Questions You Have to Ask Before You Buy a Holiday Home

Holiday House. Photo credit: Hans

Holiday House. Photo credit: Hans

If you love going on vacation, the thought of buying a holiday home is appealing. After all, wouldn’t it be amazing to own a property in a foreign country? Then, you could go away as often as you want and not have to worry about booking accommodation. Plus, you would have as much space as you need and wouldn’t have to share with troublemakers and other holiday goers. It sounds like a plan, but is it a feasible one? That is a good and responsible question to ask because you shouldn’t dive into the purchase head first. Before you make the decision, you should consider the following.

Have You Done Enough Research?

The issue with a holiday home is that it is in a foreign country. For that reason, you can’t just organize a viewing whenever you please. In fact, some people might not see the property before they sign on the dotted line. To be honest, that is a mistake that you must avoid. Still, it highlights a good point – you need to do solid research. The Property Buyers Guide to Paris by Home Hunts is a great article that provides you with more info, for example. Articles and online posts like this are vital if you want to figure out where and when to buy as they walk you through the process in detail. You also need to find a realtor you can trust. Their job is essential as they know the market, so their opinion is invaluable.

Do You Have Enough Money?

Unlike a property in your homeland, there are different rules and regulations that can hike up the price. So, the initial cost might not be the only cost. Afterward, you might need to pay the local authorities as well as the realtor. These are just a selection of the costs that can arise, and there might be more. That is why you need to make sure you can afford the purchase in the first place. If you can’t, your dream home will turn into a nightmare. The debts will spiral and bleed you dry. Before long, it can affect your personal finances at home. Only buy one if it is financially viable.

How Often Will You Visit?

Your visitation routine is probably the most important factor in whether you should buy a holiday home. At the end of the day, it is pointless buying the home unless you use it and get your money’s worth. Even if it is a cheap purchase, it might not be a sensible one if no one can fill it on a regular basis. If you are only going to go once a blue moon, you are better off saving your money. In that situation, it is cheaper to pay for a hotel or an apartment. But, if you are going to stay there often, you will save money with a permanent residence.

Palma de Mallorca Villa, Playa De Palma (Photo credit: www.iha.com)

Palma de Mallorca Villa, Playa De Palma (Photo credit: http://www.iha.com)

Is It Business Or Pleasure?

It isn’t just about buying a holiday home that will be there when you and the family go abroad. You can also think about it as investment. When you buy the property, you can rent it out to other holidaymakers for a tidy profit. What you have to decide, though, is whether it is worth the money. If you want to use the property for your family holidays, you don’t want someone else leaving it in a mess. But, if you are happy with the money, it doesn’t matter as long as they pay their share. A timeshare, as they call them, is a viable option for the budding entrepreneur.

What’s The Location Like?

Location is everything with regards to property, and your home away from home is no different.  The best locations are the ones that are close enough to the action, but far enough away that you don’t get the overspill. For example, you don’t want drunken idiots banging making noise at four in the morning. But, you also don’t want to drive an hour into the town center. Obviously, you want a location that is somewhere in the middle. Just prepare to pay more these locations as they are in high demand.

Eivissa Ibiza Villa (photo credit: www.iha.com)

Eivissa Ibiza Villa (photo credit: http://www.iha.com)

What Type Of Property?

Don’t just settle on a house because it might not suit your needs. Villas and condos are two other great options, but it depends on your situation. Do you need as much space as possible for the entire family? If so, a house is best. Or, do you need a place to retire in the sun? If that is the case, villas and condos are good because they have a thriving community.

These questions will help you come to an informed decision.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s