Holiday homes are ever popular among those who travel regularly for leisure, fun or business. Most of travelers buy holiday villas to avoid staying in expensive hotels. They realize that staying in their own second homes with everything makes their vacations more exciting, safer and enjoyable. If you want to buy a second home, focus on the following.
-Whether a vacation home is really urgent.
-Main things to look for when selecting a holiday residence.
-Financing options available to you.
To know whether a holiday villa is really important right now you need to think through your priorities. If you have pending expenditures such children education fees, mortgage payments for your primary residence, a big hospital bill or credit card debt, you are not ready for an activity as huge as buying a vacation house. It can wait. If, on the other hand, you are determined to buy a beach villa for your family, then discuss with them first. Do they want a house within a driving or a walking distance? In which country do they want their house to be based on?
As the prime decision maker you must evaluate their suggestions carefully to see if they are beyond your financial strength. The family may want a house in a particular place because it seems quiet, safe and exciting. But you need to focus on the current market conditions of homes in that particular area. Are the appreciation rates stable in the past few years? You never know what the future might bring your way. Who knows if you will resell your beach cottages in future? This is why you are advised to ponder on stable appreciation rates.
There are other things to look for when selecting a second residence. First you want to assess a given location in person by renting out a vacation villa for a few days or weeks. Explore the area’s socio amenities including roads, hospitals, shopping complexes, schools, churches, entertainment joints, grocery stores and related things. You need to buy a vacation home in a relatively developed area or an area that show signs of developing steadily in the near future. Ensure that you talk to the local people in order to get first-hand information.
How to finance your home purchase matters a lot as well. There will be a down payment as usual but the total price range for holiday homes is normally five to ten percent down. Mortgage financing may be possible even internationally but you really need help from a reliable real estate attorney and a listing agent. Using your primary home’s equity line of credit could be possible as well depending on where you intend to purchase a house. Finally, you need to focus on property taxation issues particularly if you intend to let out your new vacation villa.