If you are close to retirement and are finally in a position to think about purchasing a holiday home, this is an exciting part of your life, as you begin to reap the rewards of several decades of hard work. Of course, you first have to decide exactly where your second home will be located, and for most, this would be a tropical paradise like the South of Thailand or perhaps on the Algarve in Portugal, but wherever you choose, here are some important points to consider when planning to buy a holiday home.
- Think Revenue – While your holiday home will be a place for you and your family to enjoy your precious downtime, it should also provide you with a steady income – by renting it out when you are not using the property. There are, for example, luxury pool villas in Phuket to buy and the developer will manage your property to give you an income when the villa is not in use, plus they will also handle property maintenance on your behalf.
- Property Management – As you are only spending a small portion of your time in your holiday home, which might be as much as half of the year, but you will not be there all the time, and property maintenance waits for no man. The comprehensive solution is the purchase a luxury property that is managed by a reputable developer who offers a comprehensive range of services, including taking care of all property maintenance. Who knows what might happen when you are on the other side of the world? It makes perfect sense to entrust the building maintenance to the developer, who would have a resident office and therefore is always informed.
- Checking Legal Aspects – It is vital that you engage a competent real estate lawyer to oversee your acquisition, and the main reason why people buy holiday homes from reputable property developers is the assurance that everything is legal and above board. In Thailand, for example, there are only a few ways that a foreigner can legally own a property, and when you purchase, you would become a company shareholder, which gives you the right to own property.
- Political Stability – There are some real paradise parts of the world, but the political and economic climate is far from stable, and you do need to think carefully before purchasing property in a developing country. You can easily find out about any country using Google, and this will help you to make a wise choice regarding where you purchase your holiday home.
- Land Prices – Obviously, you want your second home to appreciate in value, so take this into account when thinking about any specific location, and the Internet can help you get an overview of the current prices, plus you can search for forecasts to help you get the maximum profit from the purchase.
Buying a second home is an exciting time for anyone, and with a little forethought and lots of research, you should make the right choice and get many years of enjoyment from your holiday home.