If you are looking for a vacation home, you need to take some vacation home considerations before you jump in head first.
For so many people, the idea of owning a home overseas can be beyond our reach. But you can do something like a timeshare, where you have a property for a certain number of months over the year. Some people are looking for holiday homes because they are on the hunt for a property that they could potentially downsize to later in life.
So what do you need to know in order to purchase a vacation property that suits your needs?
Set Your Expectations and Budget
A lot of people try to find the ideal property first. However, the best thing to do is to have a look at your overall finances and how much you can spend on a property.
You might be looking for a luxurious golf estate so you can go on golfing holidays, but you’ve got to look at the bigger picture. Look at how much you can spend on the property, as well as the overall costs, including taxes, land registry fees, and even the lawyers.
Many buyers settle for less. But do you actually need to purchase something right now? You might be better waiting a couple of years until your finances are in better shape so you can really get something that will go the distance.
Choosing Your Overseas Agents
If you’re looking to buy a vacation home in another country, the estate agent is a key component that can guide (or misguide) you, depending on their skills. You should always check credentials.
But if you find an estate agent with no online presence and a lack of testimonials, you may want to stay clear. Always go for the recommended estate agents.
Look at the Rental Income and the Laws
You may think that a vacation home is ideal for you. However, if you want to make an income on it when you are not there you may plan on renting it out.
But you’ve got to conduct your research so you adhere to the rules and regulations in that specific area. It all depends on the location. For example, you will be paying 24% tax in Spain when you are not a part of the European Union.
Look at the Restrictions
In many places in Europe, those that aren’t part of the EU can stay for 90 days out of a total of 180. This might be why you may choose a property closer to home.
If you are choosing a property in America, you are going to have a better idea of the specific restrictions. But that’s not to say you are completely free of restrictions because you will be bound by the state.
There are a lot of vacation home considerations, not least in terms of these specific restrictions and regulations, but you also need to make sure that it is going to last. You need to take care of the property so it does go the distance. Think about it all in the round, no matter where around the world you are going