourts has some advice on the first steps you should take to turn your dream into a reality.
Jo-Anne Clifford Chief Operations Officer Harcourts International, says that the number one consideration should be location – she asks, “is it close enough to your home to get away to on weekends and is it a place you'd be happy returning to year after year?”
There are many things to consider when searching for your ideal holiday home. It might include total seclusion from the world and come in the form of a cottage hidden away in the bush, or it might be a beach front property where you welcome hordes of other holiday makers to use the cut-through on your property to get to the beach.
What the decision will come down to, is a personal choice, so you need to be really clear on what it is that will really make your new property somewhere you want to spend every hour of every day that’s available to you in your downtime. Our top tips for find the perfect property to meet your needs are:
- Decide what you want to get out of your holiday home
- Look at the land price trends for the area
- Buy in a year-round destination
Harcourts insights have tracked that spring and summer are busy times for residential property, and the same is true when it comes to purchasing a holiday home.
The Harcourts offices which service hot spots like Paihia, Mount Maunganui and the Marlbrough Sounds experience a huge upswing in interest, particularly over the Christmas and New Year period.
But while there are some obvious choices about desirable locations for holiday makers, you still need to do your homework.
Clifford continues, "Look at the land price trends for the area you're looking to buy. If the land value hasn't increased in several years, and that doesn't look like it’s changing, then you're probably not going to make a capital gain on your purchase.
However, if the location is good - close to amenities and attractions - you can make a return by renting out your holiday home while you're not using it to help pay for ongoing and maintenance costs. Buying in a year-round destination will help to deliver more consistent returns.
As ever evolving kiwis, our expectations of holiday homes are changing, and when we rent a house to have a holiday in, more of us are looking to high-quality properties, rather than the rustic Kiwi bach or crib.”
Whichever way you choose, talking to local Harcourts agents and property managers can help you on your way to living the kiwi dream!