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Tips and Advice for Buying a Holiday Home

No matter how much you love your current home along with your family, friends and neighbours, the prospect of buying a holiday home somewhere sunny and warm is a very nice thought indeed. In reality however, it is a rather large decision to make and therefore there are a number of things to consider before taking the plunge and buying a second home abroad. Take a look at these tips and advice if you are thinking about turning your dreams into reality…

Tips and advice for buying a holiday home

Things to consider before you buy a holiday home

– Have a think about your reasons for wanting a holiday home – is it purely for your own lifestyle, an investment, or additional income, with the view to renting it out to other holiday makers when you aren’t using? Perhaps it will be a combination of all three?

– Once you have established the role of your holiday home, it’s time to do the sums and work out both whether you can afford to purchase a house abroad and if so, what your budget will be, and the costs going forward.

– You will also need to factor in the on-going upkeep and cost of the property. Burst pipes, leaks or even break-ins are potential scenarios that you will have to consider, particularly if the house will be vacant for large periods of time. This can happen even if you decide to rent it out to holidaymakers out of season. When filled, you will need to employ staff to clean and perhaps deal with the turn-around of holiday makers.

– If you do plan to market the home as a rental property when you’re not using it, you will need to consider the demand and competition and there are a number of factors to take into account including the location and indeed the style and size of the property.

– You will probably already have an idea in your head of where you want to purchase a holiday home; (if you’re reading this then you’re probably thinking about Portugal!) There’s no end of choice, after all you can buy a second home just about anywhere, but you will need to decide the role of the home before deciding the location once and for all.

– Research is an essential part of the process, so visit some established holiday rental websites such as Pure Portugal Holidays. This will give you an indication of popular areas, costs and a whole host of helpful tips and information, depending on the route you wish to take with your property.

Tips for buying a holiday house

– If you’ve made up your mind and have decided that you want to purchase a house abroad, the best place to start is online. Visit property and estate agents’ websites and contact estate agents before you travel to ask questions and arrange viewings. Plan one longer trip where you can visit a number of properties in one hit; this will enable you to make fair comparisons whilst properties are still fresh in your mind and it will also minimise expenses.

– When viewing properties, location really is key! First and foremost, how far is the property from the airport or other major transportation hubs and is it easy to reach? What’s the local neighbourhood like? Does the property get plenty of sunshine and are you overlooked?

– Take note of the nearby facilities and amenities; is there a petrol station, supermarket and bank within easy reach? What about other facilities such as restaurants, bars and the beach or alternative places of interest?

– When you find a potential winner, it is worth visiting the area at different points throughout the year to check its right for you but also to check that it’s fit for its intended purpose. This way you can get an idea of the seasons, tourist culture and a better feel for the property as a whole.

The reality of owning a holiday home

– When you’ve taken the plunge and your dream is a reality there are a number of things you can do to help you out! Introduce yourself to neighbours and locals and arrange for someone local to keep an eye on the property for you when it’s vacant.

– Scout out an expat forum online (such as our facebook group Pure Portugal – Living the Good Life) and become an active member. It’s not only a great place to meet friends; it’s also an excellent resource for local tips, recommendations and connections, particularly if you have purchased a property where English is not the primary language.

– If you do decide to rent out your holiday home when you’re not using it, you will need to start marketing it. You can do this online with plenty of photos and information, being sure to sell all the best bits about it.

– Lastly, remember to enjoy your home and enjoy the extra freedom that a holiday house abroad can bring!

There are plenty of factors to consider but hopefully these tips and advice will be a helpful resource if you are considering a purchasing a second home outside the UK.

What tips or advice do you have for anyone thinking about buying a holiday home?

Thanks to Economy Car Hire for this article, first published on 11th March 2013.

 

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