My finances, my projects, my life
May 24, 2020

Second home: your handy checklist!

  Compiled by myLIFE team myHOME August 11, 2017 6783

By the sea, in the mountains or in the countryside, buying a second home is sometimes a dream come true. A real estate project is always a major investment that requires a reliable financial partner and careful preparation. Use this checklist to make sure that you have properly covered the main financial aspects involved.

Experts at your side

  • Local notary
  • Bank adviser
  • Real estate expert/architect (assessment of the condition of the property)

Banking aspects

  • Type of interest rate and type of loan, i.e. fixed or variable rate mortgage
  • Mortgage insurance
  • Fully comprehensive home insurance

Other financial aspects

  • Mortgage deposit
  • Collateral to be provided
  • Monthly repayments

Other costs arising from a property purchase

  • Application and mortgage fees
  • Deed of sale (notary’s) fees
  • Registration duties or VAT
  • Any renovation work
  • The cost of moving in and decorating (painting, flooring, etc.)
  • Cost of household equipment (appliances, television, etc.)

Recurrent expenses

  • Home insurance
  • Taxes, property tax, municipal taxes (collection of household refuse, etc.)
  • Tax on rental income (variable depending on the country where the property is located) if you rent out your second home
  • Condominium fees
  • Maintenance costs (garden, swimming pool, chimney, etc.)
  • Various bills (water, electricity, gas, telephone, etc.)