Brytoninc
Image default
Home

Aspects to Take into Account When Buying a Holiday Home

If you and your partner have worked hard for a few decades and are now in a position to buy a second property, this will be ideal for when you retire, and, of course, if you are going to invest in a second home, it should be located somewhere special. If you’re in the enviable position of looking to acquire a holiday home, here are a few important aspects to consider.

  • Location – It should be a place that has everything you are looking for; you can buy luxury waterfront residences in Phuket from an established local developer, and you can’t get a better location than southern Thailand. You can escape the cold UK winter and enjoy the tropical paradise that is Thailand, which is a premier holiday destination, and regarding land value appreciation, there’s no better location than the stunning island of Phuket.
  • Generating an Income – Aside from providing you with luxury accommodation when you feel like a visit, your holiday home can generate quite an income if you ask the property management company to include your home in their listings of short-term rental. This makes your investment work for you, plus your property comes under their care umbrella, with building repair or maintenance.
  • Political Stability – If you purchase land in a foreign country, you are at the mercy of their laws, and should there ever be a military coup, for example, you could lose everything. When looking at foreign countries, look for a long period of political stability, with a democracy in place, and, of course, the economic state is also an issue.
  • Legality – It is essential that you consult an established local lawyer, who will ensure that all is as it should be, and for what this costs, you really do want to have a legal expert looking into the contract of sale. If you are leasing the land, make sure that you have an option to extend the 30-year lease for at least another 30 years, and as a general rule, always have a lawyer oversee the transaction.
  • Long-Term Prospects – Ideally, you should buy a holiday home is a very desirable location; preferably one that is established and therefore has all the amenities, and in order to have top rated security in place, your holiday home should be within a gated community, with round the clock manned security. If the location is right, you can expect to see a handsome profit, should you sell in 5-10 years.

If you consider all of the above, you should be very happy with your choice of holiday home, and with a property management company, you will receive a regular income during times you are not using the property. They will list the property on your behalf, screen potential tenants and generally maintain your home, which is a win-win situation for you, the property owner.

Related posts

Why You Should Use Propane in Your Home

Emily Tracy

Add Style Using These Decorating Tips and Methods

Emily Tracy

Practice Decorating Tips

Emily Tracy