What to consider when buying a second home
With picturesque landscapes, breathtaking coastlines, beautiful towns and villages, and the scrapping of the bridge toll, it’s no wonder that many people are coming to us to buy a second home, whether it’s for investment purposes, or a place their family can come together. But before you are swept away by the properties we can present to you, there are several things you need to consider.
What is its purpose?
If we understand the reason for your purchase we can show you the properties that will best meet that need. For example, if you’re looking for an investment, then certain areas will give you a better return than others. Similarly, with a holiday home, knowing how your family wish to enjoy their free time will help us centre our search on the right locations.
Yes, location, location, location is just as important for a second home as it is for your main property. Changes to infrastructure can directly impact property prices, and as our team live and work within the areas we serve, they tend to know everything that’s happening in and around the property that has caught your eye. Whether positive or negative, it is our responsibility to give you an honest appraisal.
Make sure you investigate all possibilities, from remortgaging to savings; you need to work out which will be the best long-term solution for you, and bear in mind any change in circumstances. Also bear in mind that your tax will be higher than that payable on your main property, and there will be different tax rates - whereas in England Stamp Duty remains, in Wales it will be replaced by Land Transaction Tax as of April.
Timing could be vital; you may be due a bonus from work, or you could be planning to cash in on those shares that you’ve been keeping hold of. No matter how alluring the properties on offer, make sure you make the move to purchase when the time is right for you.
Planning for works
No matter the condition of the property you decide to purchase, you will be wanting to undertake a certain amount of work. Whether it’s as simple as re-decorating, or a major renovation, it’s essential that you have a complete understanding of the costs involved before you make an offer.
Also consider that you will more than likely be some distance from your property, and therefore may have to rely on local tradesman to undertake the work rather than completing it yourself. Always remember to have a large contingency pot - if you have watched any property programmes, you’ll know that there’s always something you haven’t budgeted for, or you might decide to upgrade from your original plan.
And don’t forget…
It’s not only the major things you need to consider but also all those additional costs that come with owning a property. As some of our properties are in rural locations, you may need to check that the broadband speed meets your needs. We can always give you a guide to the type of bills you can expect on the property after speaking to the owners, as well as any additional costs that are related to that specific property.
We have helped many people find their second home, if 2018 is the year that you want to find yours, come and speak to our team so we can start helping you with your search.