Travelling all over the world, sometimes you set foot in a country that you don’t want to leave. Your heart is torn in two as you really have fallen in love with the nation, culture, cuisine, and people that you found abroad. You can’t seem to make sense of the idea of somehow, always having a presence in the country one way or the other.
The question arises, should you have a flyaway nest where you can retreat to every year? Essentially, should you invest in a property of some kind, in a country abroad that you want to treat like a holiday retreat? The real question becomes clear, do you love the place enough?
Can you see yourself coming back to the country over and over again for the rest of your life or at least for the foreseeable future? Why invest a lot of money into a property abroad, when you will fall out of love with the country that inherently isn’t your home, to begin with, and could possibly be a genuine change of heart? There are a few things you need to get straight with yourself before you make any moves.
Is it love at first sight?
Honestly ask yourself whether you have fallen in lust or love with the country you have just visited. For example, many people fall in love with Tokyo, Japan. It’s a place where Westerners are able to speak English and be understood by most people as it’s a cosmopolitan city.
However, the living costs are high and even the general rent prices are always going to be astronomically higher than the rest of the country. So before you make your mind up to buy any kind of property in the country, that you will personally treat as your holiday getaway, make sure you are not getting in over your head.
This means, do your research! Loving a place for its landscape and natural beauty is one thing, but realize that you’re just visiting. There’s always going to be a romantic view of a country when you first visit it. You’re not someone who is local that has to deal with traffic jams, rush hour on public transport and even crime in local neighborhoods.
When you’re only visiting for a number of days, you’re out and about, experiencing things that are usually designed for tourists. In other words, you’re only seeing what the best has to offer, and not living among the general population that is used to those things and is trying to live a normal life of full-time work and running errands.
Affordable and ideal
Once you have made your mind up that you would like to buy a property abroad in the country that you wish to repeatedly make holiday trips to, then you need to do a few things. Decide whether the location of your property is important to the lifestyle you want to lead while on holiday. Do you want somewhere where there is nightlife?
Maybe somewhere that is quiet and residential? Perhaps you want something that is in the middle of the countryside and a major capital so you can have the best of both worlds. The bottom line is, location is going to be the most important decision apart from the price itself. Everything else you can work out and with time, change a few things to your liking, but the ideal location is key.
The property you buy abroad should be affordable and if you can at all help it, find something that is selling on a deal. For example, if you want a property in Singapore, you can look for a hdb resale in non-mature state. It’s just basically in a high-rise building that isn’t fully developed but has plans of being a big attraction in the future.
A bid or buying party must have fallen through and perhaps now, time is not on the side of the real estate agent or property developer and they need someone to buy the property at a cheaper price. Timing is of the essence in this case, which is why snooping around the best kind of deal before ever signing anything is crucial.
Make it sustainable
You will be out of the country for the majority of the time, therefore your property needs to be taken care of. You can hire someone to clean the property every month or fortnite so dust doesn’t pile up inside and insects don’t make it their home instead. Having someone check on the inside of the property every now and then would also be wise as leaks and mildew can become a real problem.
If the property is in a country where there are regularly tropical storms, you may want to employ someone to make visits to the property to make sure there is no cyclone damage to the property. It goes without saying, you should install some kind of security system to the property to ward of any criminals that want to think your holiday home is simply an abandoned property.
Squatters are another nuisance that need to be prevented which is why it may be wise to employ someone to receive any mail you might have posted through your letterbox. Squatters will determine a property to be empty just by looking through the letterbox or mailbox and noticing no one has been around for months.
Things like this need to be thought of and planned for carefully. Since you’re out of the country for a lot of the time, your property is left unguarded and vulnerable. Make it a sustainable investment, by maintaining a level of quality care for your property even while you’re not there to give it yourself.
Conventional holiday homes are incredibly expensive. They’re purposely designed for the market of affluent people and therefore they are simply unaffordable to most people. However, there are alternatives like buying a flat in a high-rise building and simply returning to it whenever you wish for your holiday. Since it is abroad, you need to make the right decision on the location and the sustainability you have of maintaining the property when you’re not there.