Don't Have Second Thoughts About a Second Home
It's usually the stuff of mega-rich celebrities – two homes, a city crash pad and a country hideaway. Imagine how idyllic it would be to have a smart apartment close to a city centre with all the benefits of public transport links and ease of access to work, then a refuge by the sea or in the country that can be reached within a couple of hours on a Friday evening. If you think it's out of your league, think again.
Whilst a 'split-site' lifestyle doesn't work for many, for some of us it's the ideal solution to a hectic lifestyle where frantically juggling a career along with trying to achieve a much needed 'work-life balance' is a daily challenge. Every major city within the UK has seen an increase in property prices within the last few years, meaning that larger homes in good commuter areas are becoming more and more expensive. So, instead of buying one larger home, why not buy two smaller ones but in two different locations?
For those working in London, for example, it is still possible to pick up a 'pied a terre' of a reasonable size (certainly a one bedroom apartment) for under £250k. If you are prepared to look at East London, and in particular the re-generation areas that are benefiting from the current face-lift programme due to the upcoming Olympic Games in 2012, then there are definitely bargains to be had.
Thinking then about the country retreat, there are a plethora of options. Suffolk is a great bet for those wanting a bolt-hole close to London, and in particular Suffolk towns such as Bury St. Edmunds you are offered a lovely rural, community feel and have the benefit of great transport links, shops and local services. There's an abundance of available affordable property with two bedroom houses priced between £150,000 to £180,000 and four bedroom houses from £200,000 to £250,000. Best of all, it's about an hour by train from Bury St Edmunds to Liverpool Street – ideal for the Friday night exodus.
If your dreams of a weekend sanctuary wander more towards the beach and a lively nightlife, why not consider Bournemouth? At just over one hour and twenty minutes from Waterloo, Bournemouth has seen a resurgence in recent years and now the city centre is a bustling mix of cosmopolitan cafés, wine bars, upmarket designer boutiques and restaurants. Prices start at around £180K for a new-build two bedroom apartment within walking distance of the city centre, but can rise to over half a million if you have a sea view in mind.
For those in other areas of the country, it's even more economical to play the dual-property game. In the Midlands the current regeneration of Birmingham means that there is a wide choice of luxury specification, reasonably priced apartments, with many under £200,000. For your 'downtime hideaway' Cannock Chase, an oasis of forest and wildlife in the Midlands, offers exceptional value and is within easy reach of the city, making it far enough away for you to relax, yet close enough not to be a drama to get to come the weekend. Further north you can expect to find stunning scenery and great bargains around Nidderdale, which nestles between the Yorkshire Pennines and the Vale of York, making it a fantastic rural retreat for those living in Manchester or Leeds during the week. Here a stunning, three bedroom Grade II Listed 'Dales' farmhouse would typically fetch around £350,000, although cheaper properties do come onto the market, but go very quickly.
But having two homes does mean that you need to be organised – the main thing is to split your belongings equally, and ensure that you have 'doubles' of key items, such as cooking utensils, toiletries, crockery and cutlery in both properties. Let's face it, packing up a whole kitchen on a Friday night only to be re-packing everything again on a Sunday afternoon is not going to make for a very relaxing weekend.
In terms of other practicalities, you need to consider that you will end up paying twice the amount of household bills, and that you may be liable for capital gains tax in the event that you own more than one property and decide to sell. If in doubt, it's best to speak to a qualified financial advisor to get the lowdown. Also, you may need to have a larger deposit for each property – different mortgage lenders have different criteria, so it's worth shopping around to get the right deal to suit your circumstances.
But I'll leave you with this thought – if you do decide to go ahead, by having two homes in two different areas, with a bit of research it's possible to end up with not one but two good investments in the future. Do your homework properly and you'll be putting your feet up in years to come, not just at weekends!