Old people nowadays live a lot younger and healthier than they used to only a few generations ago. While you may not be of the age of retiring already, you probably know people who have retired and who are still actively engaged in their community. The purchasing power of seniors is higher as ever; from entertainment to travels, seniors represent a significant part of the buying audience. As a result, it’s only natural to consider how their purchasing power could affect your financial situation. Indeed, if you want to make the most of the monetary value of pensioners, retirees and aging entrepreneurs – who may not have retired yet but have only a limited representation on their company board –, you need to look for a side hustle business that appeals to their epicurean nature. Seniors like to seek pleasure in their experiences, whether they embark on a gourmet tour or book a holiday. Offering all the advantages of controlled self-indulgence without any of the inconveniences is precisely the kind of business your senior audience needs.
Holiday, and specifically holiday rentals, represent therefore a profitable investment. As pensioners have a lot more time on their hands, they are more likely to travel and explore regions and countries that they wouldn’t have had the opportunity to discover before. In their quest for comfort and luxury, they are more likely to be interested in high-quality rentals, which is where you can establish your side hustle. Investing in holiday homes – in the most popular and attractive spots in the world – can not only prove a profitable long-term investment strategy, but it can also become your primary source of income if you can maximize the appeal to seniors. Indeed, being wealthy and available all year-round, old adults are likely to travel throughout the year.
Get your finances sorted out
The financial advantage of holiday homes is that these properties have the possibility to pay for their mortgages through rental income. In other words, if you pick the right location and can match your mortgage payments through renting prices, you could have a side hustle home that doesn’t cost you anything.
However, it’s fair to say that this tends to be the ideal situation. More often than not, you will have to cover partial mortgage payments. Consequently, it’s best to check your financing options before agreeing to any loan. Start your research with an online mortgage calculator, as this can help you to visualize exactly how much you need to pay and to assess the amount against other financial duties. When choosing a mortgage, it’s best to take the time to monitor interest rates over at least a few weeks so that you can ensure you’re selecting the best possible deal.
Once you know for sure how much you can afford, you need to invest enough time in observing the property market. While fluctuations are often minimal, you might be able to find holiday homes at attractive prices if you give yourself the time to research the best possible destinations. If you’re unsure where to start, here are some of the preferred senior spots.
#1. The appeal of Malaysia
Kuala Lumpur, the capital city of Malaysia, offers the best of South East Asia’s experience for seniors. Indeed, the city delivers the perfect mixture of modernity and buzzing street life, without any of the inconveniences you can expect from cities such as Singapore or Bangkok. For senior travelers, you can enjoy an Asian trip, in a beautiful country and without any of the issues related to languages – most inhabitants speak English in Kuala Lumpur –, overly expensive urban life or even grime or seediness of popular street culture. Besides, due to its advantageous position, Malaysia offers the perfect spot to visit Australia and exciting neighboring countries. In terms of the best possible spots for a property, take a look at new development projects such as OUG Parklane, which are designed to welcome a complex of apartments and shops. You can be guaranteed to offer holidaymakers the best of Malaysian comfort.
#2. The rise of the Mediterranean diet
You can’t open any health magazine nowadays without reading about the Mediterranean diet of olive oil, fish and fresh vegetables. For seniors who want to enjoy life for as long as possible, the Mediterranean diet is the best place to start – especially if you offer an immersive experience in one of the most beautiful spots around the Med, Greece. The Greek islands give plenty of opportunities to relax all year long – you can even swim until early December – without having to be disturbed by the urban noises. You can find affordable and fully equipped villas to buy on Syros, Crete, and Corfu. There is still an old-fashioned charm to most Greek coastal towns and villages that gives your holiday an atemporal feeling.
#3. The warmth of a tropical island
Seniors do enjoy an idyllic landscape and warm weather. Who wouldn’t love those? However, due to their advantageous social position, aging travelers don’t need to worry about the length of their stay or how long it takes to get there. They have, after all, time.
Consequently, visiting one of the oldest islands in the world that contains unique wildlife is the perfect holiday spot. Madagascar is a curious wonderland, as Sir David Attenborough says, with species and plants that exist nowhere else. And senior visitors can enjoy the breathtaking views from the beaches too!
#4. A peaceful and charming holiday
Most visitors, when they think of France, tend to imagine the French Riviera or Paris. There is, in fact, a lot more to the country than trendy beaches and the Eiffel Tower. France has a lot of picturesque and peaceful villages that offer the ideal introduction point to the culture and the gastronomy of the country. The medieval village Saint-Cirq-Lapopie is one of Les Plus Beaux Villages de France – the most beautiful villages of France. For a dive into a fairy tale, you can have a look for a traditional house in Riquewihr, a historic town in Alsace with wine offering and dream-worthy views.
#5. Close to home and culturally rich
Not all senior travelers love the idea of long-distance travels. Consequently, it’s a good idea to invest in a holiday home close enough to home so that the population understand your culture but far enough to be different. Mexico is an exciting destination – as long as you know the safe places to target. Mexico City is, of course, the most popular spot with its rich history and its colonial buildings. Seniors would love an apartment along the Plaza Garibaldi or in the vicinity of the ancient city.
#6. You don’t need to go away
Of course, there is no need to go far to find a relaxing spot. You can offer a holiday home in North Carolina, along the Lake Lure, which film lovers can recognize as one of the locations used in Dirty Dancing. A peaceful rural location that takes away all the stress of the city life, this is precisely what your little countryside rental can deliver. For seniors who live in big cities, it’s a taste of heaven!
#7. Explore India’s cousin
Last, but not least, you can embrace the need for relaxation and peace of old travelers. For something a little more exotic than North Carolina, Sri Lanka brings the perfect balance of natural beauty and quiet pace of life. You can aim for cultural spots that have embraced urban infrastructures without the modern stress, such as Columbo.
Holiday homes have the potential to be a profitable side hustle. But you can maximize your gains if you choose to invest in locations that are popular among senior tourists. Do make sure to give your rental the comfort and modern features that seniors expect in their everyday lives.