If you are lucky enough to have some spare money and love sunning yourself abroad, you might be considering investing in property abroad.
If you have found a holiday destination that you love and have been back there lots of times before, buying a holiday home makes sense. Not only could you and your family use your holiday home for trips, but you could also use it to make a little extra money, by renting it out.
However, before you get ahead of yourself, the first thing that you need to do is make sure that you know what you are getting yourself into. Buying property abroad can be an amazing investment to make, as long as you know what you are doing, that is.
To help you ensure that when it comes to investing in property abroad that you know what you are doing, we have put together some tips to follow, below:
Do your homework
If you have an area in mind that you would like to buy a property in, take the time to do your homework on it. You need to think about what you want to use the property for – just for holidays or for holidays and renting out? This is important because if you want to rent the property out for holiday lets, you need to choose the destination carefully.
Some areas are more popular than others, which means that these areas will get higher prices for holiday lets. If you know how much you need to make off of holiday lets to make the investment worthwhile, find which area will allow you to do that.
Opt for a city location
If you want to make a decent amount by renting out your holiday home for holiday lets, you need to opt for a property in the city. Properties in small towns and villages might look idyllic, but they won’t bring in as much revenue as city properties.
In European cities, like Barcelona in Spain and Cannes in France, luxury properties tend to be the most popular places to stay. So if you want to earn a decent amount for your holiday home, you need to opt for a luxury property.
Only view houses with English-speaking agents
Don’t make the mistake of going to view properties with an agent that doesn’t speak English. Before you book your trip to go and view properties, make sure to contact each estate agent and request that you have an English-speaking agent.
Ask all the questions you would when buying property at home
Because you are abroad, it’s easy to fall into a false sense of security. But it’s important that you ask all the same questions that you would when buying property at home, and more. All the factors that you would consider when house hunting at home – budget, size, condition, etc., you still need to think about.
If you can afford it and have found an area that you love abroad, buying a holiday home is a great investment. However, it’s crucial that before you invest, that you do adequate research.