Buying a second home is an excellent investment in the current financial climate. For many people, buying a home abroad would be a dream come true, but they are put off by the differences between buying a home in the UK or looking overseas. Although properties in Europe aren’t as well priced as they were before, property across the continent is considerably less expensive than buying a holiday home in Britain. It goes without saying that the uncertainty surrounding Brexit makes foreign properties seem like a much more desirable option, as they could be your key to starting a new life abroad. Here is the best way to approach purchasing your dream holiday home.
1. Set a Budget
The crucial first step of your journey towards buying your dream holiday home is to budget realistically for it. Many people do not save enough money for large investments and they miss the best properties. It may be worth consulting a financial advisor to help you with your savings and support you through your plans to make a large investment. A financial advisor will also be aware of the various legal procedures and payments you will have to factor in. One key cost of buying a home abroad is travel expenses, which is something that many people don’t factor in, which could result in you missing out on your dream holiday home.
2. Decide on Your Location
Deciding where you will buy your holiday home has probably been the predominant consideration when you think of how this investment will benefit your life. Perhaps you have children abroad who you would like the opportunity to see more often? Or your other half is from another country and they miss their home from time to time? Whatever the reason, the location you decide on needs to be considered carefully.
If you are looking to purchase a home predominantly as an investment, in addition to somewhere you’d enjoy holidaying, there are a few more considerations you will need to make. In a constantly changing world, every year there are more lucrative places to buy a property abroad, with Spain, France and Portugal being the most popular locations for the previous few years. It is worth noting that buying property in the US has become considerably less popular in recent years; this is due in part to gun crime and violence, and the views of their controversial political leader.
3. Consult a Lawyer
Once you have saved up enough cash for your dream home, picked a location and perhaps even browsed a few properties online; it is time to get serious. If you are choosing a holiday home in Cyprus, you will find Cyprus lawyers to be much more useful than British lawyers; the same goes for other European countries. It is important that you make a cautious decision involving lawyers because there will be content that you may not understand due to language barriers; in this instance it is imperative that you trust your lawyer.
Taking the giant leap towards owning a new home is an extremely rewarding investment and once you have sorted out the logistics, you can start trying on your favourite Hawaiian shirts.