Imagine having your own private holiday home in your favourite corner of the world, somewhere that you and your family can escape to whenever you want to. Whether it’s in the summer months, the school holidays or Christmas, having your own holiday home could offer you some amazing benefits. If you and your family have spent some time abroad in a certain country that everyone loved, then you might be thinking about buying a property abroad. Perhaps you have been thinking about purchasing a property abroad for a while, but you aren’t sure about the ins and outs of the process of doing so.
When it comes to considering purchasing a house abroad, there’s a lot that you need to think about. While buying a holiday home abroad can be a fantastic step to take, it’s important to carefully consider what is involved with making this kind of decision. There’s a lot that you need to think about, wondering what you should focus on? Have a read of this!
Decide what you want and need
The first step to buying a house abroad is considering what you and your family would want and need from this property. Think of it like this: you wouldn’t simply be heading there for a one-off break for a few days, this place would be your go-to holiday destination, so it would need to be somewhere that perfectly meets both your and your family’s needs both in the short-term and the long-term.
You would need to think about where the property is located in relation to where the main attractions are situated, such as the shops, beach and facilities such as water parks, theme parks, and other attractions. You need to consider the space that is offered – is there enough room for your growing family? Is there outdoor space? Is there a pool? Do you have enough bedrooms? Is there plenty of storage for you to leave stuff there? There are a lot of questions that you need to carefully consider.
Do your research
Once you have an idea of what you want and need from your family’s holiday home is to do as much research as possible. The fact is that the best decisions are always informed ones, so when it comes to making the decision to purchase a holiday home abroad, it’s essential that you take the time to do adequate research. Start by looking into the local area and the amenities that it provides. One of the best ways to gain this kind of information is by talking to local people about what the area has to offer. If you happen to meet any other people who don’t live there but have bought holiday homes there, you could also talk to them about certain things such as the costs of purchasing a second home and how stamp duty works in the area.
Consider the cost
While buying a holiday home abroad can be an amazing way to cut the costs of family holidays as you don’t have to worry about high accommodation prices, owning a second home can be extremely expensive in terms of the monthly mortgage costs amongst other general home running costs. You need to determine if you are able to afford these at this early stage. It’s also important to look at how you will make the property affordable to own. For instance, you might consider running holiday lets within it when you’re not using it. However, this would then limit how often you and your family could use it, which defeats the whole purpose of having a holiday home to use at your leisure.
Talk to the experts
When it comes to deciding whether you should purchase a property abroad, it’s important to ensure that you know what you are letting yourself in for. It’s crucial that you understand what you are doing in terms of the legal side of things, and that you have an expert on hand to help you grade any potential properties to ensure that they don’t have any serious structural problems.
When it comes to purchasing a property abroad, naturally you want to select somewhere that is a good fit for yours’ and your family’s needs. There’s a lot to consider and take into account, which is why it’s so important that you take the time to carefully look at your options and make an informed decision.