Buying a holiday home abroad, residences used for spending holidays also known as second home, is very common, but there are certain things that one should keep in mind before buying one. Following is a small guide that can be of a great help for all those people who are looking to buy one for them.
Research at Your End
One should always visit the property that one is buying personally and should not rely on third parties like agents etc for it. If one is buying a holiday home for renting it out a fair understanding of the holiday season, location, provision of public utilities nearby, rentals to be expected etc is required. One should not depend too much on the rentals expected as they are likely to undergo a change. A full structural survey of the property is also recommended.
Seek Legal Help
Before making any crucial decisions related to your holiday home, always seek some legal help. Employ a lawyer who understands your language and the local language. Go through the legalities involved in buying property. Be very careful about the legal laws related to inheritance of property so that our children do not face any problems later. Also have a sound knowledge on the possibility of extensions.
Licenses and Law
There are certain regulations and licenses that one should go through in detail which may vary from country to country and even complex to complex. Find out the procedure regarding rentals for the area one has chosen. There is the possibility that the location one has chosen may be banned for short-term rentals.
Check the Political Climate
Checking the political situation of the county one is thinking to invest in is one of the most important things. The country should be tourist friendly. The procedure for obtaining visas should not be very stringent. The political scenario should be stable and well developed. It is better to invest in a country that depends on its tourism heavily for its national growth.
It is recommended not to buy a property that requires complete renovation. Since keeping a check on the progress of alteration or renovation work staying abroad is difficult. Though some alterations may be required with the passage of time, they must be kept to the minimum initially.
Though not exhaustive, this write up is surely of great help for the beginners.
By Nancy Dodds of Agentsfinder.co.uk