Buying a second home is especially popular nowadays thanks to the growth of home rental websites like Airbnb and VRBO. Buying and managing a second home needs to be well thought-out and must come with a game plan and of course a trusted advisor. It’s best to take a step back to make sure you think about all the pros and cons before you take this big step forward. In this article, you will find the best advice on how to find a second home you love.
1. Pick a Location you Love
This might seem like the simplest advice. A home in a location that you love will always be used. If you don’t love the place, you won’t visit. Think about your interests, the lifestyle you want, and what you like to do for entertainment. Do you like ancient sites? Do you enjoy the beach, hiking, or golf? Do you like going out to restaurants, concerts, or museums? There’s no “right” answer, but it’s important to know what you like before you buy.
2. Think Through the Financials
Some buyers follow the logic that they should save enough until they can buy a second home with cash, but this isn’t necessarily the best choice. It is best to consult an advisor who has experience with the purchase of second homes to know the best way to act. A few considerations include the cost of the home, property taxes, and expected repairs. If you consider renting out your home in Greece with an estate management company, be sure to add maintenance costs to this list.
3. Look for Furnished Properties
A lot of property owners like to sell turn-key homes, and this is a win-win. Buying an already-furnished home makes life easier for both the seller and the buyer. You can also negotiate for the furnishings with your offer.
4. Think Like a Renter Would
If you want to rent out your property, think about what a future guest might want for their visit. They probably will like your property for some of the same reasons you do (location, view, access to the beach, etc). Beyond this, adding modern furniture and extra amenities will help bring you a better stream of income.
5. Don’t Buy on Impulse
Imagine you’re on a vacation to Greece. You’re enjoying the local sights, the food, the beach, and the sun. Suddenly, you are inspired to buy a house on the spot. While every purchase of a second home in Greece starts with a spark, it’s good to do your due diligence first, talk to local professionals, and make sure you are in a good financial situation to make this significant purchase.
6. Consult a Professional
Especially in Greece, it will help to work with a real estate professional. Real estate in Greece is local, and agents will know local contacts, realistic prices in the regional market, and how to work effectively with third parties. The agent will help you make an informed decision on buying a second home in Greece.
7. Think about Tax Implications
Depending on your home country, your decision to get a second home will affect your taxes. Consult a local tax specialist to find out the implications of buying a second home on your taxes in your home country.
