Every real estate investment requires a prior period of research to analyse the key aspects of the purchase. But purchasing a second home involves other variables that no buyer should overlook. We explain the essential elements to consider when choosing a second home.
What should you consider when buying a second home?
Before making a real estate investment of this type, you must weigh up its suitability. To do so, you should reflect on fundamental questions such as:
Choice of the area:
Safety, climate, services... Selecting a place where you want to enjoy your days off is crucial. By choosing the right area, you will have the option to rent out your home the seasons that you are not going to use it.
Type of property:
Depending on whether it is a home for personal enjoyment or to rent, how long you plan to use it, and the area's characteristics, you should think of a type of property that suits those requirements.
Distance from the habitual residence:
Perhaps you have the means and the necessary time to travel to your second residence whenever you feel like it. But if this is not the case, you should consider options that are relatively close to your main home or, at least, well connected.
Other factors to make the right decision
Apart from the most noticeable aspects in the purchase of a second home, there are other factors that more or less directly affect the purchase decision:
Second residences have different taxation than habitual residences. You will have to declare the property in the IRPF and pay 2% per year on the property's cadastral value as imputed real estate income.
All housing, even those unoccupied, incur monthly/annual maintenance expenses. Supplies, property tax, refuse collection, community fees... The average cost of an empty property amounts to 2,000 euros per year.
Looking for a second home through a real estate agent has many advantages. These companies are experts in the area and can guide you in choosing a second home that meets your expectations.