When you enter your retirement years, it is a time to either relax and recuperate, or spread your wings and do all the things that you never got round to when you were working.
But if you have the money, a great thing to do is buy a second home. Whether it be on the coast of England, or somewhere further afield, there are lots of opportunities to have a little bolt hole to flee to should you fancy a change of scenery.
But there are a few things you will need to think of when making such a large investment.
Can you afford it? Not only will you have to buy the property, but can you afford to maintain it too? There will be costs like utilities, and if you are buying somewhere abroad on a complex you may need to think about things like ground rent and pool cleaning etc.
Are you going to use the property for the whole year? If not what will you do with it when you are not there? You may find that you want to rent it out as a holiday home to provide a bit more income, or if you want to have it whenever you wish, you might need to employ someone to keep it ticking over while you are not there.
Are you buying it as an investment? If so is it designed to make you money, and will it?
Are you going to purchase abroad? Make sure that you have researched all the local laws for solicitors and other things that come with buying a house in another country.
If you are buying a house, make sure that you select the right Contents Insurance for the amount of time you will spend there.
