If you’re absolutely KILLING IT in your career, you may have your sights set on sunnier shores. I know I certainly do. Moving abroad – or at least having a base abroad – is something many of us dream about, myself included. But getting your hands on a second property abroad can seem like a daunting task, and it can be tricky to know where to begin. Of course, you want the perfect property, but what other things do you need to be thinking about? Let’s take a look.
Think about the why
Your reasons for buying a vacation home or a property abroad will have a big impact on your choice of location and style of building. Take some time to really think about why you want to have a base in another country.
There are a few reasons… You might want it to be a bit of a side hustle; look at lodges for sale or turn it into an Airbnb and earn some extra money through rent. In this scenario you can also use it yourself and friends and family. Of course, if the value increases with time, this is also a bonus! Or you may be thinking long term about your future, and may decide to up sticks and move there full time. If you’ve already got somewhere established then this is a lot easier to do.
It can be tough to find all of these things in equal measures, so you will need to decide what matters the most to you. Knowing this will make the process much simpler.
Make a wise investment
If you are looking for a rental investment, you might have different priorities than you would if you are just looking for a vacation property for your own use. If gaining an income is your main interest, then it’s likely you will choose a different destination than if it were for only family use.
Location, location, location
Your choice of location will depend on what you want from the property, but being fond of and familiar with the area is always a good sign.
Access is one of the most important factors when thinking about where to buy a second property. If you want somewhere to retreat to at weekends, it might be a bad idea to buy too far away. Look into transportation services to and around the area, think about the road and rail systems, and whether low-cost airlines operate in the area.
Where you buy will depend on what kind of surroundings you want. Take into account the nightlife, food, scenery, and so on. Don’t forget about the weather. Some places have great weather all year round, but others have low seasons where the shops and restaurants close for a few weeks or even months.
A technique to help you narrow your search area is by looking at “ever decreasing circles”. Once you’ve decided on the country, you can decide on the region, then the town, until you can pinpoint the specific location and focus your search there.
What exactly do you want?
Write up a list of things that the property you are looking for needs to have. Do you need a garage? How many bedrooms does it need to have? Do you want an apartment, house, or lodge? Make sure you are clear on which things on your list are non-negotiable and which you’d be willing to compromise on. You should also think about the style of property. You might like the idea of a farmhouse in the middle of nowhere, but will it provide you with the rental income you need if you plan to rent it to other people?
