Purchasing a holiday home is a dream for many people. It’s believed that almost two-fifths of Brits who go on holiday are lucky enough to have the funds for a second place, and many more would like to attain this position. For those who are there and are about to take the plunge, though, there’s a lot to think about. From language barriers to financing, there are many dynamics involved.
Financing the property
Properties can’t come from nowhere, of course – and financing is always going to be a key thing to think about. If you already have a substantial mortgage on your first home, for example, applying for a further mortgage could pose problems. And if you have a substantial amount of cash, investing it in a place to stay on your holidays means it’s not being invested somewhere where it could potentially earn more returns in the long run. Speaking to an estate agent is a good idea, as they can give you some advice on the general market conditions in the geographical areas you’re interested in before you make the leap. That way, you’ll be able to manage your own expectations about what you can and can’t afford. Talking to a financial advisor or mortgage broker is also a good idea.
Home or abroad
Perhaps the most pressing and important part of considering a foreign holiday home is the language issue. Speaking the local language gives you a big advantage, both financially (as it can make it easier to haggle during property sales) and also in terms of settling in. Given that only 38% of British people speak a second language, the potential pool of places is low if you’re not multilingual. However, there are certain popular destinations in which not speaking the local language doesn’t matter too much. The Spanish expat hubs are one such place, and places like the US and Australia are of course English-speaking countries. Otherwise, devising a plan for learning the language might be necessary.
Accessing your new place
Before buying a holiday home, it’s vital to think about how and when you’ll access it once it’s yours. All too often, people who buy holiday homes find themselves in a position whereby they can’t actually get to their place due to work commitments, travel distance or simply a feeling of fatigue at returning to the same place over and over. It may be worth renting somewhere in the same area a few times in order to see whether or not it’s right for you. For other people, the accessibility issues are different. But if you use a wheelchair, you can solve this problem by ensuring that your new holiday home is either ready for, or can be adapted, to your needs.
Having a holiday home is something that many people wish for. But it’s not all plain sailing, and everything from accessibility issues to language barriers could arise. It takes a lot of planning before taking the leap, and you’ll need to ensure you’ve done your research prior to moving forward.
GUEST BLOG POST WRITTEN BY KYLEE ROPER