Buying a holiday home as a lifestyle choice
Buying a holiday home isn’t just about making money. Buying a holiday home in an area you love can also count as a lifestyle choice. And it’s often a life changing one too! Such is the case with many buyers of holiday homes in Cornwall, whose decision to purchase has as much to do with their investment portfolio as with what they want out of life.
An outright holiday home
The name says it all – a holiday home is first and foremost about, well, holidays. How often have you spent a holiday somewhere and wished you owned a property there? Somewhere to call your own and return to whenever and as often as you wish.
This urge is particularly strong when it comes to an area you visit time and time again because you love it so much. If Cornwall is your favourite holiday destination and you find yourself returning to the same spot year in year out, it makes sense to think about buying a property.
The benefits of your own holiday home
Having your very own holiday home in Cornwall will inevitably reduce your holiday costs. You’ll also save time and energy on packing because you can keep your holiday essentials in the house rather than lugging them backwards and forwards. And perhaps best of all, you can visit at any time of year and discover the delights of Cornwall whenever you choose.
If you pick the right spot for your holiday home in Cornwall, not only will you enjoy holiday after holiday but you’ll reap the rewards financially when you eventually decide to sell. Holiday homes in the right locations (and Cornwall has plenty of these) sell extremely well, particularly those with proven holiday letting success. Your purchase will provide a nice little nest egg for the future.
Making extra from your holiday home in Cornwall
Initial financial outlay on a holiday home can be steep so it makes sense to look into reducing the costs. One of the best ways to do this is to let your holiday home. Income from letting your holiday home will help cover your running costs and possibly provide funds for upgrades or extra facilities. If your holiday home proves popular – remember it’s all about location, location, location – letting income will provide you with some extra cash.
Been there and done it
The Thompsons love Cornwall. So much so they bought a holiday home there. To help cover their running costs, they decided to let their home Rock Pools, a decision that, with some help from us, has been a great success:
Cornwall had always been a place where we felt at home, and we wanted to spend more time there. Relocating our work wasn’t a practical option and so we settled on the idea of a holiday home. We found the perfect property that is commercial enough to be popular to let out but also somewhere that can feel like home when we visit. So, the property was more than just an investment but a personal stake in a very special place. This part of the south Cornish coast has been somewhere that we visited for twenty-five years and it really feels like home.”
A retirement haven
When you visit somewhere on holiday you often eye the place up as a possible retirement destination. Where better to spend your hard-earned rest from work than in the place where you enjoyed your best holidays?
Unsurprisingly, Cornwall features as one of the top retirement spots in the UK. Although not everyone manages to fulfill their dream and retire to the county. One way to bring that dream considerably closer is to buy a holiday home in Cornwall before retirement, make a letting income from it and then move in once you give up work. The added bonus is, of course, that you don’t have to wait to retire to holiday in the property yourself between lets.
The right property in the right place
When choosing your future retirement home, you’ll need to combine your requirements with those of holiday guests. Pick the location carefully and make sure it appeals to holidaymakers and fits in with your retirement plans too. Think as far ahead as possible – being near amenities will benefit you hugely in the future as well as making the property more attractive to guests.
An ideal income stream
Letting out your future retirement property helps you cover running costs, an important consideration when you own a second home. As your holiday home gains in popularity among guests and you build up a steady income from lets, you can extend, refurbish and/or upgrade your property with your future needs in mind.
Been there and done it
The Lloyds always wanted to retire to Cornwall, but before they did, they bought Tredorne Cottage near Boscastle. They let the property to holiday guests through Cornish Traditional Cottages for 12 years before they retired in 2015 and moved into the cottage themselves to, as they put it, “live the dream”.
“The Lloyds always knew that one day they would want to move from their home in Hertfordshire and retire to Cornwall, the county they love the best. To set this plan in motion, they purchased a detached property near Boscastle.
For 12 years, the owners took great pleasure in staying at their property in between guests and also benefited financially from a very successful holiday letting property, which initially covered its costs. In later years, this income stream also enabled them to make improvements to the property in anticipation of the day that they would move in permanently.
Sadly for us but happily for the owners, their wish came true, and they are now happily ensconced in their home and living the Cornish dream. It’s not unusual to find them in their local inn with a pint of real ale in hand and the dog curled by the open fire.”
George Edward-Collins, Cornish Traditional Cottages
Live in and let out
If your lifestyle allows it, you can live in your holiday home for most of the year and let it out during peak holiday season. This option means your ideal holiday spot becomes your permanent home and you get to enjoy the benefits of extra income from holiday lets.
The huge advantage of this option is that it gives you the best of both worlds. Not only are you ‘holidaying’ year-round in your favourite spot, you can help pay for the property’s maintenance and running costs through holiday lets, or even pay for your own holiday.
DIY or hands-off maintenance
If you go for this lifestyle choice, you obviously have to vacate your home for holiday guests. This raises the question of managing the changeovers and possible guest emergencies. You can opt to do it all yourself – a practical option if you plan to stay near your holiday home. On the other hand, you can put the management into the hands of a holiday lettings management company and let them do all the hard work. This option allows you to get away and take a holiday yourself!
Been there and done it
The owners of Cassies Cottage in St Mabyn have turned their holiday home in Cornwall into their permanent home and they live in this idyllic holiday spot for most of the year. To pay for its upkeep, they let Cassies Cottage during the summer. As soon as the holiday season arrives and with it, maximum holiday let potential, they leave the cottage to their holiday guests and return only to do the changeovers. In between, they continue to make the most of Cornwall as they travel around the county in their campervan!
If you like the idea of buying a holiday home in Cornwall, do get in touch. We’re more than happy to advise on location and property types to help you find your perfect lifestyle choice.