Buying abroad may seem like a huge decision for you and your family but there’s a number of advantages for purchasing a second property in warmer climes. While there’s much to think about, you might just be swayed after considering these benefits.
A Second Income
Rather like buying a property at home, buying abroad, especially in popular countries like Spain and Portugal, could be an excellent investment and if you’re not going to live in it on a permanent basis, you can rent it out to other holidaymakers during the summer months. So you’re not only making money for yourself but you’re also making other people happy by renting them your abode. The area that you buy in may thrive and house prices rise as well, so you could also end up selling your property for more than you bought it for. By developing the property and improving its appearance, you can also put value on the price of the property. Some people also buy their property within a vineyard or land which could be developed for recreational purposes, and you can also make money that way. If you buy your property early in life, the second mortgage could be paid off by the time you approach retirement age leaving you a wonderful place to see out your days with less money stress.
You can also claim inheritance tax when leaving your property to younger generations. If you decide to pass your property onto anyone before you die, it’s viewed as a gift and you won’t pay inheritance tax if you’ve lived on the property for less than seven years after gifting it.
Friends and family can visit
Not only can you rent the property out to holidaymakers seeking some time in the sun, but your friends and family can visit as well. You may find yourself very popular once you’ve bought a second house on the continent. You can invite people to come out and stay with you or rent it to you separately. If you have grown up children, they can bring their own friends there as well on an affordable budget.
A sun trap all to yourself
Having a permanent home overseas means you no longer have to stress about where to go on holiday. You won’t have any villa or hotel fees to worry about and if you wish to extend your stay or spend a month or longer there that’s entirely up to you. Having the keys to a second home gives many people the additional flexibility and freedom they want later in life. For most people, the greatest advantage of a holiday home is being able to get away at the drop of a hat with minimum fuss.
Broaden your horizons
Many people buy abroad to open their mind to a new culture which they may not have experienced before. It’s not until you actually live somewhere which is completely new that you feel fully emerged in it. Meeting new friends, discovering new hobbies, local festivals, different foods and wine can really make you open up your cultural compass.