With the cost of overseas holidays getting steeper and steeper every year, and so called staycations more expensive again, is now the time to think about buying your own holiday home in the sun, which could not only save you a small fortune in yearly expenses, but also bring in a regular income?
Taking the average cost from the three most popular UK tour operators of a summer holiday to the Algarve for a family of 4, it comes out at an average of £4,164 or €5,247 for a 2 week stay in a 1 bed, self catering apartment during the school summer holidays.
If you were to book the same apartment for the next 30 years, it would cost you a total of £124,920 (assuming that by some miracle the price did not go up!) or €157,410.
Conversely, for €150,000 you could buy a 2 bed apartment of your own, within walking distance of the town and beach in Lagos!
Not only will this save you money on your annual holidays but it’s also a great investment.
As a bank repossession property it is considerably undervalued, which means as soon as you have bought it you are already in profit, and as property prices continue to rise in the Algarve, so your investment rises with them.
On top of the resale value of the property, there is also the rental potential to consider. Even if you choose not to rent it out at all during the school summer holidays or the winter season, it is still possible to realise 26 weeks per year, bringing in a gross income of £16,400 per annum, which over the same 30 year period is an astonishing £492,000! And you can use it yourself whenever you want to! With over 80 flights per day from the UK in summer and 12 per day in the winter season, it’s never difficult to get here, even for a long weekend.
So, is now the time for you to invest in a holiday home in the Algarve with Ideal Homes Portugal? 78 happy families this year, already, thought so!!
For more information on buying a property with Ideal Homes Portugal and our especially subsidised property viewing trips go to www.idealhomesportugal.com or email enquiries@idealhomesportugal.com
You can speak with a member of our property consultation team on 0800 133 7644 or (00351) 289 512 357.
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