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Real estate: what to know before buying a second home

The reality of confinement has led to a desire for space and freedom among the French. It may seem contradictory and yet real estate agencies have been taken by storm by potential buyers. How to make sure that an idyllic picture does not turn into a nightmare?

Real estate, what to know before buying a second home - iStock-IvonneW

Real estate, what you need to know before buying a second home – iStock-IvonneW

An influx of requests

In July 2020, Orpi published a survey which stated that 25% of French people were considering buying a second home. This desire to buy corresponds to a desire to leave an urban environment in order to settle in the green. However, this influx of requests has not always materialized. While the idea of ​​having a home by the sea, in the countryside or in the mountains is appealing, the cost is not to be taken lightly. Before you fall for it, find out everything you need to know before you decide.

The different reasons for purchasing

The argument most often put forward, and the most classic, is owning a family home in which to vacation together. It appears as a rallying point and also becomes an anchor point in which to meet. This purchase is also the way to build a heritage that can be passed on to future generations. However, it is important to know that passing on a good to your children is prepared and is legally framed. If the beneficiaries are numerous, one can, for example, create a joint possession or make a donation, before the age of 71, to benefit from reduced donation rights. But this purchase is also a way to calmly prepare for retirement by choosing to settle in a pleasant living environment, far from the metropolis for some. The last motive is to profit from it by renting it, a maximum of 90 days / year. This will allow you to escape the syndrome of the often empty house.

The disadvantages to be taken into account.

This investment is not to be taken lightly because it has a real cost. The investment is not limited to the purchase price and it is necessary to know how to apprehend the continuation and the costs which will result from it. Indeed, as in a main residence, budget items exist and the maintenance of a secondary residence is not negligible. In addition to taxes, it also has an operating cost (water, electricity and heating) and a maintenance cost (roof, facade and garden). Also, before embarking on this purchase, it is necessary to analyze the local market and compare the offers offered. The lack of landmarks in a region that we do not necessarily know well sometimes requires the help of a real estate professional. Likewise, investigations with neighbors or the town hall can often be useful! We therefore advise you not to give in to your crush and to keep a cool head before you start. Giving in to enthusiasm and forgetting to be vigilant about the general state of the property could cause you a lot of disappointments. Bucolic dreams of a house in the countryside are perhaps not the best plan to consider in the long term.