There are lots of things to consider before buying a holiday home. Buying a rental holiday property is most likely one of, if not the biggest investment purchases of your life. You need to know that you’ve thought of everything before you sign on the dotted line.
Perhaps people are realising time is precious and opting to seize the day, rather than delaying dreams until tomorrow. With travel restrictions lifted, people are now able to plan trips overseas and view properties more easily, which has been challenging over the last two years.
1. Research is important
If you’re planning to live in a foreign property, We area advising you thoroughly research the country, culture and, of course, the local conveyancing process. Make sure you truly understand what life’s like there and if it will suit you,. “Having the right knowledge, expertise and advice on the journey is vital.”
2. Decide whether you’ll rent out your property
Many owners want to capitalise on the premium rental rates available during the year, which are covering utility, service, maintenance or community fees and local tax bills. But he stresses buyers need to think about potential rental income before they choose a property, explaining: “A rural property out-of-the-way may be idyllic for you to live in, but may offer lower rental potential.
3. You need a good local estate agent
The buying process varies from country to country, but wherever you’re looking, finding a local estate agent can be invaluable when it comes to viewing properties.