Owning a holiday home in a gorgeous destination and escaping either for a long weekend in France or jetting off to Bulgaria for your usual summer holiday can have its pros and cons.
When investing in a holiday home can bring big decisions to make, that’s why we’ve outlined what we believe are a few areas to consider.
What are the positives of purchasing a holiday home abroad?
- A quick getaway
Having a holiday home you are just a flight away from your break away from reality. No need to scroll through multiple holiday booking sites when you have your very own home from home in your chosen location ready to go and relax.
- Friends and family can visit
- Saving money on future holidays
Being able to host your friends and family whilst on holiday in your own holiday home is a great benefit of having a second property abroad. It can also be great for the whole family too for example, your grown-up children could take their friends or their own family on an affordable trip/holiday.
When you own a holiday home, going on holidays or short trips can become a lot more affordable because the main cost of accommodation is no longer a concern. If you go abroad often, in the long run you could potentially end up saving money.
What are the cons of buying a holiday home abroad?
- Initial and ongoing expenses
- Potentially limiting yourself to the same holiday location
- Language barriers
When owning a second property abroad, language barriers may become a problem especially if you require services for example, local maintenance on your property (both during your stay and when it is unoccupied).
When purchasing a holiday home, the price of the property is usually just the starting point when it comes to ongoing costs related with owning a second property, for example, purchase fees, any taxes, general bills, maintenance of the property etc.
As much as you love the chosen location for your holiday home, you may want to explore and discover other beautiful destinations. Will the location of your second home lose its charm after trying every tourist attraction, restaurant or local delicacy numerous times?
Protect your property with Intasure
Overall, trying to find the right property in the perfect location that fits your needs could be difficult. When purchasing your property you may want to consider insuring it to help protect your investment. At Intasure we provide holiday home insurance across 42 countries covering for long or short term lets during both occupied and unoccupied periods. For more information click here.
*The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.
Intasure® is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland Company Number: SC108909. www.intasure.com.
Please note that we service EEA business as Intasure, a trading name of Nordic Försäkring & Riskhantering AB which is authorised by the Swedish Financial Supervisory Authority. Incorporated in Sweden under company number 556418-5014 with registered address at Mölndalsvägen 22, 412 63 Göteborg, Sweden.