10 Nice property investment tips
The ability to derive an income from a property purchase in Nice is an important factor for many Nice Pebbles clients. We manage over 100 rental properties in Nice and the French Riviera on our Nice Pebbles and Riviera Pebbles subsidiaries and have an in-depth knowledge of the holiday rental market. Indeed, this is one of the three principal reasons why buyers choose us over other estate agents in Nice.
These 10 tips on purchasing a holiday rental investment should stand you in good stead as you search for such a property in Nice.
1) As all of our clients realise, location is everything. Consider where a new visitor to the Riviera would like to stay: the Old Town, Port, Massena and Carré d’Or being obvious examples. Think about the position of the major hotels in Nice: are they out in the suburbs or are tourists demanding accommodation near the beach, Promenade des Anglais and Old Town?
2) Don’t be put off by unattractive common areas in the building. Communal areas fade over time but are regularly redecorated. Today’s scruffy stairways parts are tomorrows’ refreshed ones, and vice versa.
3) Lifts can be important but are not essential. As our experience in the holiday rental market shows, we have apartments in the top floor that are amongst our best sellers. It’s not just the amenities that are important – its what you put into the space you buy. Only a dozen apartments in Nice Old Town – the most historic area of the city – have elevators so this is something to bear in mind when purchasing in this area.
4) Balconies and terraces are moderately difficult to come by in central Nice but are more common in the surrounding zones like Fabron and Mont Boron. Finding an apartment with outside space will enable you to rent your new property in Nice for a premium.
5) Be aware of natural light. Artists like Matisse and Dufy came to Nice because of its sunny glow and millions of tourists follow in their footsteps every year. Are you purchasing a property in Nice that makes a guest feel like they’re on holiday? What walls, if any, could be easily taken down to improve the apartment’s sunny disposition?
6) Sea views are a real rarity in Nice, as they are in any large Mediterranean city: only front row seats qualify for the panorama. Apartments and villas in Nice with a sea view fetch a premium and rent for a premium, especially when this much sought after attribute is balanced with other factors, such as proximity to local shops and restaurants.
7) Ask yourself a simple question. Would my family and friends enjoy staying in this property in Nice? If you find the neighbourhood a little dull then chances are a rental client will be of the same viewpoint. However, most of our properties for sale across Nice are wonderful: it’s normally a question of which property would maximise my rental income, rather than would it be suitable for a rental guest.
8) Most guests want the kind of standards they have at home. It is not enough the apartment is clean and central. Guests have access to photos, location maps and lists of amenities in every rental apartment on our Nice Pebbles and Riviera Pebbles holiday rentals websites, and are generally happy to pay extra for something decorated with taste and style.
9) In the long run, spending the maximum that your budget allows on decoration and styling will maximise your rental income. Amenities such as washing machines, dishwashers, Wi-Fi and cable TV are very important and add a premium to your rental space. We can help to source all of these additions for you. We can also provide you with facts and figures of what works and what doesn’t.
10) Even though rental income may be a key factor in purchasing your property in Nice, most of our clients at Nice Pebbles intend to use the apartment or villa with their friends and families for a minimum of one month each year. It is of course important that YOU love the property. Chances are, if you love it, and you do what to share the love with more than family and friends, rental guests will love it too.