Despite the many dreary reports on the UK housing market, it seems there's one sector that is growing. According to estate agents Knight Frank, the second home market grew again last year, showing a modest increase when compared against 2009.
With 245,750 homes across England already bought as holiday homes or homes to let, and many people looking towards Europe for a second home out of the UK, it seems financing a second home is still possible even during the current economic uncertainties.
But it has been suggested that while lenders are willing to lend money to help purchase a second home, it is likely they are specifically targeting the more affluent buyers. Putting it simply, this means that if you are able to afford a second home, then banks and other financial institutions are far more likely to be willing to do business with you.
And whilst this might well be a boon for many people who are looking for an alternative to taking holidays in hotels, parcel delivery experts Parcels Please are offering a note of caution to those people who are tempted to look at buying a second home in Europe.
Why? A spokesman for the company explained their thinking in this subject: “When people first consider a holiday home, they don’t often really think about the nitty gritty of the situation.
"Deciding where to buy your home is a crucial factor. If you choose a property abroad, it is necessary to factor many additional costs in to your budget – from the price of your groceries while you're there to the cost of keeping the house in a liveable condition all year round."
The warning also follows news that British holiday homeowners in France are to be hit by a new tax, which could cost thousands of pounds a year. The new levy could hit up to 200,000 British holiday homeowners, but this is only one of the expenses they could find themselves subject to.
Taxes like these are unlikely to deter those who are determined to enjoy a home away from home, and the benefits of owning a second property abroad are multi-fold.
There are a number of financing options open to people who hope to enjoy a second home abroad, including re-mortgaging UK properties, taking a second mortgage in the second country or buying into a lease back deal in a tourist development.
European parcel delivery experts Parcels Please said those who can afford it should also look into ways to improve their holiday home. "Making sure you get as much benefit out of your holiday home as possible means furnishing and stocking it with everything you need. You could find that if some of your favourite creature comforts are not available in your chosen destination, you end up spending a lot of money couriering items backwards and forwards.
"Choose the location for your second home wisely as a way to minimise your costs, leaving you plenty of money to send postcards and parcels to the folks you’ve left back home."
"Deciding where to buy your home is a crucial factor. If you choose a property abroad, it is necessary to factor many additional costs in to your budget – from the price of your groceries while you're there to the cost of keeping the house in a liveable condition all year round."
The warning also follows news that British holiday homeowners in France are to be hit by a new tax, which could cost thousands of pounds a year. The new levy could hit up to 200,000 British holiday homeowners, but this is only one of the expenses they could find themselves subject to.
Taxes like these are unlikely to deter those who are determined to enjoy a home away from home, and the benefits of owning a second property abroad are multi-fold.
There are a number of financing options open to people who hope to enjoy a second home abroad, including re-mortgaging UK properties, taking a second mortgage in the second country or buying into a lease back deal in a tourist development.
European parcel delivery experts Parcels Please said those who can afford it should also look into ways to improve their holiday home. "Making sure you get as much benefit out of your holiday home as possible means furnishing and stocking it with everything you need. You could find that if some of your favourite creature comforts are not available in your chosen destination, you end up spending a lot of money couriering items backwards and forwards.
"Choose the location for your second home wisely as a way to minimise your costs, leaving you plenty of money to send postcards and parcels to the folks you’ve left back home."
(EDITOR: As well as paying extra taxes -so much for the European Union!- you could end up in the ridiculous situation of becoming a law breaker by having -for example- to smuggle Marmite or Vegimite in to Denmark)
FACTFILE:
You can contact Parcels Please at www.ccl-logistics.com
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