What To Consider When Buying A Holiday Home – A collaborative post.
For some, traveling is more than just a way to relax and take a breather from work. It is in your blood and a way to step out of your everyday life and have some of the tastes of adventure.
Though I love jetsetting about and am comfortable booking trips to far off places, there are others who like to return time and time again to the same area.
If you fit into the latter group, then a holiday home is probably a great idea. You have a place to use as a base and explore an area but still come back to the comforts of home while still on your holiday.
In this article, I will go over some things to keep in mind when you want a holiday home.
Understand your budget
When you buy a holiday home, you have to remember that you are going to be paying two mortgages now. Plus some other expenses. A holiday home is not a great way to save money. It is more about having a home away from home and everything that goes with it.
Work out your remortgage cost so you know exactly what you’re going to be paying.
Not only weight the cost and determine if you can afford it. Make sure you also consider if it is going to offer the value that doesn’t have a price. In other words, will you use the home enough to warrant the expense?
Don’t despair if the maths don’t work out in your favor. You can always find a family member or friend who would want to enter into a sort of timeshare arrangement to share the costs.
Get a property manager
Unless your holiday house is within driving distance to your permanent home, I recommend getting a management company to look after the house.
There are several things a manager can do for you. The most obvious is that they look after the maintenance. They are there to do routine checks to make sure the plumbing and electrical are all working properly when you aren’t there.
A manager can have the house ready for you when you arrive so you don’t waste precious holiday time fixing the pool filter or cleaning out cobwebs.
If you decide to rent it out during the time you aren’t using it then a manager will be the liaison between guests and you so you are not doubling as a hotelier.
Know the local laws
If you plan to buy a property overseas, then you need to have a good lawyer who understands the local laws.
When you don’t speak the language or have a background in the culture there, then you need a fixer who can handle the legalities. Hopefully, you have a contact in your country of choice to recommend somebody so you aren’t just using a random person.
This doesn’t only apply to international purchases. You could find yourself on the wrong side of some property laws. For instance, St Ives in Cornwall has restrictions on people buying up holiday homes in an effort to prevent offseason downtime.