Whether it’s a little house in the Spanish hills or a place by the beach, who wouldn’t love a holiday home away from home?
Whilst this may be a lovely daydream, the reality of owning more than one property can be complicated, with several extra factors to consider before making your dream a reality. We’ve put together some facts you should consider before taking the leap into second home ownership.
Why do I need this property?
You will need to have a serious heart-to-heart with yourself and your other half about the purpose of buying your second property.
It is important to bear in mind that you whilst you go through the process of buying a home abroad, the property is not in your local area and you will need to arrange furnishing and decorating. You will need to ask yourself if the trade-off of a little stress for a relaxing holiday home is something you are happy to take on.
There are other options available to you depending on what your needs are, for example, if you are only looking to visit once or twice a year you could rent a holiday home.
Location, location, location
The location of your property will affect every aspect of your ownership. Whilst it is lovely to have a Spanish holiday home that’s 1300 miles away from day to day life, that’s a 2600-mile round trip every time you’re looking to visit.
If you are considering a holiday home and would like to act as a landlord when you aren’t occupying the property, then you will need to consider how you will keep tabs on the property when you are so far away. Little details like finding trustworthy tradesman become more complicated when you don’t know the area. You can consider using the services of a property management team such as Marena Murray to take care of your property whilst you aren’t in the country.
The cost of running your second home
You will also need to consider the cost of running your second home. You will need home insurance, broadband, telephone, electricity, water and heating as well as paying the various taxes that come with owning property.
Whilst you won’t be paying the same rates (because you won’t be there all the time) however, certain bills (like the internet) will stay at the same rate no matter the amount of usage you get from the service.
For any help or advice when it comes to property, speak to us at Marena Murray. Our team would be more than happy to help you with the right information to get you started and can help you find a home to suit your needs.
