If you like to get away from it all every once in a while, buying a vacation home could be the best decision you ever make. Not only does a home abroad offer you a convenient way to enjoy your favourite holiday resort, it can also often prove a worthwhile investment.
Here are the six essential questions you should ask yourself before buying your dream vacation home.
1. Am I in love with the location?
The old cliché in property is true: location is king. Without doubt the most important decision you make when buying a holiday home is that of where you want it to be. Get this right and the rest will slot into place. Luxurious holiday homes are available in just about every corner of every country, so you can be sure to find somewhere that suits you.
2. Is the timing right?
Timing is important when buying abroad. If you're buying somewhere with a different currency, exchange rates will make a huge impact on what you're able to buy. Keep an eye on market trends and consult with industry experts to ensure you're getting the most for your money.
It's also wise to consider timing in terms of development. You'll pay a premium for buying a vacation home in a resort which is well established. Keep an eye out for new resorts and your holiday home could well turn into a smart investment.
3. Do I plan to let the property?
On the subject of investment, by far the biggest financial benefit of a owning a vacation home is the scope for rental income. If you're willing to let your holiday home for at least part of the holiday season, you can expect to see an impressive return.
If holiday letting is on the agenda, this could well help inform your buying decision. Fortunately, the criteria of potential renters are likely to match your own. Things like outside space, decor and proximity to attractions will all play a role in determining how appealing your holiday home is to renters.
4. Should I look at shared ownership?
Shared ownership is common in holiday resorts. When your vacation home is only in use for part of the year, it makes little sense for it to be empty. One alternative is shared ownership. While you lose out on the income that comes with lettings, with shared ownership your buying power is dramatically improved.
5. To swim or not to swim?
When you're looking for a vacation home in a sunny location, the question of a swimming pool is bound to arise sooner or later. Ultimately, this is a personal preference. While most people enjoy the luxury of having their own vacation home pool, it’s worth considering the ongoing maintenance costs involved too.
6. Which real estate agent can best help in my search?
Once you've answered all of the above questions, the only thing that remains is to begin your search for a dream holiday home. The process of buying a faraway home can be made a great deal easier by teaming up with international industry experts like Engel & Völkers.
For a look at our luxury properties all over the world, visit the Engel & Völkers website. Our real estate experts know all there is to know about international property – perfect for helping you find a new home away from home.