If you love to travel and explore the world, what better investment than a holiday home? Just think of those long weekends holed up in the countryside or hazy summers by the sea. If you’re thinking of buying a property abroad, there’s a lot to consider. Here are some essentials to get to grips with before you make that offer.
Where to buy
The world is your oyster, so which incredible country are you going to choose for your new base? You may already know based on previous travel experiences. Or you may be wondering about discovering somewhere new.
When thinking about possible locations for your holiday home, you need to combine business sense with a love for the country and culture. Think about where you want to travel and what you want to do. You may also wish to think about travel times, flight prices and the buoyancy of the property market. Are you after a home to retreat to for several months of the year? Are you hoping to rent your holiday home out? Or are you simply looking for a sound investment, which also provides a bolthole for foreign adventures? Once you’ve asked yourself these questions, you should be able to narrow down your options.
Popular places to buy
Popular options for holiday homes include Dubai, France, Italy, Spain, and Australia. Once you’ve decided on a country, it’s wise to spend a few days or weeks looking around at the various options. Are you set on a particular city or region? Are you looking for an up and coming area? If you’re buying in Melbourne, for example, why not look for new apartments in Brunswick? New properties in a popular commuter area are an excellent investment opportunity. If you’re hoping to buy in Dubai, try and stay close to The Palm.
What to buy
If you’re buying abroad, there are all kinds of different types of property you may wish to consider. Do you want a city centre apartment? Are you looking to escape to the wilds? Are you desperate for a sea view?
If you’re not sure what you want, get in touch with some local agents and set up some viewings. You may fall in love with a property as soon as you set foot through the door. You may look at hundreds before you find the perfect place. Take your time, and don’t rush. Weigh up the pros and cons of each contender and then make a decision.
Before you start getting serious about making offers, do some research into the local property market and find out how the system works. You may find that buying a house is a completely different process to at home. Work out any fees you need to cover in addition to the purchase price. This will help you to set a realistic budget.
If you’re buying a home abroad, it’s wise to plan ahead and think carefully. Where do you want to spend your time? Can you get there easily? Does your dream make financial sense? Hopefully, you’ll find a gem that ticks all the boxes. Good luck!