If your mortgage is finally paid off and you now have the income to take out a loan for a second property, there are lots of decisions to be made. You could, for example, buy an apartment near the office, which would save a lot of time and money, or you could snap up one of the luxury apartments in the Marbella region, which happens to be one of your favourite holiday destinations.
When buying a second property, you need to consider the appreciation factor; how will prices be in, say, 5 years? If you are a beach lover, you might want to check out Marbella and surrounding areas, where prices are more than reasonable, yet future developments will ensure value appreciation. While every plot of land will increase in value, some are more sought-after than others; beachside property are most definitely going to be at the top of the price range.
Of course, we all spend money when we holiday, but if you own the apartment, that saves a lot of money; accommodation takes up a major part of your vacation budget. If you are in love with the south of Spain, check out the stunning properties offered by a real estate agent in Alcaidesa, where you can view luxury units and villas at sensible prices.
Of course, you could put the asset to work and rent out the property. If this is your goal, you will need to factor in the cost of a leading property management company. Many couples have invested in holiday accommodation in the Marbella area of Spain and they rent the unit out when not in use, which brings in a healthy income. There are a lot of expenses involved with rental properties, so you need to crunch the numbers to see what kind of a return you can expect; be realistic with rental estimates.
Whether you buy urban or coastal real estate, your budget might dictate which happens first; prices in towns and cities are rising fast, whereas rural areas offer cheaper solutions. Take a look at the Infinity property development in Alcaidesa where you can view luxury apartments in a stunning part of the Costa Del Sol. When you see a unit that ticks all your boxes, book a viewing appointment and take your partner on a short holiday. Take the first step to owning your first holiday home.
Sky-High Land Prices
Sadly, buying a second property in most areas is above many people’s reach, due to the sky-high prices of land; this is why many choose to invest in property in southern Europe, where prices are actually affordable. Investing now means you can take full advantage of the land price increases that are sure to come.
As you can see, there are many aspects to take into account when looking to invest in a second property. It is a big investment and one that demands a lot of forethought, which should help you to make an informed decision.