When purchasing a holiday property, you will have the choice of buying new build or resale.
While resale properties typically list for 10-20% less than new build it would be wise to look beyond just the purchase price of your holiday home. Here are a few factors of importance…
Advancements in energy efficient windows and cooling systems dramatically decrease the running costs of a villa which increases your potential return on investment. Most aircon systems are designed to last 15 years so with the average resale it has already lost half it’s life and the cost to replace start around $7,500.
- Avg monthly utility cost ($)
As with the cosmetic upgrades that are needed in resale properties, so are furnishing updates. Today’s renter is looking for the wow factor in a holiday property and that 10 year old cookie cutter furniture will not make the cut. Typical furniture upgrades for a 4 bed villa will cost you $35,000.
Today’s communities are built to attract the renter by offering resort style amenities such as zero-entry pools and lazy rivers, pool side dining and spas. Again, if your resale community does not offer, you cannot change this.