Although it will still be some months until summer comes, you already know that buying a house is a long process that needs a lot of time, so if you’re looking for a holiday home in Torrevieja you probably should start considering it now.
Torrevieja is a very popular place to spend the holidays, thanks to its golden sand beaches and calm waters, and that is why it’s often difficult to find a good hotel or a holiday apartment. Buying a second residence can be a very good solution for your holidays, but before that, there are a number of essential questions to ask yourself.
Do you know if you’re ready?
When deciding if you’re ready to buy a second home, the first thing you should look at is your financial status. You should have money to invest in a house, and preferably have the minimum possible debt, including the mortgage of your first residence. You should also consider other things, such as the impact of a second home on your yearly income statement.
In addition, it is important that you know if you have the time to devote to a second home; who will be responsible for maintenance? How often do you plan to enjoy it? What is your family situation?
You may be seeing the second home not only as a vacation spot but as an investment; if you plan to rent it while you’re not using it, you also have to consider whether you’re able to act as a landlord, or you are going to hire a real estate agent to manage the rent for you.
Where do you want your holiday home?
If you’re already sure that you want to buy a second home, the next thing is to decide the area in which you want to buy it. Of course, if the house is going to be exclusively for your vacations, the location will depend on your preferences, but if you’re thinking of renting it while it’s not in use, that’s a different case.
In Torrevieja, for example, Playa del Cura is one of the most popular destinations for tourism, although the Playa de los Náufragos is better for children. Another thing that you have to take into account are the services near the house; supermarkets, pharmacies, restaurants, green areas, proximity to the beach… these are all factors that will not only contribute to your enjoyment, but also to the price that you can eventually put for your house if you want to rent it.
The most important thing is that it’s a place that you know you’re going to enjoy, and that won’t bore you quickly, and that applies to either Torrevieja or any town where you’re thinking of buying a holiday home. Study the area thoroughly and make sure it suits your needs.
Who are you going to work with?
If you’re going to buy a home in a place where you don’t reside, and you may not know very well, the help of a real estate agent is essential. With them, you will ensure that your holiday home is in the most suitable place for you, and adapts to your particular needs.
Additionally, a real estate agent will be able to negotiate the price of the sale, and make sure that you don’t pay too much for the property you’re purchasing, as well as ensure that there’s no problem with the documentation and associated procedures, charges, etc.
Thanks to the help of a real estate agency you will take a huge weight off your shoulders, since they will take care of all the procedures and save you constant trips between your first residence and the second.
Can you afford the expenses?
We’re not only talking about the price of the house, or the expenses associated with the sale (notary, lawyers, etc.), but also the fixed expenses of the house.
Having a second home can be a privilege and even a good investment, but you have to be aware of the costs that come with it. Before buying a vacation home, make sure you know the price of electricity, water, community expenses, IBI, and insurance, and that you’re able to afford all of this.
On the other hand, you will also have to be aware of the state of the house, and if it will need renovations in the near future or not, to avoid unpleasant surprises.
Although you have already bought a house and know how it works, the truth is that the real estate industry is constantly changing, and there are always questions and problems that appear when you least expect it. In the case of buying a second house, it’s important to think things through and take it easy, since there is no hurry to buy one and it certainly doesn’t constitute a necessity.
That said, buying a second home, if done right, can be an amazing investment, both personally and financially. Even if you no longer want it as a holiday home, in Torrevieja there is a huge market for holiday rentals, so that is not a problem.