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How To Afford Your Dream Home
By Rhiannon Williamson, Thu Dec 8th
Is it your dream to one day own a holiday home in the sun; abeautiful house where you can escape, relax and be free of theworries that seem to go hand in hand with every day life? Well, you’re not alone! A recent survey by a well known mortgage lender in the UKrevealed that up to one in three Britons not only dream aboutowning a home in the sun but fully intend to make that dream areality some day. And in the US the number of Americans planningto one day buy that ideal second home haven is now up to threein ten people. (Article continued below)
Now let me ask you another question: - If it is your dream to ‘one day’ own that beautiful home in thesun what exactly are you waiting for? Why wait for ‘one day’ when you can make your dream a realitytoday? Here are just five simple ways that could free you up to makeyour ideal property purchase today. 1)Location, Location, Location There are still some very beautiful and highly affordablelocations left in this wonderful world of ours – destinationsthat are less well known, less popular with tourists, less welldeveloped maybe; but no less beautiful, no less welcoming andcertainly no less safe! You just have to look a little further afield or think outsideof the box and be prepared to do some of the real estateresearch yourself. The most popular destinations for secondhomes like Florida and Spain are very well documented and thereare literally thousands of real estate agents to help you findthat pricey holiday villa or apartment. But if you want to be able to buy up something that doesn’t havesuch an inflated and unachievable price tag then look to lesswell marketed and tourist populated areas – find the nextemerging market. Did you know that property in Northern Spain is a fraction ofthe price of property on the Costa del Sol, property in NorthernBelize is a fraction of the price of property in the Cayes andproperty in central France is a fraction of the price ofproperty on the Cote d’Azur for example? Did you know Croatiaand Bulgaria have beautiful summer climates and stunning beaches? Be a proactive pioneer and seek out the most affordable anddesirable holiday home hotspots and make today’s budget go thatmuch further. 2)Jet to Let If you need to borrow to finance your property purchase considerbuying an apartment, villa or house that can easily be rentedout during the peak season in your dream destination. The weeklyrental income you can generate from your property purchase willpay off the extra money you had to borrow to buy your dream homenow rather than waiting until tomorrow. Once the peak season is over and you’ve generated the highestrental yields possible you can free up the home for a couple ofweeks and you can take time out to travel to it and enjoy an outof season break in your very own dream overseas home. Once the holidaymakers who let your
home have helped you pay offyour mortgage you can either continue to take an incomesupplement from the property or refuse to rent it out and haveit all to yourself – either way, jet to let is the latest way toafford that second home overseas. 3)Pool Resources If you and your friends or family members all share the dream ofowning a second home overseas you could consider pooling yourfinancial resources together to get on the second home propertyladder. This will enable each of you to make your financial contributiongo so much further - and if you draw up a contract between youall at the start which details who can have access to the houseduring which weeks of the year there will be no possibility ofarguments later on! 4)Get a Fixer-Upper Many first time buyers in the local market consider buying ahome in need of repair, renovation or just a cosmetic overhaul.It’s a well known fact that homes in need of some TLC get soldfar cheaper than perfectly presented show homes. Well, the sameapplies in every house market regardless of where in the worldyou’re looking to buy. Therefore spend a little time learning about the local realestate market in your preferred country, find out about averagecosts of houses and then look for homes priced under thisceiling…all of them will be priced down because they requirework. Always make sure you get a survey done on any home you’reinterested in to ensure you’re fully aware of the work requiredthen get building quotes etc., and cost the work up – obviouslythe more work you can do yourself the less money it will cost –and then go get yourself a fixer-upper and use some of yourholiday time turning your second home into your dream home. You will be amazed at how well you can potentially push up thevalue of a second home by taking this path – in many countriesoverseas run down homes are undervalued because local peoplehave no desire to take on the work. If you put in the effort andturn the house around, when you want to sell it you willprobably be handsomely financially rewarded! 5)Release Equity If you have equity in your principal home – i.e., your house isworth more than the mortgage you have on it – you could considerre-mortgaging to free up this equity and you could then use thisequity for a second home purchase. There are some major considerations to think about before takingthis path however because it involves increasing your debtratio. On the good side you can often reduce your overallmortgage interest rate when you re-mortgage and you will beputting the money you free up straight back into property. On the bad side you will be increasing your debt and your loanwill be secured on your primary residence. This option can suitmany people but you should speak to a financial adviser beforetaking this path. Hopefully these five simple ways have given you some food forthought – there are many ways to stop putting off until tomorrowthat dream that you could be living today. Why wait until you’re too old to enjoy a home overseas beforeyou buy one! About the author:Rhiannon Williamson is a freelance writer whose many articlesabout buying investment property abroad have appeared in realestate and financial publications around the world. To read herlatest articles about property investment in Cyprus visit thislink: Property in North Cyprus | 