Thinking about buying holiday property? There are many things to consider when making your selection, from location to property type. With so many mistakes to avoid when buying a holiday let, it can be hard to know what not to do. Many new property owners may also get confused by the many holiday letting myths that abound.
How do you know what features to look for when buying holiday property? How can you tell whether a property will be suited to the short term rental market? Keep reading to get our expert tips on what to look for when choosing holiday property in Cape Town.
Buying Holiday Property? Here’s What to Look For…
There are a few things to consider when buying a holiday rental. The area you choose is every bit as important as your target market and how you plan to manage your rental. Over and above these factors, there are a few things that you will need to look for in order to choose the right property. To help you make an informed decision when buying holiday property, here are some things to look for:
- Property type. Although villas are always popular among holidaymakers, apartments can be equally sought-after. If you have a limited budget, you may find that an apartment is cheaper. However, it is good to remember that in Cape Town, apartments in the CBD, Waterfront and broader City Bowl area have a far higher value than those outside of the city’s hub.
- Swimming pool. These are always a popular feature. As Cape Town’s water crisis continues through 2017, you may want to consider a natural pool that does not require any top-ups or maintenance. Pool covers are also essential. If you do choose a property that has a pool, pay special attention to the water restrictions that prevent the filling of pools.
- Open plan design. Properties that have a seamless flow between kitchen, dining and living areas, with easy access to outdoor areas, are ideal for holidays. If you find a property that is otherwise perfect, you may consider removing a wall to open out the kitchen and living areas. Properties that have closed off kitchens may appear smaller.
- En-suite bathrooms. At the very least, the master bathroom should be fully en-suite. Private bathrooms help to create a sense of luxury, which is always appealing to guests. If your chosen property does not have private bathrooms, consider adding them as appropriate.
- Outdoor spaces. Even the smallest of balconies is inviting. Properties that do not offer any space at all will not be as popular as those with small gardens, decks, balconies or terraces that allow guests to enjoy al fresco dining or relaxation in the fresh air.
- Secure parking. Another thing to look for is properties that have garages or gated parking bays. Many guests hire cars for the duration of their stay. Street parking can be risky, even in safer neighbourhoods. If your chosen property does not have a perimetre fence, you could consider adding one that allows you to create parking areas.
Once you find the perfect property, you can start to look for the perfect short term rental manager. With plenty of experience in short term rental optimisation, Totalstay has a portfolio of leading holiday properties across Cape Town. Get in touch to learn more about how to proceed after buying holiday property.