A retreat for the weekends, a holiday getaway for friends and family – owning a holiday property is a luxurious asset. If your mind is set on investment, there are properties for sale in Sri Lanka.
Before you buy a holiday property here are some things you may want to consider,
Location of the Villa
Whether you are planning to buy a property in Sri Lanka or elsewhere, make sure you like the location. If you are reluctant to invest then you can stay at luxury villas for rent near Galle and see how things go. The location is an important part of your investment so make sure that you love where your property is situated.
Cost of a Luxury Villa
When investing in a property you need to factor in all the costs that are involved. Starting from maintenance, electricity, water supply, and property management as well as the other overheads. Your dream holiday home can turn into a nightmare if your budget exceeds.
Managing a Villa
You will only spend a few weeks a year in your holiday property. Rest of the year you must make sure it is maintained properly. Hiring a property manager will be the best way to maintain and maximise your cash flow through rentals.
Due Diligence Before the Purchase
While you enjoy the benefits of a holiday property, you must acquire wealth from it too. Before you invest in a property make sure you can attract vacationers to the property. Ask local agents on the average rents for similar properties and occupancy rates.
Keeping your Property Safe
If your holiday property is likely to be unoccupied for longer periods then it’s crucial to consider proper security. You can contact a security firm or hire private security personnel. Installing security and alarm systems will be the way to go.