Want to holiday and be a property investor? As the little girl in the Old el Paso advertisement said, ‘por que no los dos?’
Buying property is definitely not the cheapest endeavour. It often has you saving lots of money that you’d either flick off to other things, like new stuff, holidays, cars, drinking – you know, typical Gen Y stuff.
But can we potentially combine buying with holidaying? You most definitely can!
What are the benefits?
Firstly I’ve just got to preface this article quickly, the notion of travelling and buying is more when you are at the tail end – ready to buy. Not at the start, or else that defeats the purpose.
So why would you combine a small holiday with your property purchase? Well if your looking to buy interstate, it’s almost a given.
One of the biggest tips I can give you is to explore the suburb of your choice as if you were living there. Just try the buses, transport, the roads, shops, even location to schools if that’s applicable. Learn about it and understand the benefits, this will help you understand exactly what tenants or families will look for when they live.
You can learn a lot by videos online, and guides and information, but nothing beats experiencing the real thing.
Interstate – Actually Experience it in the flesh
If you don’t live in the state, you can actually experience the suburb, and the home it the flesh. Explore the home, understand some differences, if you need to renovate, you’ll see what the agent is trying to hide. Pictures tell a thousand words, but you’ll need more than that to get a grasp on what you are buying.
Saving for a deposit takes a long time, and may have scuttled some of your plans in the past to travel with friends or family. So why not use the opportunity. Take two weeks paid leave, go explore the Gold Coast for example, and put aside a bit of time each day to explore the area you may one day invest in.
Nothing beats the real thing. It’s effectively an excuse, but a two birds one stone situation. Instead of travelling somewhere, and then later travelling just for the sake of a few open homes, save your money and combine them.
How to maximize your time holibuying
I’m making holibuying a thing by the way. It’ll catch on.
To maximize, be a frugal time manager. Have maybe two Saturdays while you are up there (or down), to visit open homes all weekend, take advantage of weekday open homes, and schedule private appointments. They don’t take long. What is 45 minutes out of your day? That’s almost all you need. Explore the area, it’s what you’d do when you travel anyway, but be more methodical than just aimlessly walking around till you find something to do.
Enjoy your time
Enjoy and explore. Who knows. If you own a property in that location, one day, you might realise you loved the area so much, you’ll want to live there for good. Why not!
Image Credit: Seven Seas Photography (Flickr)