Are you getting fed up with the rainy skies and lack of sunshine? Wouldn’t it be nice to be able to jet down to your villa in Spain and relax by the pool for a week or two? Perhaps you have considered owning a holiday home so that you have a place where you could escape every now and then.
Many people have decided to buy second properties abroad as a place to spend their holidays as well as an investment which will earn them a rental income when they are not using them. The most popular locations for Brits buying holiday homes are France, Spain, the USA, Australia and Thailand, but there are beautiful properties available in sunny locations all over the world.
If you are considering buying a second home in a sunny holiday locale, there are lot of things to think about first. Buying property is not something to rush into, especially if you are buying a home in a
different country. It’s important that you take your time and do your research so that you can be
sure you have made the right choice.
Here are some of the main dos and don’ts to keep in mind when you are looking for your second
Do Get the Right Exchange Rate
Exchange rates between different currencies are always changing and this can make a big difference
in your property’s value. If you have found your perfect home and the price fits your budget, if the
pound weakens against that currency before you make the decision to buy then you will find that
your new home is no longer affordable. Try to secure your rate of exchange as soon as possible so
that you can get the best rate.
Don’t Buy More Than You Can Afford
When you are looking at the gorgeous villas in France it can be easy to fall in love and go over your
budget, leaving your finances stretched tightly. Make sure you create a budget before you start
looking for a home so that you will know what to look for.
Do Get to Know the Area
Before you decide to buy a holiday home in a certain location you will want to know the area inside
out and have a good idea of what it is like in every season. Some holiday destinations are very busy
in the high season yet close up and become like ghost towns in the off season. If you want to be able
to make an income from your property you will want a location which is busy all year round.
Don’t Forget About the Government
Do a bit of research on the political stability of the country you are considering buying in. Is there a
chance that the country’s government might become unstable? If this were to happen, what result
would it have on foreign investors and property prices? Is there any chance of a future government
confiscating the land or other assets?
Do Research Your Rental Potential
Many people who own holiday homes abroad will rent them out during the rest of the year
while they are not using them. They can be rented to tourists who will also enjoy spending their
holiday in your beautiful retreat. Renting can be a great way to offset the cost of the property,
but some research needs to be done to determine the rental market. Take a look at the other
similar properties in the area to determine how much they make from rentals and which is the
most popular type of property in that area. Also consider how long the rental season is and what
demographic of tourists often come to the area, for example families, elderly or couples.
Buying a home abroad requires a lot of research and planning ahead, but when you are lounging in the sun on the terrace of your sun-soaked villa while sipping red wine it will all be worth the hassle.
There are a lot of things to consider when buying a property abroad. Don’t forget to also look into overseas property insurance so that you can protect your second home.