One of the most significant outcomes of lockdowns across the globe has been a considerable shift towards more flexible working. Many businesses have spotted the opportunity to reduce office overheads. They have instead invested in better technology to allow for increased remote working for their employees which will extend long after lockdown is over.
Back in September, a survey found that 44% of people who would usually work in an office were still working remotely.
For many, this provides either the opportunity to work from a base overseas or with more flexible workdays, to potentially “commute” from abroad or a different location when needed in the office.
We have seen increased demand from those wishing to have a second home in a sunnier or more tranquil location – those who want a base to escape, but that still offer relatively short and affordable flights or drives back home.
A rise in domestic tourism in several countries is now also starting to transmute into demand from city dwellers to purchase second homes within a reasonable commute to the office.
A recent survey conducted by Knight Frank found that almost a quarter (24%) of respondents said that lockdown had made them more likely to purchase a second home.
While restrictions on overseas travel across the globe remain in place, with a potential vaccine on the horizon, many homeowners are now considering plans for holidays for the future – and a dedicated holiday home is looking more attractive than ever.
So is now the time to consider investing in a second home?
A change of scenery
For some Initial lockdowns meant staring at the same four walls for an extended period. While bustling city centres may be an exciting place to reside during usual times, many of us yearned for more rural or coastal locations where those simple things like enjoying the outside and going for a long walk seemed more pleasurable.
With winter in the Western hemisphere now well underway an additional consideration is, of course, the weather. While being cooped up over the summer months is difficult, with the further onset of lower temperatures and longer nights – many are starting to consider how they will spend their winters in the future.
A weekend getaway
While a permanent overseas transition comes with several factors to consider – including taxes and employment law considerations, for some employees, the changes in their working arrangements can provide the perfect opportunity to spend more time in a second location when at rest.
For those in the UK, a second home in locations such as France, Spain or Germany offers an easily accessed retreat where weekends and holidays can be spent. For those in the USA – choosing a second home either in a sunnier area, such as Florida or across the border in Mexico provides a sunny second location.
An additional income
Of course, a further benefit of purchasing a second home is the fact that, when not in use, it can provide an additional income and the opportunity for growth in capital over time.
So whether you are considering a second property at home or abroad, now could be the best time to buy.