Buying a holiday home

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Kendhni
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Buying a holiday home

#1

Post by Kendhni »

I have posted similar several times before but I continually flip-flop between thinking a holiday home is a good idea and thinking it is a bad idea ... so far the 'bad idea' has been winning. I thought this article was interesting because it highlights many of the reasons that put me off the idea.

The main reason though is that I don't want to feel that I have to visit the same place every year and want to explore more of the world.

Anybody any thoughts on holiday homes .. for or against?

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Dancing Queen
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Re: Buying a holiday home

#2

Post by Dancing Queen »

I'm sure many of us have thought about it Ken, I know I certainly have but how many of us would be in the position where we were able to use a second home more than a couple of times a year so that has always been the determining factor as far as I'm concerned.

Of course what would appeal would be to live somewhere warmer than the UK from November - April but unless you were retired it wouldn't be an option.

My sister in laws parents had a villa in Spain for many years but strangely enough sold it when they retired, maybe they felt as they were getting older they didn't want the hassle of flying or maintaining a second home, my SIL lived out there for two years and loved it but admits as she has got older it no longer appeals.
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jay-ell71
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Re: Buying a holiday home

#3

Post by jay-ell71 »

Against.

You can have a variety of holidays, in hotels, villas or cruises for the amount of money buying a holiday home costs. You could rent a property in the very holiday complex that you wanted to purchase in with no long term commitment. .... best of both worlds.
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Manoverboard
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Re: Buying a holiday home

#4

Post by Manoverboard »

It's an ok idea providing the cost is regarded as a write off rather than an investment and it does also assume that going back to the same place year on year is what you would wish to do.

It works best, imo, when many members of an extended family can use it, either together or on their ownsome, and especially so during the period when there are small children included.
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Dark Knight
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Re: Buying a holiday home

#5

Post by Dark Knight »

I would question why , when ever a holiday home is mentioned , people automatically think of buying a villa or apartment abroad?

. it might be a good idea to look at buying a property for holiday lets in the UK, as your return is in sterling, you speak the language, well some of you do, it is usually easier and cheaper to get to ,than flying abroad, you also get more use out of it than you would abroad

we had a holiday home in Cornwall for 8 years, it always gave a good return of around £10-£15,000 per year, with the high summer months returning a rental of over £600 per week, we used it often as did friends and family and it was much easier to sell on than anything abroad

there are bargains to be had in Spain etc but the chances are you wont be making much money out of it
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Meg 50
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Re: Buying a holiday home

#6

Post by Meg 50 »

what bothers me is the effect on the local community.

In some villages in the Lake District there's only a handful of permanent residents - this affects local services such as schooling, medical stuff, public transport etc etc
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Meg 50
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Re: Buying a holiday home

#7

Post by Meg 50 »

and what about the effect on house prices - locals are priced out
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Stephen
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Re: Buying a holiday home

#8

Post by Stephen »

Have you considered timeshare Ken.

http://www.rci.com/

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Mervyn and Trish
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Re: Buying a holiday home

#9

Post by Mervyn and Trish »

That was the compromise answer for us. A couple of lovely apartments for a fortnight each in a place we love and no worries or responsibility between our visits

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Raybosailor
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Re: Buying a holiday home

#10

Post by Raybosailor »

A few years ago we were on the verge of going into an agreement with five other couples to purchase a two bed apartment built around a golf course in Spain we agreed to have 8 weeks at the disposal of each couple leaving 4 weeks for maintenance.

We were the only non golfers in the group but we were still keen on the idea and the proceedings even got to the choosing of a furniture package prior to placing our combined deposit down.

Fortunately for the golfers in the party two of the couples dropped out at the last minute so the idea was put on the shelf, just over a year later the golf course went bankrupt and although the apartments were under a different company the area looked very untidy with no maintenance around the course in front of the complex.

I agree with other comments that suggest renting is a better way of having holidays abroad and this is something we do regularly in France and Spain, in fact we are usually away in Spain at this very moment but for commitments at home this year. The couple we usually rent a villa from were really dissapointed when we told them we wouldn't be renting this year and I really believe they are struggling to hold on to their lovely villa.

I have usually been pretty lucky with investments (touch wood) but the one time I could have been tripped up someone else's fate got in the way so someone must be looking down on me.

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