How to Afford Your Dream Home

Is it your dream to one day own a holiday home in the sun; a beautiful house where you can escape, relax and be free of the worries that seem to go hand in hand with every day life?

Well, you're not alone!

A recent survey by a well known mortgage lender in the UK revealed that up to one in three Britons not only dream about owning a home in the sun but fully intend to make that dream a reality some day. And in the US the number of Americans planning to one day buy that ideal second home haven is now up to three in ten people.

Now let me ask you another question: -

If it is your dream to 'one day' own that beautiful home in the sun what exactly are you waiting for?

Why wait for 'one day' when you can make your dream a reality today?

Here are just five simple ways that could free you up to make your ideal property purchase today.

1) Location, Location, Location

There are still some very beautiful and highly affordable locations left in this wonderful world of ours ? destinations that are less well known, less popular with tourists, less well developed maybe; but no less beautiful, no less welcoming and certainly no less safe!

You just have to look a little further afield or think outside of the box and be prepared to do some of the real estate research yourself. The most popular destinations for second homes like Florida and Spain are very well documented and there are literally thousands of real estate agents to help you find that pricey holiday villa or apartment.

But if you want to be able to buy up something that doesn't have such an inflated and unachievable price tag then look to less well marketed and tourist populated areas ? find the next emerging market.

Did you know that property in Northern Spain is a fraction of the price of property on the Costa del Sol, property in Northern Belize is a fraction of the price of property in the Cayes and property in central France is a fraction of the price of property on the Cote d'Azur for example? Did you know Croatia and Bulgaria have beautiful summer climates and stunning beaches?

Be a proactive pioneer and seek out the most affordable and desirable holiday home hotspots and make today's budget go that much further.

2) Jet to Let

If you need to borrow to finance your property purchase consider buying an apartment, villa or house that can easily be rented out during the peak season in your dream destination. The weekly rental income you can generate from your property purchase will pay off the extra money you had to borrow to buy your dream home now rather than waiting until tomorrow.

Once the peak season is over and you've generated the highest rental yields possible you can free up the home for a couple of weeks and you can take time out to travel to it and enjoy an out of season break in your very own dream overseas home.

Once the holidaymakers who let your home have helped you pay off your mortgage you can either continue to take an income supplement from the property or refuse to rent it out and have it all to yourself ? either way, jet to let is the latest way to afford that second home overseas.

3) Pool Resources

If you and your friends or family members all share the dream of owning a second home overseas you could consider pooling your financial resources together to get on the second home property ladder.

This will enable each of you to make your financial contribution go so much further - and if you draw up a contract between you all at the start which details who can have access to the house during which weeks of the year there will be no possibility of arguments later on!

4) Get a Fixer-Upper

Many first time buyers in the local market consider buying a home in need of repair, renovation or just a cosmetic overhaul. It's a well known fact that homes in need of some TLC get sold far cheaper than perfectly presented show homes. Well, the same applies in every house market regardless of where in the world you're looking to buy.

Therefore spend a little time learning about the local real estate market in your preferred country, find out about average costs of houses and then look for homes priced under this ceiling?all of them will be priced down because they require work.

Always make sure you get a survey done on any home you're interested in to ensure you're fully aware of the work required then get building quotes etc., and cost the work up ? obviously the more work you can do yourself the less money it will cost ? and then go get yourself a fixer-upper and use some of your holiday time turning your second home into your dream home.

You will be amazed at how well you can potentially push up the value of a second home by taking this path ? in many countries overseas run down homes are undervalued because local people have no desire to take on the work. If you put in the effort and turn the house around, when you want to sell it you will probably be handsomely financially rewarded!

5) Release Equity

If you have equity in your principal home ? i.e., your house is worth more than the mortgage you have on it ? you could consider re-mortgaging to free up this equity and you could then use this equity for a second home purchase.

There are some major considerations to think about before taking this path however because it involves increasing your debt ratio. On the good side you can often reduce your overall mortgage interest rate when you re-mortgage and you will be putting the money you free up straight back into property.

On the bad side you will be increasing your debt and your loan will be secured on your primary residence. This option can suit many people but you should speak to a financial adviser before taking this path.

Hopefully these five simple ways have given you some food for thought ? there are many ways to stop putting off until tomorrow that dream that you could be living today.

Why wait until you're too old to enjoy a home overseas before you buy one!

Rhiannon Williamson is a freelance writer whose many articles about buying investment property abroad have appeared in real estate and financial publications around the world. To read her latest articles about property investment in Cyprus visit this link: Property in North Cyprus

---

Master Builders Ask, Do You Know What Design/Build or Design/Construct Means? You Should

These real questions are answered by me and US Master... Read More

Guide To Finding The Perfect Central Illinois House

Central Illinois is an area rich in cultural activities and... Read More

A Powerful Suggested Technique for YOUR Home & Property Search

A Powerful Suggested Technique for YOUR Home & Property Search... Read More

Cheap Homes For Sale In Great Towns

Good Homes Under $50,000? My wife Ana and... Read More

Boom or Bust

For those looking to invest in the real estate market?keep... Read More

Think You Can?t Afford Your Own Home, Think Again!

Do you have bad credit, no credit, filed a bankruptcy,... Read More

Get To Know About Building Codes & Town Planning Applications, If You Want To Build A House

These are real building questions that I received from readers... Read More

Build Your Retirement By Investing In Real Estate

Most people buy one or two properties. One is their... Read More

Lock In Big Profits By Offering Rent To Own Deals

Why would anyone accept a lease option, rent to own... Read More

Why Mobile Homes?

There are mobile homes for sale, for much less than... Read More

Lease Purchasing Is The Perfect Home-Based Business

Some call it the 30 second commute. We call it... Read More

Where is the Sophisticated Property Investor Putting his Money?

The Traditional FavouritesOver the last five to ten years, UK... Read More

Real Estate Investing ? The First House Purchase

Real estate investing usually begins with the purchase of a... Read More

Chapter One FSBO the Russ Miles thriller/mystery novel

Chapter OneShe reached the phone on its second ring. "This... Read More

Selling Your Home Quickly, Even if You Have No Money For Repairs

Do you need to sell your home quickly? If so,... Read More

Home Buying ? School District Issues

A good school district is a key factor in home... Read More

Property Auction & Why You Should Run A Mile From Them

That's A Funny Thing To Say About Property Auctions; They're... Read More

Home Buying Checklist ? Windows

If you are in the market to purchase a home,... Read More

Relocation Humor: Why I Bought A House

The Rental Experience in South FloridaReaders: This is based on... Read More

Content Ideas for Ads and Brochures When Selling Your Home

Even in this hot real estate market, selling your home... Read More

I have a buyer for your property and I can sell it now!

A Realtor has just talked to you and said, "I... Read More

Real Estate Investing ? ?The Neighborhood Factor?

Real estate investing can be a dream career when the... Read More

As a Realtor, How Do I Attract Listings?

Have you ever noticed that despite the massive number of... Read More

French Property - a Buyers Guide to Purchasing Property in France

The CompromisThis document is the document you will sign agreeing... Read More

Property Types A, B, C And D

One of the biggest problems individuals just starting out have... Read More

Make Money As A Slumlord

Be a slumlord? Okay, I got your attention, now the... Read More

Thinking About Selling Your Home?

Owning a home is the original American dream. It's the... Read More

Industrial Income Property Financing: Part 3 of 3

Financial ConcernsOf the three types of income property, industrial property... Read More

Fixing Houses: Using Psychology for Profits

Real estate investors who specialize in fixing houses for profit... Read More

What to Look Out For When Buying Off Plan

Buying Off PlanIt can be difficult to decide when every... Read More

If You are Hiring a Neighborhood Specialist to Sell Your Home, there are Some Things You Absolutely

My husband and I were eating breakfast at the Good... Read More

Real Estate Investors: How to Get a Powerful Marketing Education for Free

I am a total geek.A few weeks ago, late at... Read More

Selling Your Home? A Warning About Attachments

Before you list you home for sale, determine what you... Read More