Buying a holiday home should be an exciting time for you and your family. You are finally in the financial position to make an investment that will benefit your family both now and in years to come. So, what are the mistakes to avoid when carrying out this endeavour? Read on.
When you’re thinking about buying a holiday home, many factors go into the equation. They include location, type of property that will suit your needs and accessibility. You’ll also get input from your family members that have their particular sets of expectations. Making a sound investment decision while appeasing everyone is an arduous task. What are the keys to making sure you make the right decision?
Knowing the most common pitfalls and conducting exhaustive research on all your options will go a long way in the process. What are the most common pitfalls first-time holiday home buyers make? Consider these four most common mistakes made when first-time holiday home buyers are buying a property in Spain to avoid them:
The four mistakes to avoid when buying a holiday home
Try to leave your emotions out of it when going to view properties and making offers. You should instead focus on your investment goals and not get distracted by ideas that the heart rules.
As you’re deciding whether you should be buying a holiday home, ask yourself the reasons why you want to buy a holiday property in Spain. What’s the goal of this purchase? Is it an investment opportunity that will generate a return on investment for you, is it a holiday home for your family, or do you wish to do both? Your investment will need to service your needs depending on what criteria is the right one for you. The important thing here is to be practical and realistic about the decision you are about to make.
Choosing the wrong location when buying a holiday home in Spain
Is your holiday home’s location somewhere that is financially viable for you and your family to travel there regularly? Is it in a popular tourism locale where you can easily find tenants? Does it have all the amenities your prospective tenants or family will need to enjoy it comfortably? These are essential questions you should ask when determining your target location for your holiday home.
Coveted properties are those with sea views, those within walking distance of the beach, as well as shops and other leisure facilities. While these facts may make it more costly, you’ll gain a higher return on investment due to its location and everything you have within reach.
Not having enough cash on hand
Cash is valuable when buying property, and having it on hand affords advantages. You will not only ensure that the perfect property doesn’t pass you by when it becomes available, but high demand in coveted locations makes you a more favourable buyer if you have enough cash. It is also useful when financing legal fees, estate agent fees, notaries, maintenance, and regular trips with your family to your holiday home.
You should always go into buying a holiday home knowing your budget and having enough cash. You should have enough to finance a mortgage and offset any other associated expenses with your income. Or, buy-to-rent with the rental income paying for these costs.
Going in blind
If you’re keen on buying a holiday home you can have as an investment and enjoy, be sure to visit the area you’re targeting. Also, find reputable agents in the area that know the market and the available options. In short, have a complete view of the market before going into this pivotal decision.
How to buy a holiday home in Spain
Spain’s Costa Blanca has become a popular destination for many British investors seeking properties as holiday homes or investment properties, making it a sound investment decision. With its stunning locations, beautiful dwellings like the many Calpe villas on offer, this area is an understandable investment success. By trusting in resourceful partners like Seanest, you’ll avoid rookie mistakes when buying a holiday home (whether an apartment or villa) in Calpe to suit your tastes.