The Advantages of Owning a Holiday Home Abroad
As a financial adviser, I’ve noticed that many of our clients own holiday homes, and they often extol the benefits of these. Whilst I can see the attraction, I’ve always preferred the flexibility of exploring different destinations every year. However, a recent conversation with a client has made me rethink my position.
My client, a successful managing director, explained that, like most business owners and executives, they could rarely entirely escape the office. There is always something that needs dealing with, even when on holiday. They described a recent cruise where they had paid extra for a cabin with internet access, but the connection could have been better, and they could not effectively deal with even simple emails from the office. In contrast, when they go to their holiday home, where they have installed high-speed fibre internet, they can fully relax while still being able to work remotely.
This conversation got me thinking about how the rise of remote working and video calls has made it possible to work from anywhere with a good internet connection. And that buying a holiday home abroad can provide an escape from the British winter and also allows for an efficient work-life balance.
One of the advantages of owning a holiday home abroad, as opposed to a traditional holiday, is having total control over your internet speed. Rather than relying on the hotel or rented apartment’s connection, you can ensure that you have a fast and reliable connection, which is essential for video conferencing and getting work done. Additionally, another advantage is the ability to travel light. When you have a holiday home, you can leave your clothes and personal belongings there, eliminating the need to pack heavy suitcases or wait for them to be offloaded from the plane.
Location, Location, Location
When considering buying a holiday home abroad, the convenience of the location is an essential factor. And, if you’re based in Leicester like us at Rowley Turton, choosing a holiday location with direct flights from East Midlands or Birmingham makes sense. Direct flights on your doorstep make travelling to and from your holiday home much more convenient, saving you time and money.
Not only that but choosing a location with good flight connections also makes it easier for friends and family to visit you and for you to rent out the property when you’re not using it.
Another thing to consider is the proximity of the holiday home to local amenities and activities, such as restaurants, shops, and tourist attractions. This will give you more options for entertainment and activities when you’re not working.
It’s also worth researching the local area and community to understand the culture and way of life. This will help you to decide whether the location is the right fit for you and your family.
In conclusion, while the convenience of the location is an essential factor to consider when buying a holiday home abroad, it’s also important to research the local area and community, as well as the proximity of local amenities and activities. This will help you to decide whether the location is the right fit for you and your family, making your holiday home a perfect place to relax and enjoy your time off.
The Financial Implications of Owning a Holiday Home Abroad
While the benefits of owning a holiday home abroad are clear, it’s essential to consider the financial implications before making any decisions. It’s essential to consider the cost of purchasing, maintaining, and insuring the property, as well as any additional expenses such as property management and utility bills. It’s also important to consider the tax implications, particularly if you plan to rent your property when you’re not using it.
That’s why it’s crucial to seek professional advice from a financial advisor or a tax expert before proceeding. At Rowley Turton Chartered Financial Planner, based in Leicester, we have over 25 years of experience in helping clients navigate the financial complexities of owning a holiday home abroad. With our expert guidance, we can help you make informed decisions and ensure that you are fully aware of the financial implications of buying a holiday home abroad.
In conclusion, owning a holiday home abroad can be a great way to escape the British winter and enjoy a change of scenery while still being able to work remotely. Still, it’s essential to factor in the financial implications and seek professional advice before making any decisions. Nevertheless, with the right planning and preparation, a holiday home abroad can be a great idea that provides a lifetime of memories and an escape from the daily grind.
Rowley Turton is conveniently located near the M1 and M69 junction, with free parking and easy access. We are here to help you, so please don’t hesitate to contact us.