Camano Island
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Is it your dream to one day own a holiday home
in the sun; a beautiful house where you can
escape, relax and be free of the worries 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 UK revealed that up to one in three
Britons not only dream about owning a home in
the sun but fully intend to make that dream a
reality some day. And in the US the number of
Americans planning to one day buy that ideal
second home haven is now up to three in ten
people.
Now let me ask you another question: -
If it is your dream to ‘one day’ own that
beautiful home in the sun what exactly are you
waiting for?
Why wait for ‘one day’ when you can make your
dream a reality today?
Here are just five simple ways that could free
you up to make your ideal property purchase
today.
1) Location, Location, Location
There are still some very beautiful and highly
affordable locations left in this wonderful
world of ours – destinations that are less well
known, less popular with tourists, less well
developed maybe; but no less beautiful, no less
welcoming and certainly no less safe!
You just have to look a little further afield or
think outside of the box and be prepared to do
some of the real estate research yourself. The
most popular destinations for second homes like
Florida and Spain are very well documented and
there are literally thousands of real estate
agents to help you find that pricey holiday
villa or apartment.
But if you want to be able to buy up something
that doesn’t have such an inflated and
unachievable price tag then look to less well
marketed and tourist populated areas – find the
next emerging market.
Did you know that property in Northern Spain is
a fraction of the price of property on the Costa
del Sol, property in Northern Belize is a
fraction of the price of property in the Cayes
and property in central France is a fraction of
the price of property on the Cote d’Azur for
example? Did you know Croatia and Bulgaria have
beautiful summer climates and stunning beaches?
Be a proactive pioneer and seek out the most
affordable and desirable holiday home hotspots
and make today’s budget go that much further.
2) Jet to Let
If you need to borrow to finance your property
purchase consider buying an apartment, villa or
house that can easily be rented out during the
peak season in your dream destination. The
weekly rental income you can generate from your
property purchase will pay off the extra money
you had to borrow to buy your dream home now
rather than waiting until tomorrow.
Once the peak season is over and you’ve
generated the highest rental yields possible you
can free up the home for a couple of weeks and
you can take time out to travel to it and enjoy
an out of season break in your very own dream
overseas home.
Once the holidaymakers who let your home have
helped you pay off your mortgage you can either
continue to take an income supplement from the
property or refuse to rent it out and have it
all to yourself – either way, jet to let is the
latest way to afford that second home overseas.
3) Pool Resources
If you and your friends or family members all
share the dream of owning a second home overseas
you could consider pooling your financial
resources together to get on the second home
property ladder.
This will enable each of you to make your
financial contribution go so much further - and
if you draw up a contract between you all at the
start which details who can have access to the
house during which weeks of the year there will
be no possibility of arguments later on!
4) Get a Fixer-Upper
Many first time buyers in the local market
consider buying a home in need of repair,
renovation or just a cosmetic overhaul. It’s a
well known fact that homes in need of some TLC
get sold far cheaper than perfectly presented
show homes. Well, the same applies in every
house market regardless of where in the world
you’re looking to buy.
Therefore spend a little time learning about the
local real estate market in your preferred
country, find out about average costs of houses
and then look for homes priced under this
ceiling…all of them will be priced down because
they require work.
Always make sure you get a survey done on any
home you’re interested in to ensure you’re fully
aware of the work required then get building
quotes etc., and cost the work up – obviously
the more work you can do yourself the less money
it will cost – and then go get yourself a
fixer-upper and use some of your holiday time
turning your second home into your dream home.
You will be amazed at how well you can
potentially push up the value of a second home
by taking this path – in many countries overseas
run down homes are undervalued because local
people have no desire to take on the work. If
you put in the effort and turn the house around,
when you want to sell it you will probably be
handsomely financially rewarded!
5) Release Equity
If you have equity in your principal home –
i.e., your house is worth more than the mortgage
you have on it – you could consider
re-mortgaging to free up this equity and you
could then use this equity for a second home
purchase.
There are some major considerations to think
about before taking this path however because it
involves increasing your debt ratio. On the good
side you can often reduce your overall mortgage
interest rate when you re-mortgage and you will
be putting the money you free up straight back
into property.
On the bad side you will be increasing your debt
and your loan will be secured on your primary
residence. This option can suit many people but
you should speak to a financial adviser before
taking this path.
Hopefully these five simple ways have given you
some food for thought – there are many ways to
stop putting off until tomorrow that dream that
you could be living today.
Why wait until you’re too old to enjoy a home
overseas before you buy one!
Thanks, Mitzi C. Cameron -
Serving Camano Island Real Estate
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