If you’re a keen skier, you might have decided to join the thousands of people who invest in ski holiday property each year – after all, having your own place you can visit whenever you like for regular breaks affords all sorts of advantages over traditional skiing holidays.
Investing in property can mean you save money on your future holidays, and can also generate an income if you decide to let the chalet or apartment out when you’re not using it. It is important, however, to be aware of issues like the local property market and how established the local resorts are. Keep reading for our top ten tips to buying ski holiday property.
1) Choose an up and coming resort in which to invest if you want to make the purchase more affordable. Places like Bulgaria have recently emerged as new markets and prices here are still low but are rising every year, so make the investment sooner rather than later if you want to avoid costly accommodation in a few years’ time.
2) Consider buying a plot of land and having a property built – especially if you can speak the local tongue and can liaise with tradesmen. Buying land can be cheaper than purchasing accommodation that is already in situ, and it means you can create your own home away from home, or opt for a bigger development if you’re keen to generate a steady income from the property.
3) Think long and hard about the resort if you’re planning to keep the property for sole use. Is it somewhere you’re happy to visit year in, year out? Consider whether the resort’s attractions will still be as appealing five years down the line.
4) Find a unique selling point – perhaps the property is close to the slopes and offers ski in, ski out facilities, or maybe it’s in a little-known beauty spot. If the property has some great selling points, it’s likely you’ll be able to use them to your advantage if you plan to let it out in the future.
5) Check out the apres-ski scene, especially if you plan to let the property out. Different types of holidaymakers look for different things from resorts – families might be keen on quiet settlements without nightclubs but groups of friends may prefer plenty of bars nearby.
6) Compare the benefits of different property types, such as chalets and apartments. A chalet may cost more to buy, but it can usually house a greater number of people, potentially providing you with more cash should you rent it out. If you plan to stay in the property a lot yourself, the extra room may be appealing if you have a family, but an apartment may be more suitable for a couple.
7) Utilise the services of a specialist company when it comes to finding and purchasing a ski property, especially if you aren’t very familiar with the area you plan to buy in. There are numerous firms that can assist you in findings and buying a property, but check they’re reputable and haven’t had lots of negative reviews before you agree to do business with them.
8) Be led by your head, not your heart when it comes to buying a skiing property. Being realistic is really important; although you might have fallen in love with an old, expensive chalet in Megeve, if it requires a lot of restorative work it could end up being a costly acquisition compared with opting for a purpose-built new apartment in Morzine, for example.
9) Will you visit in summer as well as winter? Many ski resorts are also popular summer holiday destinations, and you can get good value from your investment by using it during the warmer months. Make sure there are attractions or sports available nearby in summer though.
10) Mitigate risks; investing in a property in a high-altitude resort is a safe bet, as these locations are always popular, but if you’ve chosen somewhere less popular it’s wise to make sure the property will still be attractive to renters. You might do this by adding catering services for the periods of time you let it out, or fitting the building with luxurious extras like a sauna or a hot tub. Take a look at the large ski chalets you can visit with Sno for some inspiration.
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