Many people dream of buying a second home in another country. Whether you want a house for relocation, family holidays or as an investment/rental property, there are many issues to consider before making such a purchase.
Today, we’re sharing our best tips for buying a holiday home.
Choosing a Location
As in anything, choosing a location is perhaps the most important decision when you set out where to buy a holiday home. Of course, you want to find a country, region, or city that grabs your heart. A few of the questions to consider include:
- Do you want someplace laid back or do you prefer city life?
- Do you want to be able to walk to shops or restaurants?
- Do you want to be near the beach or in the countryside?
- Do you like the mountains?
- Do you enjoy outdoor activities like biking and hiking?
- Do you plan to bring a boat?
While your personal preferences should certainly play a part, you also want to consider real estate prices. Look for a location where the property values are appreciating. Choose the wrong place and you could get stuck in a bad financial situation.
Don’t just rely on the information on a website, either. You want to talk to a local real estate agent who is very familiar with the area. He or she may know of up and coming locations or where you can truly get the best value for your money.
What Size House Do You Need?
Size is a big consideration. Perhaps you and your spouse are retired so you can get away with a townhouse or apartment? On the other hand, if you plan on bringing the family or entertaining frequent guests, a multi-room house might be better.
Do you want any extra amenities like a pool, a tennis court, or outdoor games?
How Often Do You Plan to Use the House?
When thinking about owning a holiday home, you must consider your needs.
- How often will you visit? A couple of times a year? The entire summer?
- How many people will be staying in the house?
- Will you be hosting guests?
- Do you plan to rent the house all or part of the year?
If you’re buying a holiday home for investment, your needs might be quite different than if you want it for strictly personal use.
Become Educated About International Property Laws
Every country has its own real estate laws. There may be certain regulations and restrictions regarding foreigners as well. Some countries or cities have strict restrictions on who can own land and property. Others don’t allow “second home” purchases.
Make sure you know the “law of the land” so you don’t run end up losing money or having to pay fines.
Try Renting First
Before investing your money, rent a house first. This will help you decide whether you really like the area. Explore the restaurants, shops, and nearby activities.
Make Your Dream Holiday Home a Reality
If you’re looking at buying a holiday home in another country, you have a lot to consider. Make sure you explore all of your options and contact a real estate expert to learn all you can before making such a monumental purchase.
Consider a second home or primary residence in Soller Mallorca or other beautiful locations along Spain’s Mediterranean coast. Be sure to also explore our blog to learn more about the region.