There are many reasons why you might want to purchase a second home.
For many people, it’s a chance to have a holiday home you can head to whenever you need to get away and spend some time in the sun. Or there might simply be a place in the world that you love but you don’t live there. If that’s the case, it makes sense to push ahead and start looking for a second home that’s going to meet your needs.
There are lots of things that you need to get right as you start the process of looking for a second home. It’s never a good idea to rush things because you’ll then risk making mistakes and spending a lot of money on a holiday home that’s not right for you. The tips below will help you move through the stages of buying a second home carefully and successfully, so read on.
Get the finances in order first
First of all, you should make sure that you have your finances in order and as organised as they can be. You need to do this before you start calculating how much you’re going to be able to spend on this second home. You should never stretch yourself too much or push your finances to a point at which they break. So be sure to assess things carefully and make sure this purchase is one that is actually going to be financially viable for you over the long-term.
Set a budget and don’t move from it
Next, you should set a strict budget for the second home purchase. This should be based on how much cash and spare income you have at your disposal. As I mentioned above, don’t try to spend more money than you can really afford to because it will come back and bite you in the end. Once you have a budget in place that you’ve spent a lot of time thinking about and working out, try to set it in stone and don’t let it move or grow when you see an expensive place you like.
Think carefully about where in the world you want the second home to be
Arguably, the location of the second home you purchase is the most important people of all. You should look at the different options, consider the benefits of each location and decide which place you want to spend time in on a regular basis. If you decide you want to buy a property in Singapore, for example, you choose to buy a place in Singapore, look at the latest property news in Singapore and get to know the market. Knowing the local market will help you during the buying process.
Factor in things like travel time and costs
There are lots of things that have to be taken into account when you’re choosing a place to buy. You shouldn’t forget the amount of time and money aht will have to be spent getting to your location each time you want to spend time there. You might not want to be travelling for a whole day just to get to your second home. Then again, maybe that works for you and your lifestyle. Just make sure you take all of that stuff into account.
Decide what kind of space you want to buy
There are plenty of different options when it comes to choosing a holiday home. You might want a classic cottage, a cabin by the sea or an apartment in a modern city. It’s up to you to decide what kind of place you want to be spending your free time in. If you’re part of a family making this decision, be sure to listen to everyone’s point of view so no one gets ignored or left out of the whole process.
Ensure it’s accessible
It’s best to choose a second home that’s going to be accessible. If you’re going to have to fly to the location where it’s situated, for example, you will want it to be relatively easy to get to from the airport. If you choose a holiday home in the middle of nowhere, you will waste a lot more time and energy trying to get to it. That’s not what you want, especially when you consider that having a break at your second home is supposed to reduce stress not pile it on.
Make sure second homes are legally viable in the location you want to buy in
There are some areas in the world where it’s actually not legal to own second homes. These measures are usually put in place when the local area is suffering as a result of too many people buying up second properties, using them as holiday homes and depriving local people of decent housing. So before you decide for sure where you want to buy, make sure that the location you want to buy in allows second home ownership.
Do you want to let it out when you’re not there?
This is one option that can be considered if you’re going to be able to visit your second home a handful of times each year. By letting it out, you’re able to put the property to work and get it earning you some money when you’re not using it. With the rise of platforms like Airbnb, it’s now more possible to do this than ever before, so definitely look into it if you haven’t considered this option yet.
Decorate the home and keep it easy to maintain
Finally, you should make sure that you leave time to decorate the property, and when you’re still in the buying process, you should try to look for a home that seems relatively easy to maintain. You don’t want it to cause you even more headaches and problems than it needs to.
Purchasing a second home can be great for your family because it gives you all a place to escape to when you want to relax and spend time together in a location you love away from home. Just make sure that you don’t rush into any decisions and make sure you find the time to locate the ideal second home for your family.
Disclaimer: this is a collaborative post