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Owning a second home is something many of us dream of. Being able to go away whenever you want without needing to rent somewhere is a common ambition. However, if you want a second home you need to choose where to have it. The great debate is between having a holiday home in the UK or abroad.
UK or EU?
Where you choose to have your second home says a lot about you. Or at least that’s what people have always thought. Recent research suggests that previous assumptions may be wrong. The idea of owning a holiday home in the UK is much more popular than you might have thought. Only 35% of respondents said that they would rather own a holiday home in Europe than in the UK.
What Affects your Choice?
Choosing where to own a second home takes time. You have to consider what is important to you. If price is the only issue, then you are freed up a great deal. However, if you want a specific kind of location, things will be more complicated. Most people who took the survey said that they would rather have a home by the sea, and only 5% said they would want a second home in a city. This means that the most desirable location must surely come at a premium.
Things to Consider
Owning a second home can be a much more expensive and complicated process than you might realise. The cost of running a holiday home is often much the same as that of a first home – including taxes. They take the same effort to maintain as first homes, unless you are willing to pay someone to do this for you. You will also face issues if you plan to rent out your property – principally taxes. If you want to keep your costs down, this article from Equity Warehouse might help out.
Buying Abroad
Purchasing a second home abroad comes with its own potential problems. In France and Spain, you need to have specialist legal advisors in place to help you complete your purchase. In Portugal, you need to already be registered in the country for tax purposes before making a purchase. You should also be aware of the potential fluctuations in foreign currencies used to buy second homes.
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