Buying a vacation home is a great way to make organizing and paying for travel a whole lot easier. It’s also a good investment that is likely to appreciate in value and you can make a load of extra money by renting it out to other people when you aren’t using it.
There are a couple of things you should look for in a good vacation home; firstly, you’ve got to remember that you’re going to be going to the same place quite often so you need to pick somewhere that you won’t get fed up of. You’ll probably want somewhere that has a good weather most of the year as well so you can head out there for a weekend away whenever you feel like it. Beyond that, you should think about its value as in investment. You’ll have to find somewhere that won’t cost you that much and is likely to increase in value, location is usually the biggest factor here. If you buy a property in a popular tourist destination, it’s likely to be a safe investment and you’ll have no trouble renting it out, but you’ll pay more for it in the first place. If you can find somewhere that is up and coming, you’ll be able to buy property fairly cheap and watch the value shoot up over the next couple of years.
Maintaining a vacation home is also a bit of an issue. Obviously, you won’t be nearby all of the time so you’ll probably need to hire a property manager to look after the place while guests are there. But you can reduce the amount you’re spending on maintenance by finding a place that’s in good condition to start with.
That’s a pretty big list of criteria to meet and finding a property with all of those things in the US is going to be expensive, but there are some great countries where you can get cheap vacation homes in desirable locations, these are the best ones.
The Algarve region in Portugal is one of the most popular beach destinations in the world, attracting thousands of tourists every year. If you buy a property out there, you’ll have no trouble renting it out. However, it’s worth remembering that the summer period when you’re most likely to want to go out there yourself is going to be the busiest. If you’re using the place for a week or two, that lost revenue. Prices range quite a bit depending on what you’re after. If you want somewhere with a good view of the beach and the ocean, the price will shoot up. But if you find somewhere a little further back from the front, you can get a decent place for around $200,000. You’ll have no trouble finding people to stay there even if you aren’t right on the beachfront, but you won’t be able to charge quite as much in rent.
Singapore has become one of the most popular Southeast Asian vacation destinations in the last couple of years. Now is the perfect time to buy Singapore real estate because that new found popularity is sure to bring price increases along with it soon enough. It’s a great little country with some amazing authentic food and luxury shopping districts. The country is also in the middle of a green revolution so you can see some incredible eco-friendly skyscrapers, some of which look more like tall gardens than buildings. There are some great museums giving you a history of the country and Asia in general, and if you’re an animal lover, there are some night safaris you can go on as well. Singapore is a good choice for a vacation home because it’s a city in the middle of a period of change, so there will be something new to discover each time you go there.
If price is a top concern for you, Granada in Nicaragua is probably one of the best places to buy a vacation home. The small town, founded by the Spanish in the 14th century has since been turned into a modern, luxury vacation destination. Most of the traditional buildings have been turned into condos, which you can buy incredibly cheap. A ready made condo will only set you back between $100,000 and $400,000 depending on the size. If you’re willing to renovate it yourself, you could buy a place for as little as $50,000. It’s perfect for regular vacations because the cost of living in this quaint little town is very low. You won’t be able to charge as much rent as you would in other countries but you aren’t putting in as much upfront so it balances out. If you’re worried about having a long term mortgage, Granada is your best bet. The weather is good all year round and there’s a beautiful lake for relaxing around and swimming in. It also has rich heritage so if you’re interested in history, it’s a great place to go.
Panama is a great country to buy a vacation home in because its so diverse you can have a different experience each time you visit. There are bustling cities on the coast with a vibrant nightlife and a great mix of people. The pace of life is fast and exciting, but if you don’t fancy that. There are loads of great little islands with beautiful beaches. Most of them are very quiet so they’re perfect if you want to escape the city for a while. You can go scuba diving around the incredible coral reefs in the area, or even swim with whale sharks. On top of all that, there are some great forest areas, dotted with old fort ruins which are great for a day out exploring the wild. The best place to buy a property is along the beachfront in the city. The prices have gone up a bit over the last decade or so but they aren’t too crazy; you’re looking at somewhere in the region of $300,000 for a place near the beach. You will have to check where you’re buying though because some beaches have been nationalized and they won’t allow the sale of property to people outside of the country, but there are still plenty of places where you can buy property.
The Dominican Republic is a beautiful beach destination that attracts a lot of tourism every year. You can’t charge a huge amount of rent for a place out there but it doesn’t matter too much because the prices are low. It’ll cost you between $100,000 and $200,000 depending on the size of the property, which is a lot cheaper than other beach destinations around the world. There are some great diving sites where you can go whale watching and the nightlife is great too. As well as great beaches, you’ll find some stunning mountain scenery and picturesque historical buildings too. There are loads of beaches in the country so you won’t end up visiting the same one each time you go there.
Some areas of Italy, like Rome and Venice, are pretty expensive but other places like Abruzzo are surprisingly cheap. If you’re willing to do a bit of renovation on the place, you can buy a property for as little as $45,000. If you’ve got a good amount of savings, you might not even need to get a mortgage at all, and even if you do, it’ll only be a small one. Even if you didn’t want to bother with the renovation, you won’t be spending that much on a good property in Abruzzo. It’s a nice historic region of Italy that hosts lots of local festivals throughout the year. Food is one of the best things about visiting Italy and Abruzzo doesn’t disappoint; there are plenty of family owned, traditional restaurants to choose from, where you’ll find a truly authentic Italian culinary experience.
Columbia has a very rocky history and a lot of people still associate it with the famous criminal Pablo Escobar. The country is trying to shake that image but a lot of people still think of it as a dangerous place, but that’s not what Columbia is about at all. The country has changed a lot since then and it’s now a great place to live or visit for a vacation. This negative perception that people have of Columbia works in your favor as a buyer because it’s kept property prices pretty low. You’ll probably be spending about $100,000 on a nice property out there. It’s worth remembering though, you might struggle to find people to stay there because it’s not that popular as a vacation destination, but if you’re looking for a place that you’ll use yourself, rather than somewhere to rent out all the time, Columbia is a great option.
These are the best countries in the world to buy your vacation home, whether you want to use it yourself or rent it out all year around.