Buying a holiday home can be exciting and terrifying in equal measure. If you’re buying in a different country, the process requires careful planning. We’ve put together this guide to buying a second home abroad to help you decide if it’s right for you.
Photo by: Boris Stroujko/Fotolia
If you have pets, make sure you check out our guide to taking animals on holiday.
- What do you want it for?
- Location
- Find an expert
- Upkeep & maintenance
- Website and Affiliates
- Facilities
- Re-sale
- Competition
If you’re thinking of buying a holiday home, one of the first things to decide is what do you want it for?
• Cheap holidays?
• Retiring and looking to spend the winter in the sun?
• Extra income from renting?
• Investment?
If you want a holiday home for yourself then choose your dream location.
If you’re looking to rent it out when you’re not there, where’s popular with the tourists?
You also need to decide if you should choose an up and coming or established location. Albania for example is seen as a great investment opportunity.
Seek out a local expert such as a notaire in France. You’ll also need a solicitor to handle the purchase. In some countries you’ll find bi-lingual companies who specialise in helping Brits buy holiday homes.
Photo by: vadim yerofeyev/Fotolia
If renting it out, who will manage it, clean it, and ensure guests get their keys? Are there annual maintenance costs, ground rent, or other expenses to consider?
If renting, how are you going to advertise? You’ll need a website at least but could sign up to some villa rental sites as well. Don’t forget to look for advertising opportunities or affiliate programmes with travel companies such as Economy Car Hire’s. This way you can earn commission on top of the rental!
Photo by: alexandre zveiger/Fotolia
If buying somewhere hot, you need a swimming pool and air conditioning. Hot tubs are also popular and many villas now offer games consoles and free Wi-Fi.
If you’re buying a ski chalet, a hot tub is vital as is a ski boot dryer and boot room. Also consider a small library, DVD collection, and games for both kids and adults.
If buying as an investment, consider the resale price. Has it been on the market long? Is the local market struggling or thriving?
If buying to rent in Miami, the Algarve, or Spain, there’s plenty of competition for paying guests from other villas. How many rental properties are there in the area? Can you offer something they can’t?
Keep up the holiday home research
Owning a holiday home can be great. The best way to ensure you’re prepared is to keep researching every last detail. Holiday Lettings is a good place to start and covers potential pitfalls and tax concerns amongst other things.
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