Many people would like to have the possibility of buying a second home. They would select a location that is close to where they spend their holidays and where they normally rent a property. Having a summer house shows a part of your status and financial means, but whether you want to buy a big mansion or a small apartment, it is always important to seriously assess your needs. Is it smart to invest in buying a second home? Today, this article by ShBarcelona will focus on a few tips on buying holiday accommodation.
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Important questions before buying a second home
What will be the location?
One of the important things to ask yourself, is where you want to buy your holiday home: you should always be crystal clear on whether you want it at the beach, in the mountains, in a colder or warmer climate, and if it will be an apartment, chalet or another type of house. Of course it is always possible to sell the property again, but choosing the area of your preference is a basic, but key question.
Another fundamental issue when buying a second home, is to know the area well. And if you do not know the area yet, then go there and investigate! You should never let the real estate agent or owner of the property be your only guidance.
Will I like going there for a long time?
Before buying a holiday home in the mountains or at the beach, you must be convinced that this location is so very enjoyable, that you would want to spend most of your free time there. You always have to keep in mind, that spending one week there during the summer, is not the same as going there every weekend or holiday for the next ten years. Make sure this is the location you want to be at for more and longer periods of time.
How comfortable is it to live there?
The place you choose must meet certain requirements, as they could either make life easier, or they could make life really complicated. Some of the most important aspects to consider, are the presence of nearby supermarkets, bakeries and cafeterias. If these are not within a certain distance, you will be forced to drive (longer than you would like) every time you need something. Other basic services include health centers, police and fire fighters. You will feel more secure living somewhere with these specialist services within a desired range.
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Is your second home nearby enough for you to enjoy it regularly?
Depending on how you will use your second home, it is important to take the distance from your regular house to your holiday home into account. Will you be going there regularly on weekends? Or will it mainly be for a couple of weeks in July and August? Because if you plan on spending the weekends there too, the location is even more important. If your holiday home is not at an acceptable distance, you will have to travel for many hours every time you go there. And this may soon affect the fun of having a second home.
So consider your means of travelling and the time it takes to arrive at your second home, as too many travelling hours means you have less time to relax and disconnect.
Is it worth it to buy or is it better to rent?
It is important to value the price of your property according to its use. Being able to enjoy a second residence every weekend instead of only in summer is not the same. Therefore, the price of the property must be valued accordingly.
You should investigate the prices in the area of your preference, as this will show you the options you have. Calculating the difference between buying and renting will also give you insight in whether it is better to buy or rent.
Besides knowing your numbers, you should also check if the property will be easy to rent out. Because if you buy, but will not be there very often, it can be a good source of income. It may even help you better decide on the purchasing price that the property is worth to you.
What about maintenance?
In addition to the purchasing price of the house, you should be aware that having a second home also leads to other expenses. For example, the costs for services and utilities, such as gas, water, electricity, community fees, taxes and pool or garden maintenance. Add these costs to your list, and you will have better knowledge of what owning a second home will cost you.
Do you have a second home? What advice would you give us?