Investing in a tourist residence: how do you choose?
Investing in a buy-to-let residence, particularly in a service residence, allows expanding ones income and building up ones assets. But how do you choose the right one?
The profitability rate of tourist residences (around 4%) and the possibility of enjoying a low-cost holiday for one to three weeks a year make these properties particularly sought after. These properties are furnished and equipped with a number of services, such as cleaning, linen rental and catering.
Attention to location
Indeed, tourist residences cannot evade the golden rule of real estate: as with any purchase, location is the first criterion to be taken into account. Whether it is a seaside resort or an apartment in the mountains, accessibility to entertainment and activities is fundamental. For instance, a residence located 20 minutes by car from the nearest beach will be less popular than another that directly overlooks the sea. In the context of a ski resort, it is important to consider the altitude, indeed the higher the altitude, the longer the skiing season, and the higher the occupancy rate. Also bear in mind the summer activities (spa, hiking, mountain biking etc…). The accessibility to these activities will enhance the attractiveness of the property also during the summer months. Finally, accessibility by car and by public transport must be optimal to ensure holiday makers are convinced.
The manager: an important factor
Another fundamental factor is the choice of the manager. It is indeed he who will ensure the sustainability of the placement. They will also be responsible for finding potential tenants and collecting rents, in addition to the maintenance and management of services. It is therefore essential to ensure that someone sufficient is selected for the role so that they can provide these services throughout the term of the lease. Furthermore, it is preferable to pick someone reliable, perhaps someone who already manages several residences or is fully-experienced in this sector.
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