Develop your foreign policy

The kids have grown up, the mortgage is almost paid - there comes a time in many lives when the thought of a holiday
home suddenly becomes a very real possibility. The concept of a place in the sun is so appealing that few people seem
willing to waste any time defining just what the phrase means. But property is a major capital purchase, with some
long-term consequences, and buying on a whim under sunny skies is no guarantee of a warm glow thereafter.

The Simpsons and the Dochertys have experienced contrasting fortunes with their holiday properties. While the
Simpsons own a very ordinary apartment near Malaga (their description), the Dochertys actually paid less for a splendid
farmhouse in eight acres in southern France, complete with two cottages ripe for conversion and letting. The happier
owners, however, are the Simpsons, who can get away for a long weekend every time the British winter depresses them.

Budget airlines make Malaga accessible out of season at attractive prices, while they rent out their apartment in the
summer for a healthy income. Meanwhile the Dochertys have come to dread the drive to the Channel and the long haul
through France to be greeted by yet more unscheduled maintenance, non-performing builders, and weather often as
wet as their native Wales. They have learnt the hard way that it is not the property that is the most important part of a
purchase: it's the fit to your lifestyle and aspirations.

Spain is not better or worse than France as a location for a holiday property, and nor are Florida, Portugal or Dubai. It is
understanding the issues that attach to places and types of property that counts. As we all heard before exams at
school, a little time spent understanding pays dividends before you start writing the answer.

How much truer that is
when the answer is a delectable whitewashed home to which you're losing your heart. Unless you're the kind of person
to whom a holiday romance is the perfect basis for a wedding, choosing a holiday property is best done after some
sober thinking about where it should be, and which features it needs to have.

The problem is that we all have to start this process from scratch, with no track record or guidelines to support us. So I
offer the acronym 'Camera' as a possible checklist for anyone thinking of plunging into the overseas property market for
the first time.

Capital appreciation. Accustomed as we are to the thought that houses go up in value over time, it can come as a shock
to discover that this is not a worldwide phenomenon. Near Orlando in Florida, for example, land is cheap and houses
aren't built to last. That means you can get a fabulous new property for a great price, but don't expect to make a killing
when you come to sell.

Access. If you're planning to spend the whole winter there, access to New Zealand is not too difficult. If you're combining
a holiday home with work in the UK then travel time will be a crucial factor. And remember to calculate door-do-door, not
just the duration of flights or ferry crossings, and to think about frequency. One reason Spain and the Algarve have so
many second homes is the consistent ease of access from all parts of the UK.

Maintenance. Long-term restoration project or serviced apartment with on-site caretaker and cleaners? Equally valid
choices, but make sure you're fully aware of what you're signing up for before you pick up the pen.

Emotional appeal. This is the easy one - does it tug your heart-strings? You want somewhere that you actually look
forward to visiting, as well as a sound commercial proposition. You just need to balance the desire with the caution.

Rental income. If you aren't planning to rent out your property then skip this one. If you are, then some simple planning
will help. While a four-bedroom property might suit your needs, you will struggle to let it outside school holidays. The
rental market out of season (or most of the year, to put it another way) is small units for couples. So a large house that
splits into self-contained apartments is a much better prospect than just a large house. And you should go for a location
that appeals to others, not just you. If potential renters haven't heard of it, they won't be searching for a place to rent
there. Last tip - make sure you get a place that lends itself to appealing photographs. That's all the potential renter will
see before they make a decision.

Annual attraction. If you buy it, you own it for 12 months of the year. How will it seem in February? If you won't be using
a property for the winter, that's one visit to shut it down and another to open it up. One couple I know sold an apartment
in Majorca and bought another in Tenerife for exactly that reason, but of course they doubled their flight time and upped
the expense of getting away, too. For others, the winter climate in Majorca may be sufficiently warm to make it a viable
year-round proposition.

There are a host of other issues to consider before purchase, such as financing and legal safeguards, but the 'Camera'
approach should help to ensure that you are negotiating on a property that will fit your aspirations. But of course, no
matter how good the camera, it's how you use it that determines whether you end up with a great picture.