If you are lucky enough to have a significant amount of savings in your bank account, you might be stuck for ideas of what to do with it. Yes, you could go on a gap year – this would be awesome, but you wouldn’t get anything back from it. Apart from some incredible experiences, that is.
Like the idea of using your savings to fund your travel? Yes – then why not invest them in property abroad? You could use the property that you buy as a holiday home, and when you aren’t using it, you could let it out to bring in some extra money. You could then use any money that you make to fund your travels to other places.
If you want to buy property abroad, you need to ensure that you are clued up about all the most important things. To help you do that, we have put together this handy guide:
Stick to your budget — Just because you have fallen in love with a luxury property, that doesn’t mean that you should break the bank trying to buy it. If you want to ensure that you choose a property that is affordable to keep, it’s crucial that you stick to your budget.
Don’t forget that as well as paying for the property, itself, you also have to pay out for any fees that come with it. Work out how much money you have to play with and only view properties that you know you can afford.
Choose the ideal location — The first thing that you need to do is choose the perfect location for your holiday home. It should be located somewhere you have visited before so that you have an idea of what the destination is like. Your holiday home should also be located in an area that is popular with tourists. So that you can guarantee that you will get the custom that you need, to make the investment worthwhile.
Ideally, you want to look for properties that are located within or close to, a busy town, or near to the beach. In warmer countries, like Spain, Greece and the Italy, the most popular holiday destinations are beach towns. So if you can, opt to buy property that’s as close to the seafront as possible.
Pick the perfect property — Ideally, you want to choose a property – villa or house, which has all the features that tourists would want. This includes things like a garden, swimming pool, air conditioning, WiFi, a kitchen area, and at least two bedrooms.
Getting a property with a private swimming pool can be expensive. However, if you opt for a holiday home within a gated community, you may have access to a shared pool. For example, you can buy real estate in Nevis in the Caribbean that gives you, and your guests, access to a shared pool. As well as various other on-site facilities.
If you take note of the things mentioned above, you can ensure that you choose the perfect property to invest in.
Written by Jacqueline Chambers
Jacqueline Chambers is the founder of TGIFguide. She uses her innate skills as a natural “connector” to serve businesses, brands and individuals in the LA area and beyond.
