If you have the extra money to invest in a holiday home, there are a lot of things you need to take into consideration. And not all of them have to do with the price.
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Here are some things you should think about before you purchase a holiday home.
Where will it be?
The location of your second (or third) home should be one of the big considerations to think about. There are certain places that we fall in love with, and these are normally the first places that we think about when we are choosing a holiday home. One of the easiest ways to decide if this location is ideal for a holiday home is to have a holiday there. You might discover that you love it even more, or it isn’t what you remember it to be.
What is it being used for?
If you need a second home because you work in several locations, this means that it won’t really be a holiday home. However, if you want somewhere that is completely away from your work life, you still have a lot of thinking to do. Will it be for activities such as skiing or scuba diving? Do you want to relax in the wilderness or be in the city for shopping? What your holiday home will be used for will be impacted by the location, so if you have your heart set on the south of France but want year-round skiing, you might want to rethink the location.
Can you buy it?
Buying a property, especially one from another country, is a tricky thing. If you don’t know the local laws and are not sure about the process, you will have to speak to an expert. There are many locations that do not sell to outsiders and want to keep properties available to locals. Using a recognised estate agent such as william pitt sotheby’s international realty can help you to find or avoid locations that might give you issues.
How often will it be used?
If you manage to find your dream holiday home in the location that you want, now you need to ask yourself, how often will you use it? If it is nearby, such as a quick flight away, you might use it a lot.
However, if you have to take an 8 hours flight to get there, you might not use it as much as you want to. We don’t want this to put you off, because it could still be a great investment. And you could let your family and friends use the home if they are needing a break too. It really depends on how much you want to use it and if you are willing to share it with your extended family.
No matter what you choose, having a second home to relax in can always be a great investment that you can enjoy for years to come. Enjoy the relaxation of your holiday home and the peace that it can give you.
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
