Five Things to Consider When Buying a Noosa Holiday Unit with Home Scouts
Love holidaying in Noosa and been dreaming of buying your very own holiday unit? Rebecca Jamieson Dwyer gets the lowdown on finding your perfect future place in the sun.
Buying a holiday unit in a place you love and visit regularly can be a savvy choice, especially if it means you have an excuse to visit more often and can enjoy zero accommodation costs during your trips – not to mention the potential tax benefits! Buyers’ agent Bronwen Stacey of Home Scouts gets lots of enquiries within Queensland and interstate, from those looking for holiday-unit options in Noosa – with most people seeking a place that they can use themselves several times a year, but that will also generate an income as a holiday unit on the short-term market. And it’s not surprise with low stock levels, locational restrictions, seasonal fluctuations in occupancy rates and more to consider, it pays to engage an on-the-ground expert who has the local knowledge and access to properties that will put you streets ahead of the competition when it comes to securing your dream property.
Here are some top tips from Bronwen when it comes to purchasing your very own little slice of Noosa:
Find Your Balance
“Buying a holiday unit in Noosa is an exciting prospect, especially if you’ve been holidaying here for many years,” she says. “But the limited stock available can present a challenge so you need to balance your budget with finding a property that fits your criteria.
“As a buyer’s agent with long-term connections to the region, I can guide you through the whole process – from finding suitable properties to reading the fine-print; providing invaluable insights to help you establish what you need to make the transition from holidaymaker to holiday home-owner a smooth one.”
Location, Location, Location
“Location is very important when it comes to holiday units,” Bronwen shares, “You can’t just buy a unit and rent it out as a holiday let as Noosa Council has very strict regulations in place. There are zones that permit holiday letting, and others that have been marked as potential areas for this.
“I help demystify this for my clients by providing them with the current information so they can make an informed decision.”
Rental and Occupancy Rates
“Some investors may be thinking they’ll make a solid income year-round, but that’s not always the case in tourist areas where demand can fluctuate throughout the year,” Bronwen says. “Rental demand can vary wildly in holiday homes compared to traditional rentals, so understanding the market is the best way to know if buying a holiday unit is right for you.”
“I always encourage my clients to work closely with their financial advisor or mortgage broker to understand what income the rental is likely to generate.
Know Your Costs
“Something many people may not realise is that holiday homes can have higher management fees, particularly in complexes with high body corporate and resort fees,” she says.
“A big one that buyers often don’t know to look out for are proposed special levies for any future holiday complex upgrades, and these can be huge costs.
“As part of my detailed due diligence for a recent client, I discovered there was a special levy of $150,000 per unit planned, as the resort needed significant upgrades.
“Doing your research – or engaging a buyers agent to do it for you – can save money and issues down the track. I love diving into the small print for clients so they have the full picture and don’t get any nasty surprises.”
Inclusions are Everything
“When it comes to holiday units, inclusions and access to amenities are more important than ever,” Bronwen says. “Aim for walking distance to the beach or river if your budget allows, plus great access to cafés, restaurants and retail. The unit should be air conditioned and furnished for holidaymakers.
“Water views are always desirable, and having a pool in the complex is key to maximising occupancy and rent.
“Properties that tick these boxes are always in high demand, so I encourage clients to take their time and wait for the perfect property to come up, rather than jumping into something that potentially isn’t right for them.”
As well as being a respected local buyers agent, Bronwen is the Secretary of the Real Estate Buyer’s Agent Association of Australia – a national network of buyers agents working to establish guidelines for professional conduct and raise the profile of the industry – so you can be sure of her expertise when it comes to helping you find your Noosa home… holiday, or otherwise.
