3 Good Reasons To Buy A Second Home... Or Not!

1. Secondary residence: a dedicated place for your holiday
2. A potential source of income by renting your second home
3. A second home can become a sanctuary to welcome family or friends

Owning a second home is a dream commonly shared by many French clients as well as our British buyers. There are many good reasons why you might want to buy a property in the countryside or town. Before making your decision

, you will need to consider the pros, but also the cons.

Secondary residence: a dedicated place for your holiday.

A second home provides a personal retreat for your holiday. This is a sanctuary designed for escape, where you can escape whenever you want. No need to book in advance or depend on accommodation availability in high season! You have the freedom to plan your stay at your convenience, but also to:

■ Personalise the space according to your tastes;
■ Leave your belongings from one stay to the next;
■ Simply feel at home.

On the other hand, do not neglect the risk of a certain weariness after a while. Despite the initial attraction of a second home, the desire to discover new places can eventually arise.

Keep a margin in your budget
Maintenance and charges related to your second home should not consume your entire holiday or leisure budget. Preferably, maintain the flexibility necessary to offer yourself other trips and discover different destinations.

A potential source of income by renting your second home.

Acquiring a second home is not necessarily a financial pit. It can represent an interesting opportunity to diversify your assets and your sources of income. By renting your property during periods when you are not occupying it, you will offset part of the costs associated with maintenance and purchase.

Seasonal rentals can be lucrative, especially if your property is located in a popular tourist area. With the advent of online rental platforms, rental management can be simplified, providing increased accessibility and visibility to your property.

However, this management method is delicate

if you live far away, especially during your prolonged absence. The distance will make it difficult to supervise and maintain the property. Unforeseen problems may arise, such as:

■ Urgent repairs;
■ Various incidents with tenants;
■ A need for maintenance of housing or land…

In many cases, it is preferable to sign a rental management contract with a local real estate agency. This security of course involves a cost, generally between 5% and 10% of the amount of rent collected.

A second home can become a sanctuary to welcome family or friends.

A spacious second home can easily become a traditional gathering place for family and friends. The idea of purchasing a larger home can be attractive to create a space where everyone feels at home, far from the hustle and bustle of daily life. The project can even be considered as shared ownership.

This family home can bring together several generations or groups of friends, with enough space for everyone to maintain their privacy while sharing common moments: a real experience of conviviality!

In return, the cost of maintaining the second home must be considered. In addition to the purchase cost and possible repayment of the loan, you will need to take into account:

■ The cost of routine maintenance (interior and exterior cleaning, maintenance of the garden, swimming pool or spa, etc.);
■ Repair and maintenance costs (heating and electricity, ventilation, plumbing and roofing, etc.);
■ Insurance costs and housing security (non-occupant owner contract, remote monitoring, etc.);
■ Taxes (housing tax, property tax, household waste, etc.);
■ Energy and water bills…