Owning a holiday home abroad is often seen as a luxury, but in fact, more and more people are getting the chance to get their own little slice of heaven somewhere overseas. Owning a second home in the sun could be a good long-term possibility for a savvy investor looking to improve their finances.
Having a second home abroad was often seen as a risk, but times have changed and the overseas property market is thriving. So, you may be asking yourself, why and how? Below, you will find many reasons why you should be making this investment:
Your own accommodation
Obviously, one of the biggest advantages of owning a holiday home aboard is that you will always have accommodation when you decide to plan a holiday. That’s why it is best to invest in a destination you love, as well as somewhere which is close to local amenities. When you own a property in a desirable location, you can simply book a flight and get away for a few weeks. You won’t have to worry about booking a hotel room or any of the other stresses when organising a holiday.
An extra income
One of the many advantages of owning a holiday home is the extra income that you can benefit from. When the property is empty, you can rent it out to other holidaymakers, meaning you can sit back and relax, whilst the property pays for itself.
You may want to generate income from the property now, but many owners’ objective is for their holiday home to be a permanent abode in the future; a home to retire to, or pass on to their children. In the present time, the property will cover any expenses, saving you money on alternative holidays and earning you an extra income.
The rise of the business travellers
Many business travellers are opting for holiday let accommodation during their business trips. This is because large numbers of business people are tired of staring at the same four walls of a chain hotel every few weeks, so are turning to privately owned rentals.
The local community
Research has shown how holiday rentals contribute to the local economy, showing that travellers staying in holiday rentals spend more within the local community than hotel dwellers. As an owner, you are giving something back to the local area, local shops, restaurants and bars.
What to look for when buying a holiday home
When searching for an investment property abroad, you will need to make sure that the property is easily accessible with great local facilities, and in a popular area among tourists. You will also have to think about what the holiday season in the area is like, as many destinations shut down when it comes to the end of the season.
Let someone else do the hard work
When owning a property abroad there are always some things that should be taken into consideration. It is advisable that you hire a property management company to help you run the property, as they will be able to take care of the property on your behalf. They will also be able to help with the following:
- Advertise your property, respond to enquiries and book the rentals.
- Handle any day-to-day problems.
- Keep records of bookings and income.
- Clean the property during lettings.
- Organising day trips and airport collection.
Best places to invest
When looking to invest in a property abroad, it is important to think about the long-term. Many property experts will constantly highlight new markets which seem to be an investment hotspot, meaning you could snap up a bargain where prices has dramatically fallen in recent years. However, it is advisable to try and invest in more established markets, as it will be a safer investment; and if you require a mortgage, you will most probably get a better deal.
There are many beautiful places throughout the world, and it might be hard to find the perfect place for your investment. However, the best thing to do is find a place that you love to visit, as you will be spending many holidays in that location. Locations like Spain, France, Italy and Portugal are all popular holiday destinations.
Italy has always been a popular holiday destination, and rightfully so. Many choose to retire to this area, as there is a peaceful ambience, but still plenty going on. Tuscany is especially beautiful, and has been named as one the top places to retire to. You will be able to live a glamorous lifestyle for less in this area of Italy. Find your perfect Tuscany property for sale by searching through the internet, and you will be sure to find the perfect holiday home, or permanent abode.