Saturday, 28 March 2015

Should you buy a holiday home abroad? | Lifestyle & Travel

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As our preparations for moving to China slowly plod along, the anticipation of the move is getting very exciting. But what if we weren't moving permanently, and we were only renovating a holiday home? I've spent a lot of time in China before, and there are lots of other people who spend significant amounts of time in the same country for their holidays. Although some people stay with family, many don't. And a home to call their own would be much more convenient than different hotels, houses and apartments every time they visit. If you're thinking of buying a holiday home, there are some things you should ask yourself first. Don't invest in property abroad before having answers to these questions.
Can you afford it?
The most important question has to be whether you can afford to own a second home abroad. You need to think about not just if you can pay for it now, but whether you will still be able to if anything happens and you have a loss of income or change in your expenses. You might be thinking about renting it out to help pay for it, but you need to make sure that you'll be able to make enough money to make it worth it.
What sort of home will you buy?
You need to think about what type of holiday home you're going to buy. First of all, do you want something that belongs to you only, or will you get a timeshare? There are lots of different types of home to choose from, depending on where you want to buy. You could purchase anything from a static caravan or motorhome to an apartment or full-sized house. If you want to rent it out, you need to think about what other holidaymakers are interested in. For example, owning a villa in the South of France could present more opportunities for making money than buying a flat in an obscure town in Romania.
Where will you buy?
You might already have a particular country in mind, but it's best to narrow it down even further. First, you need to check that foreign nationals are allowed to buy property there. Then there are other factors that will be affected by location. Some places will be cheaper, but they could also receive less tourism. This would be good if you want to be in a quiet location, but would make it more difficult to rent out if that's what you want to do. You might have to consider other things too, such as which regions are prone to natural disaster.
What will happen when you're not staying there?
 When you're not holidaying in your home, will it sit there empty? If you purchase a timeshare, other people will come and go. But if you own the property outright, you'll probably consider renting it. In that case, you need to make sure there's someone in the country to manage it. It's important to take this into account when you're working out whether it's a good investment.

Buying a holiday home is a significant decision and one that you can't take lightly. Make sure you think about it carefully before you come to any conclusions.

2 comments:

  1. I would love to move to japan, its always been a dream of mine, but i have no financial support and no qualifications for a job either so im stuck at home.

    emyii90.blogspot.co.uk

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    1. Have you ever thought of studying with the OU? I'm a complete advocate of them. Without that I wouldn't be studying towards my degree, and potentially my Masters; and I've come from no proper qualifications x

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