Buying a second home is an important investment. The two top destinations for those looking to buy a second property are the UK and Spain. Both countries have distinct pros and cons for those looking to invest in the property market. Did you know that more than half of UK citizens are more likely to choose to buy a second property in Spain? There are a number of reasons for this including the property to be used as a holiday home. Only around 25% of those looking to buying a second property will choose to buy their investment home in the UK.
Here are a few things you need to think about before choosing to buy your second home.
Return on investment
When it comes to comparing property in the UK with homes in Spain you need to know that if you are looking for a quick return on your investment, you will need to buy a property in the UK. For those living in quaint little towns the best possible investment that can be made is to get a second property in the nearby bustling city. Rent the property out online to out-of-town visitors and you’ll soon find that the property will pay itself off.
Spanish property, on the other hand, is a much longer investment. If you are young enough that you know you’ll want to use the property during your retirement but still need to see it earning you money, you can opt to rent it out as a holiday home. This will mean that you’ll see your property earning you money, but mostly during peak seasons. Mike Jolly from local Costa Blanca portal Javea.Properties, says that he has seen a significant number of younger people buying property in Spain as an investment for the future, as opposed to buying for short term gains.
Buying the property
Citizens of the UK will find the process far easier to buy a local property than they would when buying a property in Spain. Despite this, it also has never been easier to buy a property abroad. You might have a few minor issues with regards to financing but if you get hold of the right agent, the process will run smoothly. The ideal investment property in the UK would be something small which can be quickly furnished and then rented out. The ideal property in Spain would be something that is close to holiday hotspots. This way you will be able to attract those heading to Spain for the summer holidays.
Finding the right property
When it comes to choosing the right property investors will also find that viewing a property in person is better than only having access to a property online. When you see the property in person you are able to see where the defects are and where you’ll have to spend money. This makes buying a second home in the UK easier than choosing a property in Spain. If you are lucky enough to regularly visit Spain, you won’t have this problem because you’ll easily be able to pop into the property while on holiday. Either way, you need to make sure that the property you are investing in will be fit for purpose.