Things to Consider Before Buying a Family Holiday Home Abroad
Has it always been your dream to have a holiday home abroad? It may be much more feasible than you imagined, just so long as you do your research carefully and don’t rush into things. A well-chosen holiday home could be the location for wonderful family holidays for years to come and the source of memories that you and your children will never forget, however, an inappropriate purchase could just end up draining your finances and your enthusiasm.
How will this property be used?
If you’ve travelled abroad, the chances are that you’ve thought to yourself, at some stage, ‘Wouldn’t it be lovely to live here?’. Many holiday homes have been bought by purchasers in the full flush of holiday euphoria and they don’t always turn out to be a happy acquisition. When you buy a holiday home you are committing your family to a future of holidaying predominantly in the same location for the foreseeable future. So, what happens when your teenagers decide that they want to go somewhere else this year? You need to be realistic about how often you will be able to use this property. Will friends and relations be able to use it? Do you intend to live there permanently one day? Will you be able to let it out when you’re not using it? How difficult will it be to sell, should you wish to dispose of it in the future?
Location
This, of course is the key decision. If you are a U.K. citizen, making a purchase outside of Europe is going to include lengthy and expensive travel, so let’s assume that you are limiting your choice to Europe. When we think about the possibility of a holiday home, many of us think first of locations with which we are familiar, such as France or Spain, but before you decide it’s worth taking more of an overview. One determining factor will be ease of access: how easy is it to get to and how expensive will it be to get there? Another deciding factor will be: what kind of weather do you want? And, of course, the constraining factor that you will have to work within is the cost of property. If you are thinking of buying a property in a location with which you are unfamiliar then you would be well advised to rent first and give yourself an opportunity to explore. Rental property in Portugal, for example, is on average 33% cheaper than the U.K, so this is a good option.
Local costs
Be very clear about the cost of living in this property. Buying a large, run-down property with extensive grounds, is clearly a bad idea if you are not going to be there very often. In addition to getting a clear picture of what taxes and service charges you will be required to pay you also need an awareness of what living costs might be. If, for example, your nearest supermarket is 30km away you need to be aware of how that will impact day to day living costs.
Amenities
Charming though the location may be, how practical is it? What is there to do in the area? Where is the nearest hospital? What are the transport links like?
