Collaborative Post
One thing that’s common on many people’s bucket lists is ‘owning a home abroad.’ A holiday home can be a fantastic way to escape home life once in a while and enjoy the sun.
While this might seem like a dream, the truth is that many people are making it a reality. More than 300,000 British people live in Spain, for example, and while a number of them are retirees, there are others who are able to live both here and overseas and make it work for them. It’s the best of both worlds – a chance to enjoy beautiful weather and beaches just a short flight away, while still being able to come home to work or see family and friends.
Is owning an overseas property at the top of your wish list? Here are some of the ways you can make the dream of owning a holiday home a reality.
Increase your savings
Buying a property, let alone a second property, is a challenge these days. While some properties abroad could be considerably cheaper than they are here, you’re still going to need to put down a hefty deposit to afford your holiday home.
This is where you need to start thinking about increasing your savings. Being able to save more and spend less is very important, and will help you gather the funds you need for your holiday home. By saving for something big like a villa or apartment abroad, you’ll have an amazing goal to work towards that will make it even easier to save the pennies you need.
Find more ways to make money
As well as saving more money, you could also look at ways to make more money to invest in your dream overseas home. There are plenty of fantastic side hustles you can do from home, including copywriting, online administration, get paid for surveys and more. If you can find ways to boost your income, then this can all be added into the savings pot towards your second property. Remember that the money you spend will be an investment, so it’s a great way to grow your assets for your future.
Turn it into a money-maker
Owning a holiday home is a luxury, but it can become more affordable if you were willing to let it out or put in on Airbnb. That way, you can select the weeks that you’ll want the property for yourself, and keep the other dates free for holiday rental requests. By getting a holiday let mortgage, you can get the loan you need to get that second property abroad. Be warned that holiday rentals can be a lot of hard work, and you’ll need to make regular trips to the property to make sure everything is in good working order for your desks. It will also be worth making contacts with people who live locally who would be able to act as the host in your place while you manage things from back home.
Consider a timeshare with friends and family
If buying a holiday home by yourself is almost impossible, why not chip in with friends and family instead? Unlike timeshares that are run by companies and come with all kinds of caveats and clauses, a timeshare as a family could be a perfect solution. You’ll all have an equal share in the property, and can split the responsibility of managing the property between you as well. Now all you need to figure out is how to settle disputes about who gets to stay and when!
Why not make the move a permanent one?
If the thought of living near the beach is an appealing one, why not consider making a permanent move overseas? You can find a lot of information about moving abroad to help you with the decision, while it’s also a good idea to speak to other expats about their experience. Moving abroad can mean giving up a lot of your life back home, but it can also be an incredible opportunity for you and your family’s future. It could be a great adventure, even if it were just for a year or two.
Owning a holiday home can be a fantastic achievement, as well as a great investment for you after you retire. There’s a lot to think about when it comes to your purchase, so make sure you know all of the facts before you commit. With the terms of Brexit still undecided, it could be a risky time to buy in Europe, so it’s important to research carefully before you part with your money. Take the time to mull it over and who knows, by next year you could find yourself getting ready to enjoy more fun in the sun.