Live the Dream: Investing in a Holiday Home

Hotel costs add up and knowing how much they cost can cause you to choose to spend less time overall at your holiday destination. But this is going to leave you less rested and relaxed than a vacation is supposed to leave you.

If you and your family love the place, there is no reason why you should not seek to increase the quality and amount of time you spend in that country. The way things are going with the economy, it is even a buyers market in some countries. There is no harm in inquiring with real estate agents to learn about housing prices. You may be surprised by how affordable some truly beautiful homes can be.

Naturally, there is a lot to consider. It is an investment so the initial financial commitment will be high. You must factor in the amount of time you will spend there, whether you can rent it out when you are not inhabiting it, decide if it is worth it to lend it out to friends and family, etc. It is a lot to consider. So, let’s break it down by benefits and practical steps.

Consider Additional Costs

Buying a house, even a holiday villa, makes you responsible for a lot of fees and bills. Look into property taxes, homeowners insurance, liability insurance if you intend to rent, maintenance costs, and utilities. Choose a home that allows you to pay a mortgage that is within your means including these extra costs. There is no point in buying a beautiful home if you cannot pay the maintenance fees to keep it beautiful and inviting.

For example, beach houses need very diligent painting with weatherproof painting and this needs to happen fairly regularly. The salty air exposure can weaken wooden walls, get through the seams, and make your home quite drafty. That said, the painting must be scheduled and the upkeep done to keep the house in good condition.

mexican home

Buy, Don’t Build

You may have built your dream home and think that your dream holiday home should be built from the ground up as well. But consider that you won’t have the time to spend in the country or area, supervising the process. Construction companies in other countries or states may not be what you are used to in your home state. It can very quickly become incredibly costly and take a much longer time than you hope.

Depending on where you want to build, you may even come across more unexpected roadblocks. Coastal commissions that protect beaches and building codes that protect mountainous forest reserves can demand extensive testing and land surveyors. This is a necessity that you cannot omit as building the house in the area could endanger wildlife or rare flora.

Even if you own the land, if you harm a native species, you could be subject to big fines and even have to tear down the house. It is much more cost-effective to tour houses on sale and find one you can easily remodel and redecorate.

Visit in All Seasons

This is especially necessary if you intend to rent it out to make back some money when you are not there. An area that is a dream in summer, may be inaccessible and freezing in winter. You may not know if you are only there in summer. Renting it out with the understanding that it is an accessible and well-sealed house only for the renters to suffer in the cold harsh weather, will make you liable for litigation.

Avoid this by spending some time in the house in all four seasons. If you have bought a home in a tropical destination, you still need to visit during both seasons. The same activities you enjoy during the dry months may not be available during the monsoon season. There will still be something to draw people to the area and you can only find out what it is if you are there to find it out.

One of the most annoying things about going on vacation is getting there only to realize that you left some crucial items behind. With a holiday home, you can pack it full of everything your family (or a renter) could need.

Store canned food items, baking supplies, sunscreen, phone chargers, extra clothes, and anything you can think of that your family has forgotten in the past and needed when they reached the destination. In many ways, this convenience can be a great boon. You and your family will have to pack much lighter and smaller bags when you go on holiday because you know everything you could need is already there. Renters will also pay a more premium price to live in a fully stocked home.

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