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5 Tips Before Buying a Second Home

Buying a second home is a dream for many, but it’s not without its complexities. Whether it’s a holiday retreat or a property intended for rental, proper planning is essential. Here are five key tips to guide you through your purchase.

1. Define Your Objectives

Before anything else, clarify your reasons for buying. Are you looking for a peaceful getaway or a high-yield rental investment? Your objective will strongly influence your choice of location, property type, and budget.

Personal use: If you’re looking for a retreat, identify the regions that appeal to you and evaluate the local amenities.
Rental investment: Prioritise tourist hotspots or areas with high demand to maximise your rental income.

2. Carefully Assess the Total Budget

Buying a second home involves more than just the purchase price. Several additional costs should be taken into account:

Notary fees: In Belgium, these represent a significant percentage of the total cost.
Local taxes: Second homes are often subject to additional property taxes.
Maintenance: Gardens, swimming pools, or renovation works can all add to your expenses.

Good budget planning will help you avoid unpleasant surprises and ensure peace of mind.

3. Choose the Right Location

Location is crucial. Consider the following factors:

Proximity to your main residence: A holiday home that’s too far away may become inconvenient over time.
Access to amenities: Schools, shops, healthcare services, and public transport.
Tourist appeal: If you’re planning to rent it out, favour a region popular with holidaymakers.

4. Understand the Legal and Tax Aspects

Owning a second home comes with specific regulations:

Tax regime: Informez-vous sur les impositions liées à une seconde propriété, comme les prélèvements locatifs ou la taxe de seconde résidence.
Planning restrictions: Certaines zones, comme celles classées Natura 2000, peuvent limiter les possibilités d’aménagement ou d’utilisation.
Pre-emption rights: Dans certaines communes, la priorité d’achat peut être accordée à la commune ou à d’autres entités publiques.

Since 2023, converting a property into a holiday let requires a permit, and some local councils may deny it altogether.

5. Consider the Day-to-Day Management

A second home requires regular upkeep. Consider these points before buying:

Remote maintenance: If you live far away, hiring a property management agency may be wise.
Security: Alarms, surveillance systems, or even an on-site presence should be planned for.
Insurance: Make sure your cover accounts for risks associated with an unoccupied property.

A Well-Planned Project

Buying a second home is a major decision that requires thoughtful planning and careful research. By following these tips, you’ll be better prepared to make an informed choice and enjoy your investment to the fullest.

To learn more or receive personalised support, contact Comptoir Foncier.