If you’re looking to invest in a holiday home overseas, there are a few things you need to decide before heading to the property listings pages.

First things first, grab a pen and paper, and we can work together to try and work out what you’re looking for. To identify your holiday home needs, I’ve written five questions for you to answer and jot down.

1. Why are you buying?

Is it to provide the family with a place to come together, are you interested in property investment, do you want more space to enjoy the sun or are you looking to stretch your pension further overseas?

 

2. What will your property be for?

Who will be visiting your holiday home? Will you allow friends to visit or only close family. You might also want to consider proximity to the airport, as you don’t want to spend hours in the car after a flight.

 

3. How much can you afford?

The exchange rate fluctuates daily, so it makes sense to talk to a foreign exchange specialist who can help you work out your budget. They can also offer contracts that are suited to overseas buyers that allow you to lock in a preferable exchange rate for up to 12 months.

If money is a concern, have you considered buying with friends, family, or even a business partner?

For guidance on buying with family, download our free guide today

 

4. What are your property must-haves?

Is a pool absolutely crucial? Do you need space to entertain, or will a cosy cottage on the coast do? Think about proximity to local shops, restaurants and bars and consider how far you’d be willing to travel when in your holiday home – this depends on whether you’ll have a car while there.

 

5. What don’t you want?

If something has immediately spring to mind, write it down and make sure to tell your estate agent when searching for property overseas. For example, if your property has lots of land that’d require maintenance when you’re not there, are you prepared to pay for a service to dot his for you? If not, pop it on your list.

 

Letting out your holiday home

Are you interested in making money from your holiday home while you’re not there? If so, there’s an option to let it out on the local market, or become a host on Airbnb or other rental property sites. If you wish to do so, you might need to consider who will manage the property while you’re not there.

Do you have a trusted friend in the area who’d be willing to act as a cleaner and keyholder? If not, you can use a property management service. They work similarly to hotel concierges and will prepare everything for your incoming guests from key handover to changing the bed linens. There’s also the option to use them when you or your friends are visiting the property. After all, there’s nothing more satisfying after a long journey than a chilled drink in the fridge that awaits your arrival.

Written by PropertyGuides  for Rightmove

If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.