In recent years, there has been a surge in self-catering holidays in Kenya. This is inspired by the growing trend of staycations, making holiday letting a more appealing investment.
The pandemic revealed that many of us would have liked to have a holiday home to retreat to, providing us with enough room to work, relax and spend quality time with our family and create memories.
Investing in a holiday home has become increasingly popular due to the emergence of digital real estate marketplaces such as Airbnb and the rise of remote working.
People may choose to purchase a holiday home for one of two main reasons; either they are looking for a new place to settle down or they simply enjoy travelling and want to build a home at their dream destination.
Prior to investing in a vacation property, there are a number of important elements to take into account.
Superior Homes Kenya Head of Sales, Clive Ndege shares some factors to consider:
When it comes to investing in a holiday home, the location is of utmost importance. Pick a spot that is close to essential services and amenities, as this will enhance the value of the property in the long run, no matter whether it is meant for personal or commercial use.
As far as possible, pick a desirable area for your vacation home - such as the beach or mountains, since these are the most popular destinations for leisure travel.
With the easing of the Covid-19 restrictions, more Kenyans are opting for staycations and international visitors are coming to the country too. So it makes sense to select a holiday home in a location that is easily accessible and close to other tourist attractions.
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Popular spots in Kenya could include Mombasa, Kilifi, Lamu, Nanyuki, and Naivasha.
In addition to enjoying your vacation home yourself, you’ll likely want to rent it out when you are not using it. To do this, it is important to ensure that there is a demand for holiday properties in the area, both during and outside of peak season.
You may need to consider having a property manager if your holiday home is distant from your primary residence, in order to maximise your investment. This will afford you the peace of mind to focus on other things in life.
It is essential to take into account the cost of upkeep and maintenance of the holiday home. This includes both repairs and replacements, in order to protect the property from wear and tear.
Creating a good experience for guests can be challenging, with regular changeovers and the need for upkeep. Therefore, it is important to consider all of these factors when making the decision to buy a holiday home.
Rather than taking care of the maintenance of the property yourself, you may choose to outsource it. In that case, the property manager will get a percentage of the rental income as a fee.
It is recommended to consult a trustworthy real estate professional prior to investing in a holiday home. Make sure to conduct your research properly, as you would with any other investment when considering a holiday home.