Since becoming a tourism hotspot, there has always been an attraction toward buying a Port Douglas holiday home. Whether it be for family holidays, an investment property, or a place to retire in the future, Port Douglas has always been in demand. This has held true throughout the COVID-19 pandemic, and is expected to continue into the future.
The Port Douglas property outlook for the near future suggests that there will continue to be an increased demand for holiday homes in the Port Douglas area. There continues to be a high volume of property sales happening in the region. If you are considering buying a Port Douglas holiday home, here are a few things to consider.
Do Your Research Before Buying Any Home
As with any large purchase decision or investment venture, it’s important to do your research. This includes doing your research into the area, the non-negotiables for you, the costs involved, and more. You might even like to speak to local real estate agents or residents to gain a deeper understanding of the area before making any moves.
While tourism has taken a massive hit in the Port Douglas region since the COVID-19 pandemic, this hasn’t caused the local real estate market to crumble. In fact, buying a Port Douglas holiday home is in increased demand and properties are still going strong.
As a result of restrictions during the COVID-19 pandemic, many people have opted to invest closer to home rather than spend money on overseas travel. On top of this, many workers now have the flexibility to work remotely post pandemic, which has added to the interest for buying a holiday home or moving to a coastal region.
Port Douglas holiday homes are perfect for getaways, and it’s an ideal location to own a holiday home. The relaxed beachside lifestyle and many tourist attractions are just the beginning. The Port Douglas region really is a perfect getaway destination for anyone who wants to escape the hustle and bustle of living and working in the city.
Decide How You’ll Use Your Port Douglas Holiday Home
When it comes to holiday homes, you will need to decide how you want to use your new property. There are a few different options you might like to consider, including:
- Do you want to rent out your property during the whole year?
- Do you want to rent out your property during peak seasons, and live there during off peak seasons?
- Do you want to simply use your property for yourself, and keep it empty while you’re back home?
While it’s completely up to you, it’s important to have a clear plan and objectives in place as to how you’d realistically like to use your property.
Typically, holiday homes are properties that you buy for visiting during your holidays. While you don’t usually live there for a lengthy period of time, you always have the option to visit when you want to get away from your everyday life for a while. You can stay as short or as long as you wish, because the property is all yours.
When you aren’t using your holiday home, you have the choice of renting it out to make some additional income and pay off your bills. This often helps to offset the many upkeep costs associated with owning a holiday home, or even your regular home. Make sure to chat with a professional about the realities of renting out your holiday home.
Understand the Costs of Buying a Coastal Holiday Home
It’s important to do your research and understand all the costs involved with purchasing a holiday home, particularly a coastal property. You’ll want to ask yourself, is a Port Douglas holiday home a good investment for you?
Although you are probably already aware of the many costs involved with buying a home, it’s important to do your research into additional costs. These are costs associated with living in a coastal area, and costs involved with renting out your home and increased upkeep and maintenance between tenants.
If you’re using a bank loan, the loan interest is potentially the biggest expense. But there are many other things to consider such as insurance, utilities, rates, cleaning and general maintenance. Often people don’t fully understand the cost of running two homes. Make sure to look into any tax implications associated with a holiday home.
Ready to Make Your Next Move?
Buying a Port Douglas holiday home can be very rewarding, and you’ll have a beautiful getaway spot on hand. If you are ready to make the next move and buy a holiday home in the area, reach out to a local agent such as the team at Property Shop Port Douglas.