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Articles:
Where to look for your second home
SB May 2007
So you’ve decided to buy a second home. Now all
you have to do is decide where to look for it.
The choice seems overwhelming.
Of course, where you choose depends largely on
what you want the second home for. If it’s for
a city pad, obviously you’ll be looking in the
city where you work. Or if it’s for a weekend
retreat, you will want to make sure that it’s
near enough to where you live to get to easily
on a Friday night.
Whatever your reason for buying, it’s a major
financial investment. So you do want to make
sure that the property will at least hold its
value, and hopefully appreciate. In view of
this, you might be better to avoid buying a
second home in the most popular areas, like
Cornwall and the south-west,
London, and the
Lake District. Prices have shot up so fast in
these areas that not only is it hard to find an
affordable property, but you are more vulnerable
to a slowdown or even a fall in house prices.
So how do you identify areas where buying a
second home could still be a good investment?
Look at places that are still relatively
undiscovered, but are close to areas that have
become popular places for buying a second home.
One example is
South Wales, which is attracting
attention because of being within easy distance
of Cardiff, Pembrokeshire and
Somerset, all of
which are becoming increasingly popular.
Seek out areas where transport links are being
improved. If new roads or railway links are
being planned, it’s an indication that more
people will want to move there.
Look out for the “ripple effect” from
neighbouring areas. Check out places where
prices have risen sharply in recent years –
people will be looking for property in more
affordable areas round about. For example, the
city of Leeds has experienced sharp growth in
property prices in recent years, yet there are
still inexpensive properties to be found in
attractive villages within a 20-mile radius –
but probably not for long.
Find out which places have been awarded
government funding for regeneration. In these
places property will currently be cheap, but
will rise when the regeneration is complete, or
even earlier.
Buying a second home is an important
commitment. You need to try to make sure your
investment pays off.
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