Is Now a Good Time to Buy a Holiday Home ?

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We all like the idea of having a holiday home. Who wouldn’t love a beautiful place to escape to when things get tough? But unlike your main home, a holiday home is a luxury, so you may be wondering whether now is a good time for you to take the plunge and buy. It’s sometimes difficult to make the decision, so here’s a guide to help you out.

Looking at what’s on the market can help

If you’ve thought about a holiday home for a while, yet not gone out there and looked at what’s available, then this should be a first step. This will help you work out the likely cost of your holiday home, and let you envisage the kind of place you might be able to buy. Have a look for a luxury villa for sale in Samui or your chosen area, ideally in person, or via a video tour. Some people find they instantly fall in love with a place, while others might not find somewhere right away, but it will help them narrow down their vision.

Think about the financials

Once you know roughly how much you’ll need to spend to get your dream holiday home, you can look at the finances in more depth.

This may include:

  • Cementing your budget so you know what kind of offer you can make
  • Researching the running costs of your holiday home
  • Looking at the different options for financing
  • Thinking about whether you’ll use it exclusively, or make money from it

Many people choose to make money from their holiday home by renting it out for certain weeks of the year. This can mean you can afford a nicer holiday home than usual, but you do have to accept there will be a certain amount of wear and tear. There are a number of things to consider before renting out property, for example, whether you’ll rent it out in whole or just parts, and whether you’ll accept nightly bookings or only long-term lets. 

The process of buying a holiday home varies by country

Before you decide whether to buy a holiday home, you may want to look into the legal requirements in the country of your choice. For example, there are rules around foreigners buying property in Thailand that mean you may not be able to buy a freehold property. Although you can buy leasehold or potentially look at setting up a limited company to buy land on your behalf. For some people, simply reading up on the holiday home legalities might mean they choose a different location, but in most cases, there are ways to still buy a property without breaking the law. It just may be more complex than buying somewhere in your home country. 

Is now a good time to buy a holiday home? The answer really depends on your current financial situation and whether you feel ready to commit. A holiday home is a big purchase, but it can potentially bring in profit, as well as bringing you a lot of joy over the years.