Wednesday, July 26, 2017

The Definitive Guide To Second Home Ownership

You adore your home. You purchased it a few years ago, and you’ve made it your own. You’ve redecorated, maybe added an extension and filled it with many happy memories and moments that you will never forget. This is your home for the foreseeable future, and you don’t want to sell anytime soon. However, you have a sound amount of savings that you want to invest in a property. You don’t want to climb the housing ladder any further so an alternative may be a second home. Take a look at this guide to help you discover the joys of second home ownership.

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What Do You Want?

If you’re after a home that caters to the needs of your family as well as a bolt hole to escape to at the weekends, consider purchasing a property that gives you a retreat. Working long hours during the week can be stressful and finding it increasingly difficult to switch off when you’re at home can take its toll. By looking into a property by the ocean or in a secluded part of the countryside, you are creating your own little haven of relaxation. Holiday homes can be lucrative investments if you utilise them on the odd weekend and then rent them out weekly during the peak season. As an investment you want your money to work in the most effective way for you. Second home ownership can do just that.

How Are You Going To Purchase Your Property?

You may be fortunate enough to be a cash buyer with no need for a mortgage, or you may be remortgaging your current home to part fund your new property purchase. Either way, it’s important to sit down with a pen, paper and a calculator and do some number crunching. You may wish to investigate the new-build route or consider buying off-plan. If you’re looking to buy in the city, developers like Meriton offer incentives on their apartments to potential purchasers such as stamp duty promotions. This would allow you to experience the buzz of city life without forking out an extra payment that comes with buying a home.

On the other hand, a derelict country idyll that you can fix up may be more your style. The initial outlay would be minimal, and you could enjoy spending your weekends creating your perfect home away from home.

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Do You Know The Tax Implications?

Purchasing a second home isn’t without its pitfalls. It may be wise to employ an accountant to cast an eye over your financial situation. Depending on how you use your second home, your income and when you intend to sell it, this may affect your tax implications. By employing a professional, they will advise you on the best ways to remain as tax efficient as possible.

Second home ownership is something that is only enjoyed by a select few. Choose wisely, and you could make one of the most astute financial investments of your life while enjoying a second home for your family in which to build a new collection of happy memories.

xxo
Kim

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