This is the time of year when many people holidaying abroad are tempted by the thought of owning a holiday home, and a few will go ahead and make their purchase without fully considering the consequences.
A new report from Smart Currency Exchange advises would be second home owners to approach this transaction in the same way as any other business or commercial transaction. This is especially true at the moment where many people are being tempted to buy abroad by the abundance of bargains in places such as Florida, Spain and Portugal.
One thing that Charles Purdy, Director of Smart Currency Exchange advises is to always have an exit strategy, as circumstances can change quite rapidly sometimes, and a lot of people may be forced, or may choose to return to the UK. One thing that people should always check is the year round weather, as some places which seem idyllic during the summer months can be anything but during the winter. Some of the amenities may shut during the low season, and there may be far fewer flights.
He advises people to rent for a few months or a longer before making their final choice, and to do their research thoroughly as to any future developments which may affect their property. Getting good legal advice is also essential, and it is worth paying extra to ensure it is independent. Buying a property overseas can be a life changing experience, but research is essential to ensure it is a positive life choice.
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