TO BUY OR NOT TO BUY (APOLOGIES TO SHAKESPEARE)
Ask why when you tell yourself “I am going to buy a holiday home abroad” you hold back. Here are some of the reasons we have been told in the past with maybe a different angle on how these can be addressed.
Prices may fall some more: Yes they may fall or they may go higher. For us here in the UK with the pound against the Euro as a result of the Brexit vote our money at present won’t go as far. Yet the property market as a whole has its ups and downs in all countries. Waiting may indeed be in your favour, but after you have waited and prices are stabilising or even starting to rise again this is when you need to seriously think – am I ready to buy now? If prices are going higher be careful not to let yourself be priced out of the market. A house which may have been affordable months ago may suddenly not be in your price range any more – so it’s not ALL about the exchange rate.
There are plenty to choose from: In any country there will always be good quality homes in good locations if you know where to look but they won’t always be there indefinitely at today’s prices. Things move on, you may have found what you think is your ideal property then you don’t do anything about it. You may be lucky and it will still be available at a later date, but houses do get sold!! Remember when you look at portals they are listing all sorts of properties in a particular location or price range but only some of them will suit you so there may not be as many to choose from as first thought.
Waiting to see what happens: In some circumstances this may be a wise move but just as in the UK nothing may “happen” then you may feel “What was I waiting for?”
I haven’t found what I want: This may well be true. That perfect house in that perfect location at the right price may be just around the corner. This is where having realistic expectations of what you can afford and where you want to be need to be taken into account. Just as in the UK we may want a particular house on offer but can’t always purchase it because we need to think of our own personal circumstances. Make a list of the minimum requirements you feel you want, but try to be flexible and reasonable.
We need to ask our family what they think: If it is you who are funding, in your name, the property then this can be tricky for an adviser. It is easy to think that your family need to approve of your purchase because you feel they are also going to use the property. In reality we have often found that after the initial novelty of cheap holidays it is you who will be using it the most. Yes share your ideas with the family but remember what you like may not appeal to them but it is you who are paying!! We have heard older people say they are going to leave the property to their family. Often all they will do is sell it, as the second home abroad was your dream not theirs. It may sound harsh but we can’t make our children have our aspirations.
If you want to buy, ask yourself what the reason for buying is:
-
Holidaying
-
Investment
-
Buy-to-let
-
Retirement
Make sure you have good independent advice to make purchasing a home abroad a happy experience.
Be aware that if you are hesitating, then buying abroad may not be for you. If it really is not right for you, accept that for your own peace of mind buying in another country may cause you more worries than enjoyment. Thankfully, for most it is a true joy, so it’s worth thinking it through properly and with the right advice – for YOU.
HAPPY HOUSE HUNTING
You May Also Enjoy
Breaking Property News – 17/04/24
Rightmove’s weekly mortgage tracker
Rightmove comment on inflation reducing to 3.2%
Multifaceted Rewards of Vineyard Estates: Investing in Vineyard Estates in Provence for a Fulfilling Lifestyle Business
Breaking Property News – 16/04/24