s it your dream to one day Why wait for ‘one day' when you
own a holiday home in the can make your dream a reality
sun; a beautiful house today?
where you can escape, relax and
be free of the worries that seem Here are just five simple ways
to go hand in hand with every day that could free you up to make
life? your ideal property purchase
today.
Well, you're not alone!
1) Location, Location, Location
A recent survey by a well known
mortgage lender in the UK There are still some very
revealed that up to one in three beautiful and highly affordable
Britons not only dream about locations left in this wonderful
owning a home in the sun but world of ours - destinations that
fully intend to make that dream a are less well known, less popular
reality some day. And in the US with tourists, less well
the number of Americans planning developed maybe; but no less
to one day buy that ideal second beautiful, no less welcoming and
home haven is now up to three in certainly no less safe!
ten people.
You just have to look a little
Now let me ask you another further afield or think outside
question: of the box and be prepared to do
some of the real estate research
If it is your dream to ‘one yourself. The most popular
day' own that beautiful home in destinations for second homes
the sun what exactly are you like Florida and Spain are very
waiting for? well documented and there are
literally thousands of real
estate agents to help you find much further.
that pricey holiday villa or
apartment. 2) Jet to Let
But if you want to be able to buy If you need to borrow to finance
up something that doesn't have your property purchase consider
such an inflated and unachievable buying an apartment, villa or
price tag then look to less well house that can easily be rented
marketed and tourist populated out during the peak season in
areas - find the next emerging your dream destination. The
market. weekly rental income you can
generate from your property
Did you know that property in purchase will pay off the extra
Northern Spain is a fraction of money you had to borrow to buy
the price of property on the your dream home now rather than
Costa del Sol, property in waiting until tomorrow.
Northern Belize is a fraction of
the price of property in the Once the peak season is over and
Cayes and property in central you've generated the highest
France is a fraction of the price rental yields possible you can
of property on the Cote d'Azur free up the home for a couple of
for example? Did you know Croatia weeks and you can take time out
and Bulgaria have beautiful to travel to it and enjoy an out
summer climates and stunning of season break in your very own
beaches? dream overseas home.
Be a proactive pioneer and seek Once the holidaymakers who let
out the most affordable and your home have helped you pay off
desirable holiday home hotspots your mortgage you can either
and make today's budget go that continue to take an income
supplement from the property or local market consider buying a
refuse to rent it out and have it home in need of repair,
all to yourself - either way, jet renovation or just a cosmetic
to let is the latest way to overhaul. It's a well known fact
afford that second home overseas. that homes in need of some TLC
get sold far cheaper than
perfectly presented show homes.
3) Pool Resources Well, the same applies in every
house market regardless of where
If you and your friends or family in the world you're looking to
members all share the dream of buy.
owning a second home overseas you
could consider pooling your Therefore spend a little time
financial resources together to learning about the local real
get on the second home property estate market in your preferred
ladder. country, find out about average
costs of houses and then look for
This will enable each of you to homes priced under this
make your financial contribution ceiling...all of them will be
go so much further - and if you priced down because they require
draw up a contract between you work.
all at the start which details
who can have access to the house Always make sure you get a survey
during which weeks of the year done on any home you're
there will be no possibility of interested in to ensure you're
arguments later on! fully aware of the work required
then get building quotes etc.,
4) Get a Fixer-Upper and cost the work up - obviously
the more work you can do yourself
Many first time buyers in the the less money it will cost - and
then go get yourself a considerations to think about
fixer-upper and use some of your before taking this path however
holiday time turning your second because it involves increasing
home into your dream home. your debt ratio. On the good side
you can often reduce your overall
You will be amazed at how well mortgage interest rate when you
you can potentially push up the re-mortgage and you will be
value of a second home by taking putting the money you free up
this path - in many countries straight back into property.
overseas run down homes are
undervalued because local people On the bad side you will be
have no desire to take on the increasing your debt and your
work. If you put in the effort loan will be secured on your
and turn the house around, when primary residence. This option
you want to sell it you will can suit many people but you
probably be handsomely should speak to a financial
financially rewarded! adviser before taking this path.
5) Release Equity Hopefully these five simple ways
have given you some food for
If you have equity in your thought - there are many ways to
principal home - i.e., your house stop putting off until tomorrow
is worth more than the mortgage that dream that you could be
you have on it - you could living today.
consider re-mortgaging to free up
this equity and you could then Why wait until you're too old to
use this equity for a second home enjoy a home overseas before you
purchase. buy one!
There are some major
About the Author:
Rhiannon Williamson is a freelance writer whose many articles about buying investment property have appeared in real estate publications around the world. To read her latest articles about investment property in North Cyprus visit this link:
http://www.shelteroffshore.com/index.php/property/cat/C60/
Source: www.isnare.com
