Everything You Need to Know About Getting Your First Holiday Home
Kent’s grey and dreary winters leave everyone wishing for the tiniest bit of sun, which is why the solution to this dilemma often comes in the form of a winter holiday or, better yet, your very own holiday home. The Mediterranean is just a short flight away, and you can be sure to find a great property within your budget. Before you rush into any big purchase, however, you want to be sure of not just the property itself, but of the location. When you visit the same place again and again, you want it to keep surprising you. If you need help selecting your first holiday home, consider the following guide for help.
Where Do You Want to Move?
The first step to choosing your holiday home is to choose where that holiday home should be located. If you have a minimal budget, this will mean you won’t be able to choose a property in a well-regarded area or tourist hot-spot. Thankfully, there are many other towns out there that are perfectly suited for you, you just need to find them. Pack your bags and consider taking a road trip so that you can find the right community that you would love to spend time with year after year.
What Can You Afford?
Once you have found the place, it’s time to narrow your search down further by what you can comfortably afford. This will be your second property, after all, and while you can likely afford more through credit, you should aim to be able to pay off as much as possible from the start. The only time you should ever consider going over your budget is if you can gain a high rental return on it, if you were to rent it out when you were not there.
What Will You Do with the Property When You Aren’t There?
The best way to pay off your holiday home is to rent it out when you are at home. This, however, comes with a few complications. You will have to hire an agency or landlord to manage the property for you, as well as deal with legal issues, repairs, and how frequently renters will actually come. It could work out to be cheaper to simply seal your property while you aren’t there, or it could lead to great financial gains. Know your property and be realistic with its potential before you buy.
How to Successfully Purchase It
Once you have found the perfect property, you will need to hire specialists. If the property is in Spain, for example, then you will need to look for Spanish lawyers in London, so that you can easily and legally acquire your new dream property without too much hassle. Trying to buy a property through people who are not experienced in the local laws is a mistake, which is why you should always opt for those who specialise in your area.
Once you have your property, it’s time to start enjoying it! Remember that to make it a worthwhile investment, you will need to commit to visiting it at least once a year. Enjoy the sun, enjoy the town, and enjoy your new holiday home.