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"If you think it’s madness to pay over-inflated UK property prices, you may be tempted to snap up a bargain overseas. Pick your location properly and your money will go further, but remember it will add to your various tax liabilities. Another decision you have to make is whether you plan to rent the property, either to locals or as a holiday let, to cover costs, or if you will keep it just for your own use. This will have a bearing on the type of property you choose, and whether it’s in a rural or urban location.
To make a second home work, there are two rules: do your research and view it as a long-term investment. These aren’t get-rich-quick days. Check your location has a ready pool of tenants looking to rent and that the rent you can achieve will cover financing charges, running costs, insurance, repairs, taxes – and make some profit.
The key is to choose your property carefully. As with buying in the UK, do your research and be prepared to have your funds tied up for the long-term. How you finance the deal depends on the area: UK banks will offer mortgages on some overseas locations, but not on others. While your investment isn’t guaranteed, choose wisely and you could enjoy an overseas bolthole for many years and walk away with a tidy sum at the end of it, thanks to capital appreciation on property."
(Source: 4 Homes Magazine)
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