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How to Afford Your Dream Home
Is it your dream to one day own a holiday home in the sun; a beautiful house where you can escape, relax and be free of the worries that seem to go hand in hand with every day life? Well, you're not alone! A recent survey by a well known mortgage lender in the UK revealed that up to one in three Britons not only dream about owning a home in the sun but fully intend to make that dream a reality some day. And in the US the number of Americans planning to one day buy that ideal second home haven is now up to three in ten people. Now let me ask you another question: - If it is your dream to 'one day' own that beautiful home in the sun what exactly are you waiting for? Why wait for 'one day' when you can make your dream a reality today? Here are just five simple ways that could free you up to make your ideal property purchase today. 1) Location, Location, Location There are still some very beautiful and highly affordable locations left in this wonderful world of ours - destinations that are less well known, less popular with tourists, less well developed maybe; but no less beautiful, no less welcoming and certainly no less safe! You just have to look a little further afield or think outside of the box and be prepared to do some of the real estate research yourself. The most popular destinations for second homes like Florida and Spain are very well documented and there are literally thousands of real estate agents to help you find that pricey holiday villa or apartment. But if you want to be able to buy up something that doesn't have such an inflated and unachievable price tag then look to less well marketed and tourist populated areas - find the next emerging market. Did you know that property in Northern Spain is a fraction of the price of property on the Costa del Sol, property in Northern Belize is a fraction of the price of property in the Cayes and property in central France is a fraction of the price of property on the Cote d'Azur for example? Did you know Croatia and Bulgaria have beautiful summer climates and stunning beaches? Be a proactive pioneer and seek out the most affordable and desirable holiday home hotspots and make today's budget go that much further. 2) Jet to Let If you need to borrow to finance your property purchase consider buying an apartment, villa or house that can easily be rented out during the peak season in your dream destination. The weekly rental income you can generate from your property purchase will pay off the extra money you had to borrow to buy your dream home now rather than waiting until tomorrow. Once the peak season is over and you've generated the highest rental yields possible you can free up the home for a couple of weeks and you can take time out to travel to it and enjoy an out of season break in your very own dream overseas home. Once the holidaymakers who let your home have helped you pay off your mortgage you can either continue to take an income supplement from the property or refuse to rent it out and have it all to yourself - either way, jet to let is the latest way to afford that second home overseas. 3) Pool Resources If you and your friends or family members all share the dream of owning a second home overseas you could consider pooling your financial resources together to get on the second home property ladder. This will enable each of you to make your financial contribution go so much further - and if you draw up a contract between you all at the start which details who can have access to the house during which weeks of the year there will be no possibility of arguments later on! 4) Get a Fixer-Upper Many first time buyers in the local market consider buying a home in need of repair, renovation or just a cosmetic overhaul. It's a well known fact that homes in need of some TLC get sold far cheaper than perfectly presented show homes. Well, the same applies in every house market regardless of where in the world you're looking to buy. Therefore spend a little time learning about the local real estate market in your preferred country, find out about average costs of houses and then look for homes priced under this ceiling?all of them will be priced down because they require work. Always make sure you get a survey done on any home you're interested in to ensure you're fully aware of the work required then get building quotes etc., and cost the work up - obviously the more work you can do yourself the less money it will cost - and then go get yourself a fixer-upper and use some of your holiday time turning your second home into your dream home. You will be amazed at how well you can potentially push up the value of a second home by taking this path - in many countries overseas run down homes are undervalued because local people have no desire to take on the work. If you put in the effort and turn the house around, when you want to sell it you will probably be handsomely financially rewarded! 5) Release Equity If you have equity in your principal home - i.e., your house is worth more than the mortgage you have on it - you could consider re-mortgaging to free up this equity and you could then use this equity for a second home purchase. There are some major considerations to think about before taking this path however because it involves increasing your debt ratio. On the good side you can often reduce your overall mortgage interest rate when you re-mortgage and you will be putting the money you free up straight back into property. On the bad side you will be increasing your debt and your loan will be secured on your primary residence. This option can suit many people but you should speak to a financial adviser before taking this path. Hopefully these five simple ways have given you some food for thought - there are many ways to stop putting off until tomorrow that dream that you could be living today. Why wait until you're too old to enjoy a home overseas before you buy one! Rhiannon Williamson is a freelance writer whose many articles about buying investment property abroad have appeared in real estate and financial publications around the world. To read her latest articles about property investment in Cyprus visit this link: Property in North Cyprus
MORE RESOURCES: July Economist Snapshot: What Will the Big Beautiful Bill Mean for Commercial Real Estate and Housing? Urban Land Magazine Apex Money Lending Expands Commercial Loan Offerings in Colorado for Real Estate Growth Detroit Free Press Downtown Wheaton apartment development lands $124M in financing Crain's Chicago Business Listings are soaring in this long-famous resort city as residents try to flee — and buyers hold back New York Post Real Estate Transactions, July 14 edition Hopkinton Independent Easing Private Access to Singapore’s Real Estate through “Tokenization” Urban Land Magazine Bluerock seeks to list real estate fund with investors already heading for the exits. InvestmentNews Q&A with Stuart Saft, Partner and New York Real Estate Practice Group Leader at Holland & Knight citybiz Hamptons Real Estate Market Data – Week of 7/8/2025 Hamptons.com Mid-America Real Estate Corporation brokers sale of 67,146-square-foot shopping center in Oak Brook REJournals AEW Capital Management Closes $1.75 Billion Opportunistic Real Estate Fund Boston Real Estate Times Commercial Real Estate Checklist – sponsored content MyWabashValley.com Plymouth County Retirement seeks emerging markets equity, core real estate managers Pensions & Investments Las Vegas real estate agents using loopholes to charge higher commissions - Las Vegas Review-Journal Las Vegas real estate agents using loopholes to charge higher commissions Las Vegas Review-Journal Red Apple Real Estate Inks Four Garage Leases in New York Commercial Observer Chester County Leadership: Clarence Martindell, EVP of Commercial Real Estate Lending, Meridian Bank VISTA.Today Real Estate Sold: July 16, 2025 The New Era | Sweet Home, OR Halstatt Real Estate Partners Announces the Opening of Swell by Soltura in Bonita Springs, Fla. citybiz Greater Boston Real Estate Board hires ‘clear-cut favorite’ Jackie McCarthy Boston Agent Magazine Lakeland commercial real estate giant expands into North Carolina Business Observer Tilman Fertitta spent $270M for real estate on the Strip. Now it’s a parking lot Las Vegas Review-Journal Despite Office Market Slowdown, International Workplace Group Expands Rapidly in Massachusetts with Seven New Flexible Workspaces Boston Real Estate Times Real estate at the crossroads: What jobs, robots, and the Fed reveal about the market’s next move HousingWire United Risk launches Thriver for real estate market Life Insurance International Drake Real Estate Partners closes largest fund yet after pivoting to institutions Private Equity Real Estate | PERE Can real estate firms represent both buyers and sellers of property? The Arizona Republic Northwest Healthcare Properties Real Estate Investment Trust Announces July 2025 Distribution Yahoo Finance Keeping it Real: The Exploitation of Low-income Tenants in the Inland Empire and Beyond Black Voice News Wealth seminar aims to empower W-2 earners through real estate Long Island Business News Dropping Prices Keep Hope Alive For Real Estate Buyers Front Porch News Texas New Zillow tools aim to help buyers, improve agent workflows Real Estate News by RealEstateNews.com Solana’s Real-World Asset Boom: From Stocks to Real Estate Crypto Economy Arizona’s real estate market leverages AI and data tools to meet growing demand Arizona Digital Free Press Metro seeks new real estate chief as Liz Price departs The Business Journals See how Sugar Land, Missouri City's real estate market fared in June Community Impact 'Fish House' in Atlantic Beach reels in $15.5 million record sale The Florida Times-Union Brian Hamilton: Nevada County real estate update TheUnion.com Massive residential Cancun real estate development shut down for illegal land sales Riviera Maya News Las Vegas: Tilman Fertitta spent $270M for real estate on the Strip. Now it’s a parking lot CDC Gaming Navigating Asia Pacific Real Estate in 2025: Structural Shifts and Strategic Sector Selection AInvest Likely a tear-down, estate sells for $86.5 million in Palm Beach Palm Beach Daily News Florida City Real Estate Market Crashes After Being Super Hot A Few Years Ago — Costs of Climate Change CleanTechnica Gloria’s Gab: Gloria Burns Talks Real Estate & Innovation with Salim Chraibi of Bluenest Development Miami's Community News Doorvest Acquires Wreno to Power Real Estate Operations and Pursue Property Management Acquisitions Business Wire National Media Names Local Real Estate Leader Woman of Influence Westfair Communications An under-construction Lewiston mansion, plus other high-end Niagara County listings The Business Journals Art Advisory Meets Real Estate: A New Vision For Collecting James Lane Post Flagship Communities Real Estate Investment Trust Announces July 2025 Cash Distribution GlobeNewswire REAL ESTATE | New ice cream shop to open in Slinger, WI | By Ann Bauer Washington County Insider Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Madbouly reviews progress on real estate export platform Dailynewsegypt News | Academy of Real Assets launches latest book focused on young people's real estate views CoStar Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours Yahoo Finance Lead Real Estate (LRE) Opens New Hotel in Asakusabashi Insider Monkey Jake Paul Closes One Of The Largest Real Estate Deals In Georgia History With $39 Million Purchase of 5,600-Acre Ranch Yahoo Finance Foreign Investment in U.S. Homes Surges to $56 Billion, Highest Growth Since 2017 The World Property Journal |
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