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

In The News:


Motherboard en_us

Will Hurricane Irma's near miss sink Miami real estate prices?
Miami Herald
After a nerve-racking week of waiting and watching, South Florida was spared the worst of Hurricane Irma's 185 mph winds. It's too soon to tell if Irma will have any substantial impact on South Florida real estate. Empirical evidence will take a few ...
Miami's Close Call with Irma May Make Climate-Blind Real-Estate Developers More RecklessMotherboard en_us

all 610 news articles »

Seeking Alpha

Aon To Acquire The Townsend Group For Real Estate Advisory
Seeking Alpha
Townsend provides real estate advisory and management services for pension funds from offices in the U.S., London and Hong Kong. Aon wants to add AUM and bolster its real estate asset class capabilities with the deal, which appears to be a smart move ...


MyPalmBeachPost

After Hurricane Irma: Will home real estate sales stay strong?
MyPalmBeachPost
Lenders have required re-inspections on all homes to ensure that properties backing mortgages are intact, said Alex Garcia, a senior agent for Redfin real estate brokerage. Many re-inspections had to wait until the power was restored at properties, he ...
After Hurricane Irma, real estate broker checks up on Palm Beach homesPalm Beach Daily News

all 4 news articles »

CoinTelegraph

Blockchain Laying Foundations for Real Estate Market: Experts
CoinTelegraph
An overview with experts opinion on how Blockchain has managed to improve real estate around the world.

and more »

CBS Miami

Scammers Stealing Down Payments By Hacking Real Estate Agents' Email Accounts
CBS Miami
“The timing was impeccable, actually,” said Kristina Soloviena, a real estate agent. Like most realtors, Soloviena emails clients all day long. However, a year ago, unknown to her, criminals hacked her Gmail account, monitored the correspondence ...

and more »

The Real Estate View For A Second Lost Decade
Seeking Alpha
The National Association of Realtors (NAR) reports today that sales of existing homes in the US were down 1.7% in August 2017 from July. At a seasonally-adjusted annual rate of 5.35 million, that's the lowest pace for resales since July 2016. It is yet ...

and more »

Forbes

Two Smart Long-Term Real Estate Options
Forbes
But if you think you're going to make it, now might be a good time to take a serious look at where you want to establish your business. Long-term business real estate planning means either direct ownership or long-term lease. I've covered the direct ...


CNBC

Trump lawyer: Moscow Trump Tower 'solely a real estate deal'
CNBC
The proposal to build a Trump Tower in Moscow during his presidential election was "solely a real estate deal and nothing more," says Pres. Trump's lawyer.

and more »

HousingWire

Former attorney gets 3+ years in prison for defrauding real estate investors
HousingWire
A former attorney from New York will spend more than three years in prison for defrauding real estate investors out of at least $1 million. According to the U.S. Attorney's Office for the Southern District of New York, Brandon Lisi received a sentence ...


Forbes

Unusually Large Loans Mask Decline In NYC Commercial Real ...
Forbes
Last quarter's biggest commercial real estate loans in NYC aren't just big, they're really, really big. The size of those loans appears to be masking what would ...

and more »
Google News

Real Estate Appraisal - Rental Properties

Real estate appraisal for rental properties isn't the same as... Read More

Dont Just GET THE DEED - The Infamous Kitchen Table Closing

Q: Hi Lou, I have a property under contract that... Read More

French Property - a Buyers Guide to Purchasing Property in France

The CompromisThis document is the document you will sign agreeing... Read More

What Homeowners Should Know to Stop Foreclosure- Speaking Your Lenders Language

Financial literacy is the means of empowering consumers to make... Read More

Branded Email in the Real Estate Industry

Branded Email in the Real Estate IndustryYou're in the real... Read More

Big Discounts With Property Investment Clubs?

A stagnant stock market, low interest rates and booming property... Read More

Real Estate Investing - The Motivated Seller

How the heck do you find a "motivated seller?"The motivated... Read More

Protective Covenants ? Buying A Home

In addition to zoning, some properties have covenants recorded at... Read More

Real Estate: A Strong Investment

Description: Even in uncertain economic times like these, history shows... Read More

Should You Buy Real Estate Now

I have been seeing the market on fire for a... Read More

Appraisal vs. Market Value: How to Avoid Pitfalls in the Sale of Your Home

When you sell your home, appraisers use comps (comparable market... Read More

Boston Real Estate ? Choosing the Right Boston Real Estate Agent

As a successful Boston real estate agent, it always puzzled... Read More

Why I Love Country Living

As somone who has lived in both places, I can... Read More

Real Estate Investment - One Simple Formula

I saw the ads in our small-town newspaper for years... Read More

Choosing a Realtor

Purchasing a property, either as an investor or as a... Read More

How To Find a Real Estate Agent

You may be of the opinion that you don't need... Read More

Create a Sizzling Home Sales Flyer

Did you know that the sales flyer is the most... Read More

Real Estate Investing By The Numbers

Just like most things real estate investing can be broken... Read More

Helpful Hints for First-Time Home Buyers

Buying a house can be a daunting task, even for... Read More

How to Achieve Financial Freedom with Your Home

The secret disclosed on how you too could achieve financial... Read More

The Real Estate Market In Spain: Making Profits Out Of Sand

The Real estate market in Spain keeps gaining momentum and... Read More

Top Tips for First Time Home Buyers

Advice to Help When You're Buying a HomeFirst time home... Read More

Unravelling The Real Estate Buying Process in Canada

If you're a foreign national thinking about investing in the... Read More

Water, Water Everywhere on the Waterfront

Waterfront living is among the most desirable of locations in... Read More

What to Look for in a Real Estate Agent

Real Estate Agents play an essential, critical role in the... Read More