Choosing a Summer Residence

June 29, 2020

In past years, some localities were synonymous with summer residency, however throughout the years this had changed.

Some of these localities were St. Paul’s Bay, Mellieha and Marsascala. However, due an increase in demand for apartments, these three localities are still popular as a summer residence.

Though purchasing a summer residence might not be so popular nowadays, some still are seeking properties by the seaside. One can even consider it as an investment property, rather than make a personal use of it, to rent it out for short lets.

1. Choose a Reputable Estate Agent

A reputable estate agent would know the ins and outs. He would recommend the best time to buy a summer residence and guide you through the whole process. The estate agent would be able to put his negotiating skills at your service and get the best price for your summer residence.

2. Check out the neighborhood

You might have put your eyes of a locality or area for your summer residence, but have you check out the area during those months? During the summer months, these localities are buzzing with people. People are outside having fun, bars and restaurants stay open late and could be noisy.

3. Financing

Whenever you are purchasing a property, you must make sure that the finances are in place in order to finance your property. Take into consideration, the fact that you need to pay taxes, which would be higher since this is a second property. Keep in mind that bills need to be paid, as well as common area contributions if the property is an apartment. You should not rely on possible income being generated from potentially renting the property during the low season.

4. Consider a fixer-upper

You might want to consider purchasing a fixer-upper and do it up slowly. In those localities that are popular for a summer residence, one might be able to find an old property that needs restoration. The purchase price would be cheaper, and if you are
able to do some work yourself, it would turn out it a beautiful summer residence.

5. Match your lifestyle

If during the summer months, you are always at the beach then your summer residence should be as near to the beach as possible. If on the other hand, you prefer the countryside and prefer to be away from the busy localities, then opt for areas that might be considered more for a permanent residency.

Choosing a summer residence can be funny and not as stressful as choosing your permanent residence.

The fact you are choosing a holiday home, gets you into vacation mood, and after all, investment in property is always a good investment!