Buying a ski home can be expensive and may seem unattainable for some. However, there are a few things you can do to make your ski property purchase more affordable! Here are our top tips.
Buy with friends and family
Have you ever considered splitting the cost of a ski property with friends and family? By sharing the cost between a small group, you may spend just a few thousand each. It’s a great reason to organise those ski holidays with family or friends that you’ve been talking about for ages, and it may mean that your property is used more throughout the year. As well as buying together initially the responsibility for things like the upkeep and maintenance of your property will also be shared, making this less time-consuming.
Whilst splitting the cost of a ski home with friends or family may seem like a logistical nightmare, it can be easier than you think! To get started, why not have a look at Property Guide’s Buying Abroad with Family guide?
Choose an affordable resort
To keep the cost of your ski property and your ski holidays affordable, you may wish to choose a lesser-known resort that has cheaper properties and amenities. A good example would be Les Houches in France, which is situated in the Chamonix Mont-Blanc Valley and is an affordable alternative to Chamonix. It’s a quieter resort geared to families but with great skiing on offer. Ski passes and ski hire are affordable here and there are a variety of eating options on offer.
Rent it out
A ski property could be one of the most lucrative investments you make, so to make it more affordable in the long run, ensure that it has investment and rental potential before you buy. When thinking about where and what to buy, take a look at average rental prices in the area over the last year or so and compare this to the prices of property. If property prices are high but the rental prices are low, for example, then it may not be worth investing.
You might choose to buy somewhere in a dual season resort to increase the rental potential. If the resort regularly hosts sporting, food, and cultural events, this should provide a good source of rental demand throughout the year.
Consider your currency requirements
When looking to buy a ski home, it’s important to remember that transferring large sums of money abroad comes with an element of risk. The currency markets can be unpredictable at best, so protecting your property buying budget from currency fluctuations is a crucial step in ensuring your property stays affordable.
For example, imagine you are buying a ski home in France for €200,000. The price is in euros, but you hold your money in pounds. At the time of agreeing to buy the property, it will cost you £171,292 at the rate of 1.17. However, by the time you come to hand the money over a couple of months later, the pound to euro exchange rate has dropped to 1.13. The property will now cost you over £178,000 and you have to find an extra £7000 to pay for it!
Thankfully, you can put measures in place to ensure that this doesn’t happen. Find out more with the Property Buyer’s Guide to Currency.
Start looking for your ski property today
To get the process of buying your ski property underway, why not take a look at our handy ski property buying guides? They lay out the buying journey step by step to make the process as smooth and hassle-free as possible.