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Luxury Living is Yours for the Taking

Luxury Living is Yours for the Taking

If you’ve ever dreamed of having another home to retreat to in warmer climes, purchasing a holiday home abroad might be more viable than you think.  Low house prices across Europe and the rest of the world mean that now is a really fantastic time to look into real estate overseas, if not simply as a way to have a permanent base in a country you love, but also as an interesting investment opportunity.  Not only does buying a holiday home give you free accommodation in your chosen destination, but you can really put your money to work by letting your property to holidaymakers when you head back home.  If you choose carefully, buying a holiday home with the intention of letting it for part of the year can be a really sound investment, and in an economic climate where even the best savings accounts will only yield a relatively small amount of interest, it can be one of the best current ways of making a good return on your cash.
It’s important to balance the price of your holiday home with its actual value – some homes will only look like bargains because they were hugely overpriced to begin with, and homes that are in a poor state of repair can quickly turn into black holes for your wallet, as maintenance costs along with bills and taxes can quickly start to mount up over time.  Location is also an important factor in determining the value of a property.  Picking a holiday home that’s a little more expensive, but is situated in a desirable resort area and within a short distance of a major international airport is a much sounder investment than going for a cheap property that’s miles away from any discernible transport links or attractions.  Not only will you be much happier with the reduced cost and travel time needed to get to your property and from your property to the local sights and sounds, but it will greatly increase the amount of tenants you attract, as well as increasing how much they will be willing to pay in rent.   
In areas such as Spain, where house prices have plummeted due to economic downturn, many under-construction resort areas are being sold off at very cheap prices indeed.  While this means there’s some great opportunities to pick up high-quality resort properties at a budget price, it is very important to investigate the property thoroughly before purchase – some of these developments completely ran out of money so unless you like the idea of summering on a building site or in a ghost town, choose wisely.  However, across the board, prices in Spain are exceptionally cheap at the moment, so finding a high-quality property within your price range, with a little digging, will be fairly straightforward.
Ultimately, it’s important for buyers to pick a property that they will love.  Although after reading about the investment opportunity buying houses in popular tourist areas presents it might be tempting to go for the place you’re most likely to be able to let, even the most well-placed holiday homes will stand empty for some of the year due to the seasonal nature of tourist destinations.  Overall, that’s probably for the best.  Who wants to pass up all of the luxury benefits of owning a second home abroad by worrying about damage deposits and furnishings all of the time?  For those who do their research and pick wisely though, luxury living abroad is theirs for the taking. 

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