 Pros
and Cons of Buying a Holiday Home. EB July 2007
Do you find that all your friends are
buying holiday homes? Or else talking
about buying a holiday home? Perhaps it makes
you feel it’s time for you to think about buying
one too.
Well, buying a holiday home is a huge
commitment, and it isn’t for everybody. You
really need to weigh up the pros and cons and
decide if buying a holiday home is really for
you.
Pros
• A holiday home is somewhere for your
retirement. You can buy at today’s prices and
hopefully it will be paid off and ready for you
when you retire – and you’ve had all the
enjoyment in the meantime.
• Although it’s a big expense to start with, it
saves the cost of a holiday and the worry about
“where shall we go this year?”
• It provides lots of enjoyment and relaxation.
• If you decide to let it out, it provides some
extra income and helps pay the mortgage (but you
MUST check with the lender whether this is
permitted).
Cons
•
Buying a holiday home is an extra drain
on your finances, especially if interest rates
rise
• If a large part of your finances is going into
your holiday home, you might be, or feel,
obliged to spend all your holidays there. You
have to consider whether this is what you want,
or whether you will get bored and want more
variety.
• A holiday home will need at least as much
maintenance as your main home, if not more. This
can be a real hassle, especially if it’s located
a long way from where you live. You may find
that instead of relaxing on your holiday, you’re
spending all the time doing necessary jobs
around the house.
• In many areas where holiday homes are located,
there is an increasing amount of hostility and
resentment from the local community against
owners of holiday homes. Try to contribute as
much as possible to the local community and
support local businesses.
Buying a holiday home can provide you with a
huge asset. But if it’s not really the right
thing for you, it can be a millstone round your
neck. Just be sure you consider it carefully,
weigh up the pros and cons, and decide if it’s
really what you want.
Bookmark with:
Facebook
 Delicious
 Digg
 Reddit
 Stumbleupon
|
