At this time of the year, many city residents relaxing in Australia’s coastal retreats turn their minds to securing a holiday property. But what should prospective homebuyers look for when selecting a holiday property?

Property industry figures point out that while beach access and views are important other factors such as size, proximity to services and possible saltwater corrosion should 
come into play when it comes to taking the property plunge.

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Bryan Hayden, director of Hayden Real Estate Torquay, says prospective buyers should opt for a well-located and low-maintenance home within reasonable driving distance of a major capital city.

The four must-haves

“The four major factors are location, access to the beach and views of the sea, access 
to amenities like shops and transport as well as ease of travel to and from the city,” Mr Hayden says.

“It’s also desirable to choose a property that requires little maintenance because if it does it will not only require finance and
time, but you will have to drive backwards and forwards to engage in repairs.”

He adds that with a few exceptions – for example Metung and Port Fairy in Victoria – the further away the property
 is from a major capital city the cheaper it is.

The real estate spokesman says price and location are the key drivers for most people buying 
holiday homes.

Mr Hayden says while the competition for a coastal home in some areas is very hot, he believes it is still a good time to purchase.

“Probably the best time to buy is now because interest rates are at record lows and look like they will stay that way for a while,” he says.

Do your research

PRDnationwide national research manager Asti Mardiasmo says prospective buyers should do their homework by checking out the number of rental homes or properties in their desired coastal area, its popularity among tourists (particularly seasonal tourists), and its potential rental income.

She adds that they should ascertain whether the property is prone to saltwater corrosion and examine its soil base because these elements may led to costly maintenance or pest problems.

“A lot of beach-front home owners are caught out with this, thus increasing unforeseen costs to the property,” she says.

Size matters

The PRDnationwide spokesperson adds that the size of the holiday house is also vital to ensure your family or a family of renters can be self sufficient and have enough space for all holiday-related gear.

“It is no surprise that self-catering apartments with large living space, balcony, and kitchen are highly popular for short-term holiday renters,” she says.
 “If you are planning to rent it out, make sure you have resilient furnishings to cope with wear and tear.”

Profit potential

Dr Mardiasmo says buyers should also educate themselves on tax rules in relation to holiday homes, so they can
maximize their returns when renting it out or eventually, potentially, selling it for profit.

“If you are planning to use the holiday home some of the time and rent it out some other time there are possible tax consequences to this,” she says.

“Therefore it is important to gain the right advice.”

This story was brought to you by The New Daily using data and other information from its real estate content partner, realestateVIEW.com.au.
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