What to Consider When Setting Up a Hideaway Haven
As you get older you may want to have a little place in the sun – a slice of heaven cut out from the earth, and made into your own image. This is why so many elderly couples believe that some kind of holiday home is the best option for them in this regard. Being able to go somewhere where they can relax, sunbathe, enjoy a little late night swim and listen to the ocean waves is all high up on the list of requirements. However, there are so many other options too, so you really are spoiled for choice. How you approach this idea is vital so you can meet all the financial and planning requirements too.
You never want to be trapped in a place that you cannot get out of. This is why location is so important, because the home you buy will either have a linear appreciation or it may have an up and down struggle. You always want to have the option to sell the home a few years down the line and make all of your money back and then some, if you can. So look for a location that has other nice homes that will allow your potential holiday home’s price to maintain and or rise with 2% of inflation. Check that the land quality, the services and the access to the area via transport routes and services, is modern and maintained by the local authorities.
Of course, the most important thing is the finances. It all depends on the type of property that you wish to buy. For example, if you would like to buy a classic cottage in the middle of the country or in a village, speak with good holiday cottage mortgages providers. The minimum income they set is between £10,000 and £40,000. They will also put you through a stress test, which is basically checking your financial capacity and, how or if you could cope.
Another way is to finance your existing home, so you could remortgage to then fund your new holiday home. This will prolong your overall amount needed for your original home, or it could simply act as collateral.
Privacy and community
One of the reasons why a holiday home is so attractive is the fact that you may get a lot of privacy. If it’s a villa that is in a gated community or has its own border and wall, you will be left to yourselves interrupted. However, the community is also important. Take, for example, the community vibe of the holiday homes in Spain. Many British and Portuguese communities have existed for a long time where some of the best holiday homes have been built. If these things are important to you, they should play a pivotal role in your decision-making when buying.
Holiday homes are incredibly beautiful, stylish and they are made to give you space and improve your mood. However, the finances need to be done correctly so you can eventually buy your holiday home to have a little hideaway haven.