Ask any financial expert what their best tip is and most will say “build a savings pot”. This is, of course, excellent advice, as we never know what life has in store for us. However, once we have a nest egg and a decent retirement fund accumulating interest, what else should we do with our surplus income?
Depending on your interests, there is a lot you can do with your disposable income. Travel is fun, as is gambling if you enjoy a flutter on the roulette wheel, but if you want to make your money work harder, investing in property is a smart move.
The Right Location
A vacation home ticks several boxes. On the one hand, once you own a vacation home you never have to worry about finding somewhere to stay. On the other, a vacation home in the right spot can easily earn you a decent income when you are not around.
Choosing the right location is critical. Firstly, it needs to be somewhere you and your family want to spend time on vacation. Secondly, it needs to be somewhere other people want to visit, too. Beachfront properties or real estate in ski resorts are always popular, but you need to strike the right balance between desirable and affordable.
For example, Amelia Island Planation real estate is a good investment, as the island is a popular vacation spot. Millions of tourists visit Florida each year and the attractions of Amelia Island are well-documented. If you buy a vacation home here, you can look forward to some fantastic holidays and a steady income. However, if you hate the hot Florida climate, a property in a more northern state might be a better choice, as you are more likely to use it for your own vacations.
Choosing a Suitable Property
While your own needs should take precedence, pay attention to what the majority of holidaymakers will look for when selecting a vacation property. Families with kids will want to be close to the main attractions, so a beachfront condo is a good choice, whereas golfing enthusiasts will want a property near a prestigious golf course.
Unless you know the local area well, speak to real estate experts. They can advise you on where the best investment areas are located. Property usually appreciates in value over time, but some areas appreciate more than others, so if you buy a property in the right location, you will maximize your investment.
Vacation properties need to be carefully managed. If you want full access to the property, there is little point in renting it out as a holiday let, but if you only want to use it occasionally, you may as well maximize its earning potential. Either way, however, the property will need a manager to keep a watch on things and prepare it for new rental clients when you are not around.
A vacation property can generate a rental income and capital growth, but only if you buy the right property. With this in mind, don’t rush into making a hasty decision and always take professional advice.
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