It’s a French phrase, but the pied-a-terre is something that is making a comeback. There was once a time that it was common for a wealthy business person to have an apartment in the city for during the week, and a pile in the countryside for the weekends and the family. Since the economic nosedive, fewer people were buying convenient apartments in prime location, but thankfully, the economy has picked up since then and the pied-a-terre is making its way back into popularity.
Spending time on long commutes from the suburbs just doesn’t have the same allure as it once did. The hours added to an already long working day means that having somewhere to crash that isn’t against a train window is favourable. Splitting the time between the family home and a weeknight crash pad such as Highlands32 apartments isn’t always easy – it can split the family a little and take you more away from them. However, it can make much more financial sense to spend money on an investment property that you are using, than waste money on a travel pass per month that sees you stuck on a commute.
It’s not just about the investment that you make, either, although that can only be a good thing. It’s about the location. Buying a property in a prime location gives you enough of a status that you can feel like you have security. If anything were to go wrong in your job, or your own industry had a recession that caused a crash, you have a backup place to live to be able to sell. The best, most well-chosen location will hold for you in the best areas. It may be a more expensive up-front cost, but the benefits of that will serve you well for a long time. However, if you choose the wrong location, you could find yourself feeling stuck. There’s nothing worse than dreading going home at the end of a long working day, and choosing your second home should be just as intricate and delicate as choosing your first.
If you rush the decision that you have made for a home, you can end up depressed and regretting it instantly! Choosing a location with good transport links is an absolute must, as is choosing a safe area – even if it means upping your own budget. Location is far more important than size, as size doesn’t always sell. Always check for hidden extras when buying a second home and look into the tax implications of doing so. You need it to be worth your while financially, not have your bank account drained every month on two homes and no commute. Your pied-a-terre could be the best investment you ever make, as one day when you no longer need it you have something dripping in value to be able to sell and feel secure with. Buying a second home isn’t always easy, but there are guides that can help. It’s a luxury that you can afford!