Second home: is it better to buy or rent?
If one had the means, until recently, 2 options were available to those who dreamed of going on vacation: buying a second home or renting! Many holidaymakers are torn between these 2 choices.
But how does one decide? What are the advantages and disadvantages of these 2 solutions?
RENT A SECONDARY HOME
It is definitely the most relaxing and flexible solution: no need to ask questions, other than “where is one going?”, and “with whom?”. Renting has the advantage of making it possible to change vacation spots regularly for those who are on the move, getting access to exceptional houses, and offering a turnkey service most of the time, without any concern for arrangement, housework, or gardening.
However, this solution does not only have positive sides: Beyond the aspect of not being at home, the main and unavoidable argument against renting is most of all financial: renting is a completely lost investment. The money invested in the rental is vanished for good.
Moreover, one can come across unpleasant surprises and disappointments: house is much less pleasant than the photos lead you to believe, the environment isn’t charming, neighbors are too close or on the contrary, if you loved the place, risk of not being able to rent it again the following year.
BUYING ONE’S COUNTRY HOUSE
A Holy Grail for some, but a feeling of being tied up for others.
If the house and the location are properly chosen, purchasing a second home can be an interesting real estate investment, and trigger a real capital gain during a resale: the exponential increase in the price of houses around Paris is a major proof since the pandemic, which has allowed many sellers to turn into great winners due to their operation.
Beyond the financial aspect, it is also obvious, that in terms of comfort, having a house of one's own is a genuine advantage: total flexibility with the schedule, furnishings and decorating the way one wants, having knowledge on the region, possibility of putting down roots...
But becoming the owner of a second home is not an easy task. In addition to the financial aspect, which is related to the acquisition of the property itself (Does one have a contribution? Can one borrow?). It is important to realize that the second home is a personal investment, in time (maintenance and gardening, renovation etc.) but also in terms of money (especially because the outlays can be rather steep). Purchasing a second home is also often due to a heart stopper, that doesn’t take any economic rationality into account.
Checkmate, so for the eternal match to rent or buy.
All in good time for those who wait!
A SECOND HOME REVOLUTION
We have been recently coming across a revolution with consumption patterns, and the emergence of a third option: buying shares in one or more second homes.
It has never been easier to become the owner of an authentic house on the Basque Coast and owning a chalet in the Alps.
This is what Altacasa has to offer: the possibility of investing in shares of wonderful properties depending on the number of days the client wishes to spend on the spot (1/8 share = 44 days/year). Especially when one takes into account, that on an average a French person only comes 40 days a year, to his/her second home, so this solution seems to be the best, for the time being!
It combines the advantages of buying a second home and renting, as it allows you to acquire real estate, to share the maintenance costs of the house with the other owners, and be flexible, while avoiding any sort of day-to-day management to handle, since Altacasa takes care of everything. Jackpot!