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Today’s post comes from fellow S&S reader, Kathy. If you’ve ever dreamed of owning a vacation home abroad, check out these tips!

Should You Buy a Holiday Home Abroad?

Having a second home in a foreign country is one of those exciting prospects that many of us aspire to. There’s just something about the luxury of it that makes the idea particularly enthralling. And of course, it’s a major status symbol, which is an important measuring stick for a lot of people.

The thing is, holiday homes are more attainable than you might think. It just takes a little planning and preparation. In this post, we are going to give you a few things to consider. Bear these things in mind, you’ll soon be able to make that dream house a reality!

Saving Up

In order to afford something of this magnitude, you’re probably going to need to spend some time saving up.

Your Dream Savings Fund is the perfect spot to stash your holiday home savings. You just need to figure out how much money you’ll need for the down-payment, then start funneling some of your income to that dream savings fund every pay-day.

Make sure you set up auto-transfers to move your money to that account. That way you’ll never forget to move the money or accidentally spend the money on some other impulse buy.

Choosing Your Spot

One of the bigger questions you need to ask yourself is: where in the world do you actually want this holiday home to be?

The truth is not everyone has the same idea of where they would like to go for their holidays. While some people might look to find a villa for sale in Mauritius, others will prefer an English county cottage or a condo on the beach in Spain.

Getting a clear idea of your ideal space will help you stay motivated as you save for this monumental investment.

Local Laws

One of the main things that will affect your finances is the local laws of the land that you are considering.

Before you consider buying a property in another country, spend a little time getting familiar with the local laws. Laws around driving, alcohol consumption, and property ownership vary greatly from one country to the next. And breaking these laws can have serious financial and legal consequences. So you need to educate yourself before committing to a location.

With these considerations in mind, you’ll be well on your way to purchasing that spectacular holiday home in no time!