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Buying a second home: 8 mistakes to avoid - Immo

Buying a second home: 8 mistakes to avoid – Immo

Buying a second residence in Belgium or abroad is a dream that can turn into a nightmare. Avoid inconvenience. Here are the mistakes not to make, according to Evelyne Gielen, Metrecarre real estate economist.

If location is the No. 1 choice criterion in a real estate purchase, you must prioritize a second home near an airport or train station; or take into account the caps if you buy in Belgium. In addition, the ideal is to choose an attractive place, winter as summer. Holiday resorts are sometimes deserted out of season. And if you want to favor the countryside, be attentive to the environment in order to maintain a certain tranquility. Think of the rooster crowing on the farm, for example.

If location is the No. 1 choice criterion in a real estate purchase, you must prioritize a second home near an airport or train station; or take into account the caps if you buy in Belgium. In addition, the ideal is to choose an attractive place, winter as summer. Holiday resorts are sometimes deserted out of season. And if you want to favor the countryside, be attentive to the environment in order to maintain a certain tranquility. Think of the rooster crowing on the farm, for example. It often happens that one overestimates one’s capacity to occupy one’s second residence. At first, you and your loved ones will plan to go back and forth regularly throughout the year. But after the enthusiasm of the beginnings, the soufflé falls. It is best to take the test by first renting a second home before buying one. Finally, how many days did you manage to go there? What happens when the premises are unoccupied? Very often, the happy owners think of renting their property easily. With the help of relatives and social networks, finding a tenant seems easy. In practice, it turns out to be more complex. In addition, a rental property must have the best conditions to attract the eye. This requires new furniture – and no salvage – and very modern interior decoration. Buying a second home also means taking care of maintenance. Unless you hire a professional, you will have to take care of the maintenance of the property. Repairs, gardening, major cleaning, etc. It’s an investment of time, money and energy that takes away from your stay. Not to mention that if nobody is there, it can be prone to many problems. After buying your second home, you have to think about all the formalities. Opening accounts for internet and electricity, managing insurance and taxes, or taking steps to start work. If you live abroad, communication can be problematic. Unless you speak the language, you should consider being accompanied by a local professional. One of the common mistakes before buying a second home is not checking the internet and mobile network connection. The best way to know if wifi and GSM work well is to test before you buy. You and your loved ones are enthusiastic about the idea of ​​enjoying this second home. And even if it has an occupancy rate that meets your expectations, you don’t know what the future will hold. Children are growing up and may have a busy schedule of extracurricular activities on weekends. They will not necessarily have time to stay in this residence. Likewise, parents are getting older and may need more support from you. Finally, it is advisable to do your calculations beforehand because the purchase of a second home is not necessarily profitable. 200,000 euros immobilized, this represents 800 overnight stays at 250 euros, or 266 three-day weekends, once a month for 20 years. You could therefore enjoy a beautiful hotel with, as a bonus, peace of mind. For this reason, wouldn’t it be better to rent than to buy your second home?

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