Much like living in rented accommodation is bad business, the same could be said for your holiday, which is why so many people decide to purchase a second home somewhere nice. Renting a place for a month every year quickly adds up to a big expense, with nothing to show for it at the end of the day, whereas owning your holiday home makes more sense.
If you are thinking about acquiring a second property for the purpose of spending your holiday time, here are a few important aspects to take into account.
- Choosing a Location – Of course, you want your holiday home to be in a place that you and your family love and with affordable luxury villas in Koh Samui, you can spend your downtime in a tropical paradise. South East Asia is a very popular holiday region, where you can enjoy a year-round tropical climate; escaping the harsh European winter has to be a wonderful thing. One important aspect is the stability of the chosen country; one reason why Thailand is so popular and you certainly don’t want to lose your holiday home due to a military coup. The premier region is South East Asia, with Phuket and Samui Island being the top areas for luxury villas and when you invest in prime real estate, appreciation is high.
- Generate a Healthy Income – Most families spend 8-10 weeks a year in their second home, which means the property is vacant most of the time; a better idea is to have the home up for rent when not in use. A 5-star luxury villa in southern Thailand would be a very attractive proposition for any holidaymaker and the property management company handles everything, even screening potential tenants and, of course, building care and maintenance. Don’t leave you valuable investment empty for months on end; we all know what happens to a property when abandoned for any length of time, not to mention security. While on the subject of holiday homes, here are some shading ideas for the terrace.
- Maintenance & Security – You can’t leave a luxury villa empty for 6 months without some form of security and when you buy in a gated community, security is never an issue. Obviously, you can’t expect a tenant to maintain the property, which is why the property management company exists. They offer a comprehensive service that includes sourcing short-term tenants, security and building repairs and renovations, should you ever decide to change the décor.
- Legality – You are strongly advised to hire an English-speaking lawyer when looking to buy property abroad. The legal expert will assure that all is as it should be, which gives you peace of mind, knowing that you are compliant with local laws and regulations. The property developer should have a good track record, with several exclusive projects that have been running for a few years and the development should be well-maintained.
If you are planning to travel to Thailand, or anywhere else, make sure to check the current Covid status of the destination country and whether there are entry requirements in place.