Buying a Vacation Home: What to Know Before Taking The Plunge

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The big destination decision

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Part of the excitement of buying a vacation home is choosing a destination imbued with the lifestyle you crave, but it is important to understand local culture and customs. Sleepy, quintessential villages in the Tuscan hills might not complement those seeking a livelier locale. 

Fitting in with the community involves honouring its residents’ way of life, which is also part of the joy of buying a vacation home abroad. Immersing yourself in the cultural nuances of a region creates a sense of connection with both a place and its people, which is the difference between taking a holiday and feeling truly ‘at home’. 

An August Collection is carefully curated to indulge homeowners in the most idyllic surroundings and authentic communities. These are places that foster connections, and many of our homeowners become close friends with their neighbours – and the owners of their favourite eateries, vineyards and more. 

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Understanding the local market

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If the sparkling lifestyle of the Côte d'Azur has captured your imagination, you now need to delve into the local market to be sure that you are investing in the right property and neighbourhood. Accessibility and local amenities are worth considering, as is resale value – if that is important to you. 

With local experts in each of our European regions, we curate Collections based on an ideal balance of accessibility, activities and peaceful seclusion. Once we have secured the most desirable properties – often not yet on the market – we work with local contractors to transform them into truly enviable August homes. Should you decide to sell your shares at any time, resale is highly desirable to aspiring August homeowners, since they get to enjoy their entire Collection immediately.

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Handling the legalities

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Though buying a vacation home is undeniably exciting, regional regulations can be challenging – particularly for those who aren’t familiar with the area they are buying in. A few of the legalities to consider are: 

• Local property laws - Different countries and regions will have different regulations around foreign homeownership, so it’s essential to understand the property laws specific to the country and area you are buying a vacation home in. 
• Regional legal processes - It’s worth hiring a local attorney to help you navigate the legal processes involved in buying a holiday home abroad, though this will add to your overall costs. 
• Property titles and deeds - Ensuring that you secure the full title and deed to your vacation home is essential, should any legal or boundary disputes arise at a later date. 

August handles all of the legalities involved in buying a vacation home, so you don’t have to. From finding the most covetable properties in Europe’s most enviable destinations to purchasing, renovating and managing them on your behalf, co-owning holiday homes with August is effortless.  

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Keeping your home in good shape 

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Once you have found the perfect holiday property, handled the legalities and made your initial investment, ongoing maintenance and management is one of the biggest challenges of buying a vacation home abroad. Since holiday homes can be unoccupied for much of the year, issues can go undiscovered for months at a time. A small leak can turn into a far bigger – and more expensive – problem to solve, if left to its own devices. 

With the August co-ownership model, homes are rarely unoccupied, which means that minor niggles can be spotted before they become serious issues. Once a Collection is sold, August assumes the role of property manager – handling every little detail of your vacation homes’ upkeep to make sure that they remain immaculate. All you have to do is decide where to go next, then arrive and relax. 

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To finance solo or share the dream?

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Buying a vacation home outright has its benefits. Visiting whenever you want for as long as you want is a tantalising idea. However, the reality is that most second homeowners only spend between 8% and 16% of their time enjoying their vacation properties. When you consider that the average cost of buying a holiday home in Chamonix, for example, is €6,521 per square metre, sharing the financial burden becomes more appealing.

Co-ownership of an August Collection unlocks not only five of Europe’s most desirable destinations from just €365,000 – a fraction of the cost of buying one home outright – but also more time away with your family. Typically, August homeowners enjoy around 12 weeks of holiday each year. Plus, with our innovative booking system – Valeria – you can spend time in your preferred locations at the best time to suit your family’s schedule, as well as enjoying impromptu escapes with last-minute booking options.

Buying a vacation home abroad opens up a new way of life and the potential for wonderful connections with local communities that you and your family can explore together. Finding and buying a holiday home can, however, be a challenge without local expertise – and the initial and ongoing costs associated with owning a second home can make the dream less accessible for some.Co-ownership of an August Collection unlocks not one but five diverse and idyllic European lifestyles with far less effort, at a fraction of the cost. Schedule a call with an August Advisor today and take the first step in your journey to multi-homeownership.