When people think of holiday homes, they often assume that they’re the reserve of the rich and famous. But in reality, you don’t have to be an aristocrat or a celebrity to be able to afford a second home abroad. If you already own your home and love to travel, buying a holiday home could be an excellent thing to do. Most people who like travelling have a favourite country that they can’t help but return to again and again. If you’re one of those people, you could buy a holiday home and always have somewhere to return to. Plus, a holiday home could bring in extra income when you aren’t using it yourself and make a great investment.
When you aren’t using your holiday home, it can be an excellent source of extra income. Cover the cost of the mortgage and any other expenses by renting the property out to other travellers or even locals. You can charge more if you rent the property out as a holiday home, plus raise and lower your prices in high and low seasons. If you don’t live in the country, you can hire someone to play host for the property. Or you can even just arrange for somewhere for guests to pick up the keys and allow them to enjoy a mainly hands-off stay. It’s a good idea to have someone on hand to deal with any potential problems, however.
A Good Investment
If you ask people for house buying tips, they’ll tell you that owning property is a good investment. On top of income from renting out your holiday home, you also have an asset that could help you later in life. When you own your holiday home outright, you could do one of several things. One option is to continue to rent it and live off the regular income. You could also sell it and use the proceeds of the sale to top up your pension or invest in something else. And you might consider living in it. Many people dream of moving abroad when they retire, so moving into your holiday home permanently could be a dream come true. If your property is quite large, consider turning part of it into a small home and renting out the rest.
Escape Whenever You Want
Buy a second home in another country, or even just in a favourite part of your home country, and you’ll always have somewhere to holiday. Some years it can be a struggle to afford a holiday, but when you have your own property to go to, you don’t have to worry about the cost of accommodation. Accommodation is one of the main expenses when you go away, along with travel, and it’s particularly high during peak seasons. With your own holiday home, you can go and stay all year round, whenever you want.
If you want to buy a holiday home and start renting it out, try to get set up in time for summer. You can charge high-season prices straight away, plus you can test it out first to make sure it’s a great home.