Shopping for a Holiday Home in the Sun
A ten point check list for finding and buying the perfect holiday home in
vacation, holiday, holiday home, vacation property, real estate, vacation
real estate, real estate investment, buying property abroad, abroad,
At this time of the year when the days are short and the skies are grey,
focus tends to shift towards the glorious summer months when we can
escape the daily commuter grind and the realities of the 9 – 5 and take a
couple of weeks out to lie on a sun drenched beach somewhere.
But why take just two weeks away when you could own a holiday home in the
sun, vacation in it whenever you wanted to and even let it out for an
earnings supplementing rental income?
If you’re one of the increasing numbers of people considering buying real
estate for investment purposes, why not combine your investment with
pleasure and buy a holiday home abroad?
Buying real estate overseas needn’t be a complicated or stressful
experience; with this ten step guide to buying property abroad you’ll
find the whole process a breeze - and you’ll be lying next to your very
own swimming pool soaking up the summer sunshine before you know it.
1) Country – you may already have had your perfect holiday overseas
and know exactly where you’d ideally like to own a holiday home in the
sun, if on the other hand you’re still undecided about which country to
buy a second home in you should factor at least the following
considerations into your country based research to determine which nation
ideally suites your requirements: - weather, property prices,
accessibility, stability and things to do.
2) Location – having decided on a country the next challenge is to
find the most suitable area of the country to target for your holiday
home search. Think about whether you want to be close to the coast,
inland, in a city, away from the crowds, in the thick of it or on a
3) Property Type – apartment, detached villa, bungalow or rural
retreat – which property type suits you and also, if you’re thinking
about renting out your holiday home in the sun, which type of property
will be easiest to let?
4) Budget – how much money have you got available to you, how much
money will be required in fees and taxes when buying overseas? Think
carefully about how much of your budget you can allocate to buying a
property and then stick to that figure, do not be tempted to over extend
yourself as this could get you into difficulties and even prevent you
from having the funds available to travel and holiday in your brand new
5) Assistance – because you’re buying in a foreign country you may
encounter language barriers, different legal systems and a whole new
buying process therefore it is wise to employ the services of a real
estate agent and essential to secure the services of a lawyer who can
guide and protect you throughout the purchase process.
6) Management – whether you intend to let out your holiday home or not
you will probably require the services of a good management company to
make sure your pool is clean, your roof never leaks and no one tries to
break into your home. Take recommendations locally from other people who
have their second homes looked after by a third party and don’t be afraid
to ask a property management company for references.
7) Income – if you’ll be letting out your home in the sun for an
income find out about any taxation you will be liable for on that income
and also about any deductions you can take from your liability to reduce
your overall taxation burden.
8) Investment – if you’re interested in holding property overseas for
investment purposes look into the buoyancy of a market and ensure that
the real estate market is capable of sustaining an investment property –
some overseas real estate markets are stagnant and difficult to realize a
capital gain from.
9) Insurance – because your property will either be vacant for long
periods of time or occupied by people unknown to you it will be important
to have insurances in place for the building and the contents.
10) Enjoyment – and last but not least, once you’ve secured your
holiday home in the sun save as much money as possible so that you can
enjoy your home as often as possible and for as long as possible! After
all, you deserve the time away from work.