Everything you need to know about buying a second home

August 25, 2021

Why buying a house as a second home is a great opportunity.

  • Rest and holidays are guaranteed. A second home offers a change of scenery with respect to the habitual residence. We have found ourselves in a situation where travelling has been difficult, and having a second home offers you the possibility of a safe holiday.
  • Good opportunities and more bargaining power. After a crisis, new opportunities always arise. Many sellers choose to sell their properties to get more cash. It is therefore an ideal situation to negotiate the price of homes for sale.
  • An investment that can generate profitability. Buying a house as a second home can lead in the medium to long term to an increase in profitability in case you rent it or the property is revalued.
  • More time to make decisions. As it is not an immediate decision, because you do not need this house to live in, you can take things calmly and explore the real estate market without making hasty decisions.
  • Benefit in the Euribor. Currently the Euribor is in a negative position, without many expectations of change, which can be beneficial when applying for a mortgage.

What does a mortgage for a second home have to be like?

A mortgage for a second home is generated in the same way as a mortgage for a first home. However, it has different characteristics that are determined by several factors:

Lower demand, since the public is much smaller than the one looking for a primary residence.

The financial effort can be more important if the person applying for the mortgage has other outstanding debts.

Housing in second home areas tends to have less stable prices, and therefore there is greater risk.

What characteristics differentiate a mortgage for a first or second home?

  • Higher interest rate. Fixed-rate loans are more expensive and variable-rate loans have higher spreads.
  • Lower maximum amount of financing. The percentage for a first property is usually 80%, whereas for a second residence it is between 50-70%.
  • Shorter terms. As in the previous case, the average mortgage term for a first home is between 25 and 30 years and for a second home it is reduced to 20 years or less.

How to maintain a second home

Invest in a home automation system that allows you to control the different appliances from a distance. Imagine arriving in winter and finding the whole house very warm, it allows for greater comfort and quality of life.

Install a security system to avoid worries. A house that has been closed for a long time can be targeted by a burglar. If you have valuables in your second home, it is advisable to contract a security system to keep your peace of mind all year round.

Have an annual check-up. It is advisable to carry out a general check-up once a year to detect possible flaws and breakdowns. If you detect them in time, it may be easier and less costly to fix them.

What properties can we offer you at Inmobiliaria Espígul?

If you are looking for a second home in the peace and quiet of the mountains, we present the new construction of houses in Bolvir: a new concept of 3 small exclusive communities within a unitary project in Cerdanya: The 3 threshing floors. 3 different houses in each of the 3 threshing floors. 9 unique houses.

Houses between 200 and 240 m² with basement, two floors and attics. Distributions of 3, 4 or 5 bedrooms with 3 or 4 bathrooms. Private gardens and covered porches.

Built with the highest quality materials and with a design totally adapted to the surroundings. The houses have an excellent orientation that will allow you to enjoy plenty of light throughout the day and breathtaking views of the Cerdanya valley.

At Inmobiliaria Espígul we are experts in property management. We have second hand and new build properties to suit your needs mainly in Girona and other towns on the Costa Brava.

If you are looking for a second home contact us at hola@espigul.com or call us on 972 220 110 and together we will find the perfect house!

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