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Let's be realistic - holiday lets
Putting my neck on the line somewhat as this is the first in what is sure to become a series of posts :sneaky: and relates to an unrealistic selling ploy used by some agents. You might have seen the type - "many of our clients successfully let their properties for 300-400 gbp a week in high season" or "letting your property as a holiday home will enable you to recoup your investment in 5-10 years".
Let's be realistic!!!! You have bought a house, in a less than desirable village or part of a village, miles from the lake or any other tourist attraction - who on earth is going to rent it from you? Holiday homes on the lake are ten a penny and very affordable both in and out of season. Unless you are within a short driving distance from a spa resort, a known fishing lake (not the village tor) a town with attractions or other large tourist attraction, you are going to struggle to let your property and converting your outbuildings into 3-4 holiday apartments is, in my opinion, a total waste of money. Granted your intention might be to offer niche holidays; fishing, painting, cooking, bird watching or the like and in these cases a village house in the countryside (in a decent village) is ideal. If however, you plan to build apartments or convert an outbuilding for rental solely on the basis that you are a 15 minutes (or more) by bus or car to the lake, please think again as there is no demand. We witnessed the same thing time and again in Bulgaria. People were convinced to buy in out of the way villages on the premise that they could renovate the property and convert their outbuildings into "gites" as many did years ago in France. Like Bulgaria however, the demand is not the same as it was in France and there is a sufficient supply of accommodation around the popular tourist areas that many of those struggle to fill rooms even in high season. So, if your plan is to move here and provide yourself with an income by setting up apartments or a B&B, please do your research before you buy - get to know the area and what it has to offer before you buy. |
Re: Let's be realistic - holiday lets
Originally Posted by Rural Hungary
(Post 9698114)
Let's be realistic!!!!
You have bought a house, in a less than desirable village or part of a village, miles from the lake or any other tourist attraction - who on earth is going to rent it from you? Holiday homes on the lake are ten a penny and very affordable both in and out of season. Unless you are within a short driving distance from a spa resort, a known fishing lake So, if your plan is to move here and provide yourself with an income by setting up apartments or a B&B, please do your research before you buy - get to know the area and what it has to offer before you buy. We didn't buy ours for that reason though we are 5 minutes walk from the Strand:thumbup:, not far fom Heviz. A second "home" and investment for later possibly. |
Re: Let's be realistic - holiday lets
You are so right - It would help if a Balaton airport started up again but in the meantime there is no demand & far too much supply of pretty awful holiday rental accommodation. Main income has to come from hard work or other pension/investments. To date Hungary has yet to sell itself to the world but I know I will love to live there.
Originally Posted by Rural Hungary
(Post 9698114)
Putting my neck on the line somewhat as this is the first in what is sure to become a series of posts :sneaky: and relates to an unrealistic selling ploy used by some agents. You might have seen the type - "many of our clients successfully let their properties for 300-400 gbp a week in high season" or "letting your property as a holiday home will enable you to recoup your investment in 5-10 years".
Let's be realistic!!!! You have bought a house, in a less than desirable village or part of a village, miles from the lake or any other tourist attraction - who on earth is going to rent it from you? Holiday homes on the lake are ten a penny and very affordable both in and out of season. Unless you are within a short driving distance from a spa resort, a known fishing lake (not the village tor) a town with attractions or other large tourist attraction, you are going to struggle to let your property and converting your outbuildings into 3-4 holiday apartments is, in my opinion, a total waste of money. Granted your intention might be to offer niche holidays; fishing, painting, cooking, bird watching or the like and in these cases a village house in the countryside (in a decent village) is ideal. If however, you plan to build apartments or convert an outbuilding for rental solely on the basis that you are a 15 minutes (or more) by bus or car to the lake, please think again as there is no demand. We witnessed the same thing time and again in Bulgaria. People were convinced to buy in out of the way villages on the premise that they could renovate the property and convert their outbuildings into "gites" as many did years ago in France. Like Bulgaria however, the demand is not the same as it was in France and there is a sufficient supply of accommodation around the popular tourist areas that many of those struggle to fill rooms even in high season. So, if your plan is to move here and provide yourself with an income by setting up apartments or a B&B, please do your research before you buy - get to know the area and what it has to offer before you buy. |
Re: Let's be realistic - holiday lets
Honestly, you wouldn't believe some of the places I have been to and I hear the same thing time and again "once the house is renovated, we are going to convert the barn into holiday lets", I look around at the village, neighbours and neighbouring properties and think to myself, with total dismay, why on earth did you buy here let alone contemplate wasting more money on a non starter of an idea!
It's the lies that really frustrate me though - how many properties are regularly let for even 200 gbp a week? When Ryanair flew here and in high season, you could still rent a apartment or self contained unit for 4 on the lake or in one of the resorts for that price. In the past month alone, I have heard this from 4 different British buyers but you can't say anything as they know it all and I (in some cases, being a mere female) know nothing:rolleyes: There is a market for rural and niche rentals but in certain areas/villages! |
Re: Let's be realistic - holiday lets
Originally Posted by John Gilbert
(Post 9698242)
To date Hungary has yet to sell itself to the world but I know I will love to live there.
Sell yourself Hungary - so much to offer!:thumbup: |
Re: Let's be realistic - holiday lets
Well said Rural. Another thing to bear in mind, is that native Hungarians are unlikely to rent as a non holiday let either. Most Hungarians, certainly in rural areas, tend to live at home even after marrying and having children until they can afford to buy somewhere themselves - so any rent from this option would likely be minimal.
People, myself included, perhaps think before they move here that the property/rental market is similar to France etc - but it isnt. You could end up owning a property which is nothing but a burden IF you buy in the wrong area. Another trick used by some dodgy agents is to pretend they are your best friends - the oldest trick in the book - if someone is telling you only the good stuff about a place - then be wary. Another good ploy is to give you 'choices' - i.e. take you to three properties but one is far 'better' than the other two - thus clouding your judgement and making you think that you were offered choices. On the plus side, once you do get the 'right' property - and they are out there - Hungary could be that dream you were looking for. Errr I think I may have ranted - apologies :) |
Re: Let's be realistic - holiday lets
If you are out of the way, you would be far better alocating a piece of land for a caravan or 2, as they actually prefer to be away from everything in the main.
Far cheaper than building or converting buildings and more realistic for attracting holiday makers if you are set on making some cash that way. |
Re: Let's be realistic - holiday lets
Well if you're in the type of village I'm referring to... you would have to concrete the caravans into the ground and bolt down every item in them :thumbdown:
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Re: Let's be realistic - holiday lets
Just like caravanning in the UK then:rofl:
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Re: Let's be realistic - holiday lets
:lol::lol: to right.:D
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Re: Let's be realistic - holiday lets
I honestly never had problems when we lived in Kent and it was not one of the reasons we left.
Fortunately, Stevenlisa had a good guide whilst here ;) and kept away from the more unsavoury areas which, with regards to poverty, nowhere in the UK compares :( I'll show you some disheartening but intriguing sites when you return. |
Re: Let's be realistic - holiday lets
I have to admit, our guide was defo a good one ;) some of the estate agents we looked at were defo into ripping people off. One of the problems i think is that when you search the internet to find a property in Hungary, some un savory estate agents are the only things that pop up. When you are miles away you have the problems of time to spend getting to know areas. It is really hard. Lucky for us we had someone we could trust on board :) which took the worry of the what the area would be like away from our search and we literally just had to choose a house. I suppose the best thing to do (if you do not have acess to a good guide)would be to move out, rent and search on site, this however is near immposible for most :(
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