Buying A Holiday Home: Budget And Discipline
|Money : Overseas Property|
If you are buying a holiday home, then you need to set a tight budget and stick to it - use discipline!
You need to ensure also that you understand the full costs in a place you buy.
Example: many countries in the Med area and southern Europe may have quite low property prices, but associated costs that are high - perhaps in the region of 20% of the property.
Therefore understand all the taxes you might have to pay to the local area as well as at national level and annual fees and so on - these could easily push you over budget.
The temptation is always there to spend just a little bit more, but a little bit more than you can afford on a property is a lot of money!
Questions about overseas property: