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Buying a property abroad could save you money

It's a popular dream to have your own property abroad, jetting out to your own private getaway in your favourite holiday destination; and for many people this dream is now becoming a reality. By purchasing a property abroad and letting it out for just six months of the year, consumers could holiday free and earn enough through rental fees to pay for the property outright after just five years.

While a couple may spend an average £1,000 in peak season on accommodation for a week’s summer holiday, alternatively they could opt to purchase a new holiday apartment in the same area, which they could frequent as often as they desired and secure a profitable income from holiday rentals.  Over as little as five years, this could lead to enough in holiday rentals to pay for not just the property, but also any overheads and other related costs.

Case Study: Paphos, Greece

To buy: 2 bedroom apartment, £76,000
Six new luxury apartments, recently completed, situated in a quiet area of Kapparis, within walking distance to the centre and 10 minutes from the beach.

Average holiday rentals (assuming a weekly rental of £641 for six months of the year):

Year Rental – cumulative
Year 1 £15,384
Year 2 £30,768
Year 3 £46,152
Year 4 £61,536
Year 5 £76,920

(Average holiday rental figures for a one bedroom apartment in Paphos, Cyprus taken from www.thomsonhotelsandapartments.co.uk)

David Bexon, Managing Director, SmartNewHomes.com said: “Many people dream of owning a property abroad but see it as a scary investment and often don’t know where to start. We provide a central location where consumers can view a range of properties across Europe and overseas online – allowing potential buyers to get an idea of the types of properties available, the related prices and the various agents and developers who would be able to make their dream a reality.

“By investing in a property abroad consumers could save thousands of pounds on their annual summer vacation and by taking professional advice and researching the area carefully a dream holiday home could also become a dream investment.”

For more information visit: www.smartnewhomes.com/overseas

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