Holiday homes are becoming more and more popular as city hype escalates. Many people are opting to purchase properties outside the Sydney CBD for other reasons than purely for investment.
The majority of people are purchasing purely for relaxation and recreation on weekends and holiday periods throughout the year.
It is not only difficult to get a place during peak period at your holiday spot, but also extremely expensive.
A lot of people choose to purchase property in an area that they might very well retire in. This enables them to really see if they like living in that area before they settle down into retirement.
In most cases if you can afford to buy no more than say three hours away from your full time place of residence, you will find that it will be used regularly. Any longer than three hours tends to be that little further creating a little bit of hesitancy when deciding should you get away for the weekend.
Lifestyle appeal and environmental features, inclusive of national parks, beaches and good facilities are all a big plus when looking at purchasing. If you like renovating and it is a form of relaxation for you go for it, but remember if you purchased this property for just getting away from it all renovating should be the furthest thing from your mind.
Keeping a holiday home maintained and tenanted can be a bit of a battle, and if it is negatively geared then you cannot use it in peak periods because you then have to convince the taxman it is indeed a rental property.
Hot tip: My tip would be to enjoy your holiday home with family and friends, and rejoice in that true feeling of peace and serenity before you have to come back to the big smoke to face another week of work.
