Every single year, people take time out of their busy lives and head off on vacation. Whether it’s one week or two, the adventure begins, and the whole family kicks back and relaxes in the vacation spot of choice. If you’re living in the city, you’ll likely set off to the coast or the countryside to enjoy some time away from the hustle and bustle of people. There’s something so sweet about breathing in some fresh air, and you can do that the moment that you get out on your time away from work.
Many families choose to return to the same vacation spots over and over again. The familiarity of the area, knowing the locals and generally having that instant relaxation settle over them is enough to have them returning again and again. Eventually, thoughts turn to what it would be like to live in the destination that they fall in love with while they’re on vacation. It’s only natural: this is the place you relax, unwind, and realize that time with the family is so precious. You begin to daydream about living by that stretch of coast that you so love waking up to in the morning, and if you’ve rented a house before or even an apartment, you will have an idea of what it’s like to live in the area.
So, what do you do when you get tired of renting those homes that other people are lucky enough to own in your favorite place? Well, you may find your fingers clicking on the loan calculator PropertyGuru has to offer, checking whether you can even afford to live in the area that you call your second home. You start weighing up pros and cons of living somewhere off the beaten track, making lists as to whether you could live there full time, or just own a second home and start thinking about renting it out to other tourists who are in your shoes.
An Investment In Your Future
When you do it right, a second home can be the perfect investment that your future needs. You can open up another income stream, have somewhere to return to that is more personal and filled with your things each time you want to visit. Perhaps you can vacation more often, knowing that you won’t have to pay for additional accommodation. You can rent out this house when you’re not using it and allow tenants to stay in it. You could hire in cleaners to keep it fresh, and a management company to ensure that your tenants don’t trash the place. A second home that you use for vacation purposes could be everything that you need, but how to do it?
How To Find A Vacation Home
Finding a new vacation home is almost as fun as going on a trip itself. It’s not all that different from the excitement that you get when you buy your first home for your family. You have to go through a similar process with finding, viewing, and making inquiries about the home of choice. However, the rules of actual purchase are going to be different – especially if you are buying abroad. You have to choose the location carefully, as while the place you go on vacation is utterly ideal for your whole family to enjoy themselves, it may not be the best place to live.
Statistics are important, and local area research is going to make a huge difference to your choice of area to live. The further away you plan to buy your second home, the more issues you could potentially come across. It can get very expensive, very quickly to buy a vacation home far away from your home town. You have to get your head into the costs and taxes of buying a house abroad, plus think about what you need to consider in terms of looking at properties. You’d have to take yourself on vacation just to be able to look at properties because the properties are abroad. You can’t just walk down the road!
So, the best place to start is online. Look for the area you want to buy in and search real estate agents in the area and available properties for sales. This will help you to understand the prices that you could be looking at for your new vacation home. The same real estate agents that you see when you are looking for properties should be able to help you to find the right property at the price that suits your budget. Of course, prices will vary depending on the size of the home and whether the home is rural or in the city areas. You also have to talk to real estate agents about mortgage providers and advice in the country in which you are hoping to buy. It’s common for second homeowners to rent out their property, and you want to ensure that your mortgage is covered as well as taxes.
Pros & Cons Of Buying A Vacation Home
- You no longer have to lug all your clothes and toys for the kids to your vacation spot of choice.
- You can use your vacation property whenever you want throughout the year.
- You have total control over the decor and furniture in the home as well as the changes and upgrades required.
- Renting out a vacation home is easy when you have the right management company on your side, and you can use your rental as a passive income.
- It’s going to cost some cash to get your home up and running.
- There are property taxes and insurance costs to consider.
- You’ll need to interview management companies – especially if you are abroad with your property.
In the end, the only person who can decide whether a second home is worth it is you, and if you go down that route, it could be the best thing that you ever do!