One quarter of the Belgians is willing to take out a loan at a bank in order to purchase a second home abroad. Especially people who are younger than 50 are open for it. This was shown by a study with 1,000 Belgians executed on behalf of the real estate agency Hip Estates.
31 percent of the respondents between 35 and 54 years old say that they want to take out a mortgage for a second home abroad. That is more than the people older than 55 (15%). The younger generation is more afraid of the paperwork that a suchlike purchase involves than they are of the price tag. “Gathering information is what you need to do,” Leen Vermeulen of Hip Estates says. “More than half of the Belgians (50.8%) have a budget between 100,000 and 200,000 euros for a second home. This means that they can choose from a broad selection of houses.”
Financial turning point
According to the real estate agency, the fact that one out of four Belgians is willing to take out a loan for a second home abroad is not that surprising. 37.5 percent of the respondents thinks that this is a fruitful investment. According to Vermeulen, buyers often wait for a financial turning point to buy a second home, for example an inheritance or a promotion at work. “The threshold is often less high than people think at first.” Only 13 percent of the respondents has some money saved for the purchase of a second home.