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How to Afford Your Dream Home
Is it your dream to one day own a holiday home in the sun; a beautiful house where you can escape, relax and be free of the worries that seem to go hand in hand with every day life? Well, you're not alone! A recent survey by a well known mortgage lender in the UK revealed that up to one in three Britons not only dream about owning a home in the sun but fully intend to make that dream a reality some day. And in the US the number of Americans planning to one day buy that ideal second home haven is now up to three in ten people. Now let me ask you another question: - If it is your dream to 'one day' own that beautiful home in the sun what exactly are you waiting for? Why wait for 'one day' when you can make your dream a reality today? Here are just five simple ways that could free you up to make your ideal property purchase today. 1) Location, Location, Location There are still some very beautiful and highly affordable locations left in this wonderful world of ours - destinations that are less well known, less popular with tourists, less well developed maybe; but no less beautiful, no less welcoming and certainly no less safe! You just have to look a little further afield or think outside of the box and be prepared to do some of the real estate research yourself. The most popular destinations for second homes like Florida and Spain are very well documented and there are literally thousands of real estate agents to help you find that pricey holiday villa or apartment. But if you want to be able to buy up something that doesn't have such an inflated and unachievable price tag then look to less well marketed and tourist populated areas - find the next emerging market. Did you know that property in Northern Spain is a fraction of the price of property on the Costa del Sol, property in Northern Belize is a fraction of the price of property in the Cayes and property in central France is a fraction of the price of property on the Cote d'Azur for example? Did you know Croatia and Bulgaria have beautiful summer climates and stunning beaches? Be a proactive pioneer and seek out the most affordable and desirable holiday home hotspots and make today's budget go that much further. 2) Jet to Let If you need to borrow to finance your property purchase consider buying an apartment, villa or house that can easily be rented out during the peak season in your dream destination. The weekly rental income you can generate from your property purchase will pay off the extra money you had to borrow to buy your dream home now rather than waiting until tomorrow. Once the peak season is over and you've generated the highest rental yields possible you can free up the home for a couple of weeks and you can take time out to travel to it and enjoy an out of season break in your very own dream overseas home. Once the holidaymakers who let your home have helped you pay off your mortgage you can either continue to take an income supplement from the property or refuse to rent it out and have it all to yourself - either way, jet to let is the latest way to afford that second home overseas. 3) Pool Resources If you and your friends or family members all share the dream of owning a second home overseas you could consider pooling your financial resources together to get on the second home property ladder. This will enable each of you to make your financial contribution go so much further - and if you draw up a contract between you all at the start which details who can have access to the house during which weeks of the year there will be no possibility of arguments later on! 4) Get a Fixer-Upper Many first time buyers in the local market consider buying a home in need of repair, renovation or just a cosmetic overhaul. It's a well known fact that homes in need of some TLC get sold far cheaper than perfectly presented show homes. Well, the same applies in every house market regardless of where in the world you're looking to buy. Therefore spend a little time learning about the local real estate market in your preferred country, find out about average costs of houses and then look for homes priced under this ceiling?all of them will be priced down because they require work. Always make sure you get a survey done on any home you're interested in to ensure you're fully aware of the work required then get building quotes etc., and cost the work up - obviously the more work you can do yourself the less money it will cost - and then go get yourself a fixer-upper and use some of your holiday time turning your second home into your dream home. You will be amazed at how well you can potentially push up the value of a second home by taking this path - in many countries overseas run down homes are undervalued because local people have no desire to take on the work. If you put in the effort and turn the house around, when you want to sell it you will probably be handsomely financially rewarded! 5) Release Equity If you have equity in your principal home - i.e., your house is worth more than the mortgage you have on it - you could consider re-mortgaging to free up this equity and you could then use this equity for a second home purchase. There are some major considerations to think about before taking this path however because it involves increasing your debt ratio. On the good side you can often reduce your overall mortgage interest rate when you re-mortgage and you will be putting the money you free up straight back into property. On the bad side you will be increasing your debt and your loan will be secured on your primary residence. This option can suit many people but you should speak to a financial adviser before taking this path. Hopefully these five simple ways have given you some food for thought - there are many ways to stop putting off until tomorrow that dream that you could be living today. Why wait until you're too old to enjoy a home overseas before you buy one! Rhiannon Williamson is a freelance writer whose many articles about buying investment property abroad have appeared in real estate and financial publications around the world. To read her latest articles about property investment in Cyprus visit this link: Property in North Cyprus
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Realtor accidentally burns down home news.com.au Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com West Palm Beach real estate boom luring people away from Miami, developers say The Florida Times-Union The End of the Super Broker Era in Commercial Real Estate Commercial Observer Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool Pension funds snap up real estate at steep discounts Financial Times Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Jacksonville riverfront mansion leads Duval County real estate sales The Florida Times-Union Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com Will Realtors’ price-fixing settlement affect Idaho home buyers? What Boise experts say Idaho Statesman Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio A luxury agent on how the NAR settlement will change his business The Washington Post Chicagoans vote on real estate tax hike to fight homelessness Yahoo News Canada Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times The Realtors' Big Defeat The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Realtor group will pay $418M to settle commission lawsuits The Associated Press Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Israeli real estate event: Legal complaints escalate NorthJersey.com Realtors settlement to lower home sale costs, alter commission structure The Washington Post China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal What the death of the 6% real estate commission means in D-FW The Dallas Morning News What Seattle-area homebuyers should expect after national settlement The Seattle Times Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Settlement will affect Iowa homebuyers KCCI Des Moines Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC A commission settlement may affect housing market 9News.com KUSA End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Revolutionizing Real Estate Lead Generation: Stephen Zochowski's Groundbreaking New Book 24-7 Press Release Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World 4 Ways a Settlement Could Change the Housing Industry The New York Times Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider What will the Realtors settlement mean for Arizona homebuyers? The Arizona Republic America's Office Fire Sale Has Barely Begun The Wall Street Journal |
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