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Debbie
Ward has spent more than 15 years
as a journalist, several as Features
Editor of Travel Trade Gazette.
She now works freelance.
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Holiday
home / second home
Daltons Weekly
Flying off at short notice to flop in the sun at a second home
is a dream no longer restricted to the rich and famous.
There are good deals out there but make sure you do your homework
first.
Enough to do?
Once you've bought a holiday home you'll be returning to the
same area every year, perhaps more than once a year so do make
sure there is enough to do locally - places to explore, activities
to try - to sustain your interest long term, especially if you'll
be visiting at times when it is not warm enough to simply lie
on the beach.
You should also consider how you are going to get about. Are
you confident driving abroad and happy with the expense of renting
a car on each visit, or would you want reliable public transport
to fall back on?
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Good for activities |
the Algarve, Portugal, Spain, Florida, France for golf;
Croatia for sailing; watersports throughout the Mediterranean.
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Good for exploring |
Anywhere with a varied geography e.g. sea, hills and
cities.
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Good for historical sights |
Greece, Turkey, Cyprus and Italy |
Climate
If sunshine is your main motivation for buying your home abroad
then presumably the peak time you'll want to visit will be when
the weather is lousy at home. Not everywhere on the Med is warmer
than Britain in winter, some places get more rainfall or snow,
so do your homework or you could be writing off a whole season's
use from your property just when you want it most. If the location
you chose is a good bet year-round then, with the relevant permission,
you might even consider letting it out in one season and using
it yourself in another. See the next issue of Daltons Weekly
for advice on buy-to-let.
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Year-round sun destinations |
The Canaries, Cyprus, Florida.
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Mild winters |
Coastal southern France, Spain, and Portugal and the
Balearics.
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Summer sun, winters ski |
Northern Italy, Provence and Nice in France, Grenada,
in Spain. |
Restorations and new builds
Without the pressure to move in immediately, you may be attracted
to a restoration project for your second home but don't get
caught up in the rustic romance. Check you can get the relevant
planning permission before you buy, just as you would at home,
and have an idea of how much it will cost to hire local tradespeople
for the project.
Some areas, such as rural France, have seen a surge in demand
for derelict properties so you might need to widen your search
to emerging markets for a bargain. Also beware of new builds:
check through an independent source that the seller has the
all the relevant permissions to create what they are promising.
Nest egg bonus
Making money from your home abroad may not be your priority
but by buying in the right area you can get the second home
in the sun you've always wanted and a nice nest egg to boot.
If you want to cash in your second home for another in years
to come, or to use the capital towards a bigger house at home,
you'll be in a good position if your holiday home has significantly
increased in value. Even if you don't end up selling you can
benefit from local infrastructure improvements. See next week's
issue of Daltons Weekly for our tips on buying investment properties
abroad.
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On the up |
Valencia, Bulgaria, Croatia, Montenegro, Sicily.
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Check out the tax
If you're planning your second home as an investment make sure
you've factored in what you may lose on tax. Depending on value,
a second property may push you over the limit at which capital
gains tax applies and, if you're thinking of leaving it to the
kids, think inheritance tax as well.
Be safe
and sound
If your second home will be empty between your visits then security
has to be a factor. Even if you arrange for someone to keep
and eye on your home, a mostly unoccupied property somewhere
isolated is at far greater risk of burglary. Local papers can
give you an idea of crime rates but it is always preferable
to chose somewhere physically secure and in good sight of other
properties.
Becoming a frequent flyer
You, your family and friends will no doubt be making frequent
visits to enjoy your new holiday home so ask your local travel
agent if they can offer you a discount for making several flights
or car rental purchases in advance. Also remember that booking
early may get you the best fares, particularly if you are using
the so-called budget airlines, whose prices rise steeply close
to departure.
Further information
www.bbc.co.uk/weather
- for worldwide weather forecasts and averages
www.earth.google.com
- How close is '5 minutes from the beach'? If you can find a
detailed aerial view of their locations on Google Earth it may
help you narrow down the list of properties you want to view.
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