If you are thinking about buying a second home to use when holidaying, this makes much more business sense than renting, especially when you add up the amount of money you spend on holiday accommodation over the years. Purchasing a second property is also an investment, and with that in mind, here are a few tips to ensure that your holiday home purchase works for you.
- Find the Ideal Location – Obviously, you want to invest in a property that offers all you need in a holiday home, so why not buy a luxury apartment in Phuket with a pool? The South of Thailand is a fantastic location for a holiday home, with warm temperatures all year round and a very reasonable cost of living.
- Political Stability – The location that you choose for your holiday home should be a nation with a stable political background, which will ensure that your investment is safe. This is especially important in third-world countries, as you could literally lose your property overnight!
- Generating an Income – Obviously, you will not be using your second home all the time, and by joining forces with an established local property management company, you can generate a healthy income by renting out the property when you are not using it. The management company would be responsible for building maintenance and most will also list your home and screen potential tenants.
- Online Solutions – If you are looking for a second home in a faraway place, the Internet is the first place to look, as there are many great property listings in some of the nicest locations around the world. Only when all of your questions are answered can you consider making the trip to view a property, which you could combine with your next holiday.
- The Legal Aspects – Buying property abroad means you are bound to the laws of the country in question, so it is vital that you enlist the services of a trustworthy local lawyer. Ideally, this would come in the form of an English-speaking lawyer who has considerable experience in the purchase of holiday homes, and someone who can ensure that your purchase is legal in every way.
- Sharing Holiday Accommodation – It is possible to list your holiday home with a special organisation that would allow you to exchange time with a property owner in another location. This means you can take holidays in other parts of the world, while someone is using your holiday home in the same way.
Obviously, you will be looking to secure your second home in a country you like to visit, and by taking all of the above points into consideration, you can choose a tropical paradise location such as Thailand, Bali or Costa Rica. Search the Internet for established second home property developers and when you see something you like, why not book a holiday and inspect the property?
A holiday home should provide you and your family with a great holiday whenever you feel the need to get away from it all, but it should also offer you a chance to generate an income, and the appreciation of the property value should make for a good long-term investment.