Have you ever dreamed of having a second home that you and your family could visit whenever you wanted? More to the point, this home is in a lovely holiday destination that you can travel to whenever you like! It’s the perfect way for you to go on holiday and spend lots of time away with the family. You no longer have to worry about hotels, meaning the cost of your holidays will always be cheaper.
If this is something you’re serious about, perhaps you’re wondering what the options are if you wish to buy a holiday home. Naturally, there are numerous considerations, including the points below:
Where is the best place to buy your holiday home?
This obviously depends on you and your family. Is there a particular country or place overseas that you always visit? If so, it might make sense to buy your holiday home in that location. You go there every summer anyway, so why not have a place to stay while you visit?!
Alternatively, you might prefer to have a holiday home in a location within your country. You could have a place to stay by the coast, meaning you have endless trips there throughout the year. More local holiday homes like these are easier to manage than overseas ones, but the choice is yours!
How do you get a mortgage for your holiday home?
Of course, you will likely need a mortgage to afford your second property. Here, you have to consider the different mortgage products that relate to this purchase. A standard mortgage won’t make sense as this is not your primary place of residence. Instead, you’re looking at either a holiday let mortgage or a holiday home mortgage.
The former refers to holiday homes that you intend to rent out to people throughout the year. On the other hand, a holiday home mortgage is for homes that only you will use. Choose the right one that suits your needs when applying!
Oh, and if you are looking for an overseas property, you need to deal with lenders that are willing to grant you an international mortgage.
What type of property is the best?
When it comes to purchasing your holiday home, what type of property is the best for you? Again, this all comes down to personal preference and what your family deems the most useful. If you’ve got a big family that spends a good few weeks away in Spain every year, maybe you could purchase a villa?
Alternatively, maybe an apartment is all you need? Or, you might even consider a static caravan as your property of choice, if you want a holiday home in a campsite location. No property type is the best; it all depends on what you and your family will use the home for.
The benefit of a holiday home is that you have free accommodation whenever you go on holiday. It also gives you an excuse to take more trips away, which is always fun for the family. Make sure you think things through before you go ahead with this decision, but a holiday home could be a great investment for you and your kids.