Don't pack without a plan

Every summer, a certain number of the people enjoying a well-earned break after a tough year at the office will fall in love with their holiday destination and decide to throw up their lives elsewhere and relocate permanently.

Estate agents see this often, especially in coastal towns where the holiday season usually means great weather, a relaxed and friendly atmosphere and steadily ringing tills that are all very attractive to anyone looking to escape the “rat race”, says Berry Everitt, CEO of the Chas Everitt International property group.

“But while it is often a good idea to buy a holiday home or a rental property in a popular tourist town, the truth is that anyone who still needs to work or run a business to provide for themselves and / or their families should be extremely cautious about moving there lock, stock, and barrel.”

Writing in the Property Signposts newsletter, he notes that many places that are great holiday or even retirement destinations don’t actually offer many new employment or business opportunities for permanent residents and are really quiet out of season.

“So if you could find a job or a business to buy in such a town you would in most cases need to be sure that your seasonal earnings would carry you for the rest of the year.”

And even in places where there appears to be room to start new, non-seasonal businesses, Everitt advises, you should at least wait for the holiday glow to wear off before making any life-changing decisions.

“Then if you’re still determined to relocate, you should seek professional advice and do some serious number crunching before making any investment.”

Article from: www.chaseveritt.co.za