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Pros & Cons of buying your own vacation home

Getting out of the stressful daily routine at last and enjoying some well-deserved time off in your own holiday home: More and more Germans are dreaming of a second home in the sunny south. Drinking your morning coffee on your private roof terrace and then taking a dip in your own pool. Sounds like the perfect way to relax? Let's take a detailed look at the most important advantages and disadvantages of buying a holiday home in this article.

➤ Get to Know the Country & Its People in a More Authentic Way

As an owner of a holiday home, you get to know the country and its people in an authentic way. In contrast to renting a property for a summer holiday, you will return to the holiday home you have bought on a regular basis. You immerse yourself in the real local life. Be it the regular shopping at the market, visits to local restaurants or conversations with your new neighbours: little by little you become part of the local community. Learn a new language, discover the absolute insider tips of the region and feel a deep connection with your new, second home.

➤ The Most Important Thing Is Always On Site

Does the following situation sound familiar to you? Your booked finca in Mallorca with pool makes a perfect first impression. However, little by little it becomes noticeable: The little helpers of everyday life are missing. Whether it is oriental spices for cooking or missing care products in the bathroom. Your own holiday home provides a unique level of comfort. Useful items for everyday life are stored all year round in the second home. Even the wife's favourite summer dresses, the children's beach toys or the family's private golf equipment find their place in the sunny home. So you can enjoy travelling light in the future.

➤ The Second Home Is Always Available

Say 'goodbye' to holiday stress during the high season. Spontaneously going on holiday with the family - often this dream idea ends in a stressful affair. Many offers are fully booked, and you settle, of necessity, for an overpriced second choice. On the other hand, owners of a holiday property enjoy a holiday guarantee all year round. After buying your holiday home, you are not dependent on the availability of external providers and can spontaneously plan a holiday in your second home at any time.

➤ Your Own Property Offers Security

A regular holiday in your own private holiday property offers a pleasant security. You know what to expect at your destination even before you start your journey. There is no room for unpleasant surprises to dampen your holiday enjoyment. Say goodbye to many worries that often bother us before a holiday: Do the pictures online also correspond to the reality on site? Is the location of my accommodation really safe? Who is my contact person in case of any problems? You know your property inside out!

➤ Buy a Holiday Home: Invest Instead of Rent

Many holidaymakers are willing to pay a high price for their most beautiful time of the year. Every year they book the upcoming summer holiday in a rental property and enjoy a few weeks of necessary relaxation with the family. However, the only thing that usually remains? The wonderful memories. With your high rent payment, on the contrary, you are financing someone else's lifestyle in the long term. But why not make an investment in your own future in addition to the great memories? You benefit from a potential increase in the value of the property and from the many other holiday home advantages mentioned.

➤ Creating a Second Home

With a holiday property, you create a very special, private retreat for you and your loved ones. You will regularly return to your second home full of anticipation and look forward to the many new experiences. Enjoy your little paradise, which offers the perfect balance to your stressful everyday life.

➤ Your Own Holiday Home by the Sea: An Expensive Pleasure

A private holiday home by the sea, that would be it! But how can this be financed? We often associate our own holiday property with a luxury item of the upper class. The entry hurdle for this dream is often high. Only very few can or want to afford sole ownership. Refinancing through banks or renting from outside are often limited, complex and associated with many disadvantages. Therefore, so-called co-ownership is becoming more and more popular as an alternative.

➤ Complex Structures, Guidelines and Laws

Unfortunately, interested parties do not settle the issue of buying a holiday home with a single Google search query. As a rule, a lot of time, research, work and know-how is behind this process. Do you know the most important requirements for buying a property in the desired destination country? A multitude of local guidelines, tax laws and co. have to be taken into account. As a rule, you need an army of lawyers, estate agents, tax advisors, translators and experts on site for the purchase of real estate abroad.

➤ Running costs of a holiday property

Do not underestimate the running costs of a holiday property! Of course, the biggest expense when buying a holiday home is the price of the property itself. However, there are many other ongoing costs that can quickly amount to 3-5% of the property value annually, depending on the location and size of the property, and you should definitely take them into account. Typically, there are local fees and taxes imposed by the municipality or country that need to be considered. You should also factor in the usual payments for water, heating, gas, electricity, internet, and telephone. Surely, you will need to take out insurance for your new beloved property and hire service personnel. Additionally, keep in mind that you must have sufficient reserves for regular repairs and maintenance. Especially in high temperatures and proximity to the sea or water, these costs can be significantly higher than usual.

➤ Work vs. Holiday

If you don't want to hire external service providers for regular property management and prefer to live by the motto of 'do it yourself,' be aware that you may have to sacrifice your well-deserved holiday time for significant chores in your own holiday home. Enjoying and relaxing in the villa with a pool vs. sweating through your holiday for days with a broken pool or faulty air conditioning, waiting for a handyman or spending time on repairs yourself. Owning a property comes with a lot of work. If you want to relax 100%, you should include the costs of external service providers and services in your initial calculations.

➤ The holiday property stays empty

How many weeks per year can you truly spend in your newly acquired property? Often, private holiday properties remain empty for several months a year. You buy a holiday property and still pay a significant amount of money for the months when you don't spend any time there. Who will keep a regular eye on the property in your absence? Who will take care of any tasks or sudden issues?

➤ The Dream of a holiday home: Co-ownership with MYNE

The mentioned drawbacks discourage many prospective buyers from purchasing a holiday home abroad. We have recognized these weaknesses and aim to fulfill the dream of owning a holiday property for more people. With MYNE, you can acquire fractional ownership of your own villa in the most beautiful locations in Europe: affordable and stress-free! You decide how many shares of the property you want to purchase. Acquire ownership according to your desired usage at a fraction of the cost. As one of the few shareholders in a German property company specifically created for your property, you become the lawful and registered owner of the property in the land registry. We call this the smart alternative to sole ownership!

For detailed information about our concept and all the benefits of co-ownership, please visit our website. Are you dreaming of a designer villa by the sea or your own holiday home on the Baltic Sea? Maybe you want to buy your dream finca in Mallorca? Take a look at our listings.

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