Owning more than one home is a privilege that few people get to enjoy, but it does come with its own list of headaches if you are not careful. While it sounds like a classic example of a first-world problem, owning a second home can be a huge challenge – especially if you have never been in this position before.
Not only is it expensive to stretch yourself financially between two separate properties, but it can become a logistical nightmare to make a second home liveable throughout the year, and able to be moved into at a moment’s notice.
Furthermore, you might find it too expensive to maintain another property when you rarely live in it yourself, especially if you don’t know when you can actually free up enough time to visit it.
Thankfully, owning a second home doesn’t have to descend into a dystopian nightmare, so long as you walk into the situation with your eyes wide open, and ready to compromise on your holiday home dream. If you have a second home, here is a guide for making it work for you.
Make it a seamless living experience
One of the greatest challenges of owning a second home is how you are going to make it practical enough to live in for extended periods during the year. When you first buy a second home, you naturally think of it as an extension of your current ‘main’ residence, but this isn’t actually the case in reality.
Just imagine how dusty, irritating, and unhomely your house would become if you stopped cleaning it, maintaining it, and heating it. That is exactly what your second home will be like if you don’t keep on top of it.
Therefore, you may need to hire a cleaner to keep it in pristine condition (thereby making it far more pleasant when you visit) or have a property management company take care of it when you are not there.
Similarly, you may need to install some practical amenities that can make your living experience far more pleasant when you visit. For example, you might want to keep a scooter there to make it easier for you to get around. If this is the case, use scooter transport to get your new wheels down there in the first place, so shop around for the best scooter transport options.
Consider renting it out
One of the biggest challenges you will face as the owner of multiple properties is how to prevent yourself from becoming too asset-rich and cash poor. Without cash flow, you cannot live, which is when many people start selling their second homes.
Instead, consider renting it out – either as a holiday home or as a long-term rental – throughout the year. This will provide you with some additional income and help you pay for the expensive maintenance costs.
Assign specific times of the year when you live there
If you are going to rent the place out for most months of the year, then you should assign certain weeks or months where you are living or holidaying there. By doing this, you can make sure that you actually use the place as you intended without compromising your income stream or feeling like you never visit your second home.