No matter which property you buy and at what price, choosing the right location is very important. The location decides the future of the property if you purchase it for rental purposes and even if you are buying for your own, the location plays a very important role. When it comes to purchasing a holiday home, selection of the right location becomes even more important because that would be the place where you will come with your family to enjoy your vacations or leisure time and the wrong location will ruin your overall experience. Coonoor is one of the most happening places in India to purchase a holiday home and if you are buying gated community plots in Coonoor, make sure the location of the plot is decent.
In this article, we will discuss a few points that you should keep in mind while choosing the right location when you are purchasing a holiday home.
When you are buying for yourself
As discussed above, if you are buying a holiday home for yourself and your family, it becomes very important that you choose the right location. When you are spending so much money for your mental peace and to spend some quality time with your family, if something goes wrong in selecting a perfect location, the whole experience will be ruined. The location of the holiday home for your personal use must be far away from the hustle-bustle of the city so that you can come to your personal space and enjoy a peaceful and quality time either alone or with your family.
Also, some people are fond of beaches while some like mountains, so ask yourself which one you prefer and select the location accordingly. Even if you are buying for rental purposes, always think that you are buying for yourself because in that way, you will select the best property at the best location.
When you are buying for rental purpose
If you want to buy a holiday home with the intention of renting it out, the location is the most essential factor in determining occupancy. If your property is located within a couple of hours of a big city, the likelihood of individuals wanting to remain all year is considerable. If your home is near a major tourist attraction like Coonoor or Ooty, you will receive more inquiries than if it is located in the city centre. If you own a picturesque home with mountain ranges as a backdrop, but little access to large towns, it will perform well at peak periods, but it is unlikely to fill up during off-season weekend getaways.
The major reason behind purchasing a holiday home for rental purposes is to earn money so in order for the property to be successful commercially, it must be in the perfect location with all the other factors mentioned above so that it gets maximum bookings for both long and short trips.
If you are thinking of buying a house for sale in Coonoor, which is a very good tourist spot you must do a deep research before you finalise the property. The owner of the house, previous tenants if any and many other things must be researched before you agree to buy the house. The research also includes the research in price of the property by asking the locals about the current price of the property in the market. This will ensure that the owner does not sell the property at more price than the market and you are not bluffed. It is always better to research everything before deciding the one property you like.
Try to know the rental demand of the property
If your sole purpose of buying the property is to give it for rent, you must always try to gauge the rental demand of the property you are finalising. This will give you confidence that the holiday home you are purchasing has a high demand locally. For this, you can follow local newspapers and different websites to know if the location you have selected has a high rental demand or not. Also, if you have not finalised the location, gauging the rental demand of the property will help you make a decision as you would always want to select the location which has a high rental demand so that you can make good money from the occupancy throughout the year.
Try to gauge the future of the property
When buying a holiday home for rental purposes, it is not only the current demand of the property that matters but also the future potential of it. The construction plans of other properties in the nearby areas of the location which you have finalised might positively or negatively impact your business in future. To know about the future plans, you can meet the local agents who are into this business and other real estate people and can discuss the future plans of construction in the selected areas. There is no point selecting a location of a holiday home which becomes worthless for tourists in say the next 2-5 years as you will obviously look for lifelong business opportunities.
Useful Amenities nearby
Because your vacation house will be self-contained, people will want to dine out, so having a bar or restaurant close by is a plus. Similarly, a tiny neighbourhood store will save an hour-long round journey for basic supplies such as milk, bread, and biscuits. A home that is close to ideal would be a few hours’ drive from a large metropolis. It would be in a tourist attraction or quite close to one, and it would be within walking distance of the nearest retail mall. Also, if your budget allows, you can open either a small shop for daily needs for the tourists living in your holiday home so that they don’t have to go outside to buy these things. A small restaurant can be opened as well.