Tips for Buying Your Second Home Abroad

Tips for Buying Your Second Home Abroad

Nobody wants to make a bad decision with their money, and when purchasing something as large as a house it’s essential that you take the time to ensure you’re making the right decisions. It can be a daunting prospect – for example, if you were in the market for Javea properties in the South of Spain and you visited an online real stator, you would see a wide variety available. How do you make the right choices? Here is some advice to help spend your money wisely.

Know Your Goals

It’s all well and good browsing properties in a sunny paradise like Javea, but what is your actual goal? Are you going to retire there? Will you use the property as a holiday home? Or do you intend to rent/re-sell the property later on? Knowing what you’re looking for allows you a clear focus and lets you immediately eliminate unsuitable properties. If you don’t have clear goals, you can easily spend months idly browsing potential listings without ever making a decision.

Develop Your Budget

The property world is filled with half-finished projects abandoned because those involved lost sight of their finances. Take a long, hard look at what you can afford to spend and stick tightly within those parameters. Things never go to plan, so it’s essential you account for overspending in the project as well as understanding the buying process. A surprise tax or levy that you were not expecting could easily push your project into the red – so do your due diligence before committing to anything.

Know Your Market

This is especially true if you plan to turn your second home into anything approaching an investment, either through selling on or renting. You must understand the area you intend to purchase in – learn the demographics, the landscape, and the local trends. Javea, for example, is a popular destination for tourists, so it would make sense to look for properties there if you were looking for a villa that you could rent out to holidaymakers when you’re not using it.

Whatever you choose to buy, and wherever you choose to buy it, being as well informed as possible is truly essential – never take anything on faith or assumption.

Poppy Watt

Welcome to Women Talking.

Keep up to date and informed with our monthly eNewsletter