Buy holiday home in 60s?

Wyldwood · 29-09-2015 11:08am #1

Hubby and I are recently retired and have been thinking about buying a holiday home in an area we regularly visit and love. It's an apartment in a small complex about a 2 hour drive from home.

Are we mad at this stage in life - mid 60s? We've done a lot of foreign travel over the years and I'm finding myself getting more and more reluctant to do the whole package holiday type thing. The idea of having a bolthole where all your own bits and pieces are waiting for you whenever you take the notion is really appealing.

Any opinions?

looksee · 29-09-2015 1:19pm

If you can afford it, and if you think you will visit it frequently, then go for it.

You may be thinking that maybe we will get sick or unable to use it, but on the other hand you might get say 15+ years use out of it and then you will still be able to sell it. There will be maintenance (and charges) to consider and insurance - and will you have to furnish it?

However, either be prepared to keep quiet about the fact that you own it as against renting it occasionally, or be prepared for family and anyone else expecting to be able to use it. And if they do they may not leave it as tidy as you would like to find it when you go the next time, which will cause aggravation.

How relaxed can you be about the whole project? If it is going to be somewhere that you will worry about and hope things are ok then it may be more trouble than you want.

Spanish Eyes · 30-09-2015 8:53pm

I'd rent first. Depending on where it is, the rent for a year may not be that onerous, say for example 6k a year, or maybe less. Then go up and down as you please, now that you are retired. I know that is a lot of money, but it's better spent that way IMO than shelling out a hell of a lot more for something that might turn out to be a big mistake!

If after a year you really like the place at "odd" times, i.e. outside the Summer season, then buy.

I did this in France. Took a year lease on a place for buttons compared to here. Went up and down like a yo yo, but decided against buying. Easier and cheaper to rent for a year at a time. Left our stuff there because it was "ours" for the year. It was brilliant I have to say. If anything went wrong with the place it was the agent/landlord's problem!

Going to do this again sometime but in another country. Long term lets are so much cheaper than short term holiday lets. You do have to pay a hefty deposit and so on, but we paid the full year up front and the LL was delighted!

ytpe2r5bxkn0c1 · 01-10-2015 9:35am

We thought about similar when I retired first but we just rented at first. We found after a couple of years that a) we didn't visit as often as we thought we might and b) we started wanting to go to other places now that we had the time and the means.

In the wind · 28-12-2015 10:21pm

Wyldwood wrote: »

Hubby and I are recently retired and have been thinking about buying a holiday home in an area we regularly visit and love. It's an apartment in a small complex about a 2 hour drive from home.

Are we mad at this stage in life - mid 60s? We've done a lot of foreign travel over the years and I'm finding myself getting more and more reluctant to do the whole package holiday type thing. The idea of having a bolthole where all your own bits and pieces are waiting for you whenever you take the notion is really appealing.

Any opinions?

We are in a few similar but different situation :

We are living abroad long term & return to Ireland 4/5 times per year & rent a holiday home. We are thinking about buying outright for our own use only. Appreciate thoughts on the this & advice on taxes/costs payable for such a model.

Thanks.

looksee · 28-12-2015 10:53pm

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/steps_involved_buying_a_home.html this might help, but you might get more help in the Accommodation and Property forum.

Buy holiday home in 60s?

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