It happens to everyone sooner or later to fantasize about buying a shelter where they can escape from the stress of routine or a home that can help their children to become independent. But is it worth investing in the purchase of an additional property? With the real estate market currently stagnating and house prices falling, as shown by Istat data, the purchase of a second home it’s a great deal. In a time of general mistrust in the financial system, the “brick” is still according to many the best way to safeguard their savings. Furthermore, a second home can turn into a source of income if you rent it for long or short periods or even as a holiday home.
The choice of the second home
For a second home to be a real investment, it must be chosen wisely. Nothing can be better than investing in park view city islamabad .
By the sea, mountains or areas with a high tourist vocation, it will be ideal, both for spending your holidays and for renting it as a holiday home. In the city, a house in the center or well connected to the main services will be equally easy to rent or to use as a bed and breakfast. If close to the university, it may be attractive to students.
Data shows that leasing contracts are on the rise and that more and more young couples, students and workers are choosing to rent. A second home to rent can therefore be considered a forward-looking investment in line with market trends. Before buying a property it is of course necessary to make sure that it has all the necessary requirements for the 2017 home purchase guide
The costs of buying a second home
In evaluating the available budget, in addition to the price of the property, some unavoidable expenses must be considered. Each purchase is subject to purchase taxes which are higher than those for the purchase of a first home:
- registration taxes are equal to 9%;
- € 50.00 for the mortgage and cadastral tax;
- an expense of 0.60% of the value of the property is to be considered indicatively for the necessary notarial deeds;
Mortgages and financing for the purchase of a second home
If you do not have the full amount necessary to cover the value of the property, it is always possible to take out a mortgage. Also in this case, one can currently enjoy an advantageous situation, as credit institutions still offer rather convenient financing solutions. To consider that for the second home you cannot take advantage of the same benefits as the first home. A second property is included in the investment hypothesis for earning purposes. Compared to the past, however, lenders tend to offer loans with rates slightly higher than those of the purchase of the first home. It will also be assessed that, in the event that it is decided to rent the house, the mortgage payments can be amortized with the rent received.
Annual expenses: taxes and maintenance
In evaluating the actual possibility of investing in a second home, it is necessary to keep in mind what will be the annual management costs. First of all, there is the IMU, which must be calculated starting from the cadastral income. This must be requested from the competent offices but it is possible to rely on a professional service to obtain it comfortably at home with an online cadastral registration request. The very recent decree thousand-extensions has also confirmed the deductions on taxes for homes, even second homes, which fall within the context of high energy performance properties, class A or B.
A second home may also require extraordinary maintenance costs and, if far from your main home, expenses for ordinary management. These are all aspects that must be considered when choosing the investment.