Came very close to buying a small holiday home in area that we know well, is about 1 hour fifteen minutes from our home and that we feel we would use a lot. Following the survey we pulled out as there was a huge amount of work to be done.
Another house in the same area has just come on the market - v close to beach, state of the art kitchen, 4 bedrooms, beautiful views etc and (without survey) seems in complete walk in condition.
Due to an inheritance we would have had a very small mortgage on the property we nearly bought. Our own mortgage has become a small amount of our outgoings.
This one is a different ball game. We would be able to afford it (we have built up a lot of equity in our home) and we have a solid deposit from the inheritance, but it would definitely stretch us for the first few years at least. Also we would (almost definitely) have to rent it out sometimes, but we know from experience that the rental market there is very strong, so that shouldn't be a problem.
I suppose that I feel a bit that a holiday home should be just somewhere to escape to and that if financially it is a bit of a burden, maybe we are missing the point.
However I do feel we would get lots of use from the place, it would appreciate in value and it is fabulous!
The big thing for us I suppose is taking on debt - its not really our style, our cars (not new) are paid off and our mortgage as I said is a small outgoing.
Would love peoples opinions on stretching yourself... Have people found that its almost always worth it?? Or to hear from people with holiday homes in Ireland? Many thanks in advance.
Another house in the same area has just come on the market - v close to beach, state of the art kitchen, 4 bedrooms, beautiful views etc and (without survey) seems in complete walk in condition.
Due to an inheritance we would have had a very small mortgage on the property we nearly bought. Our own mortgage has become a small amount of our outgoings.
This one is a different ball game. We would be able to afford it (we have built up a lot of equity in our home) and we have a solid deposit from the inheritance, but it would definitely stretch us for the first few years at least. Also we would (almost definitely) have to rent it out sometimes, but we know from experience that the rental market there is very strong, so that shouldn't be a problem.
I suppose that I feel a bit that a holiday home should be just somewhere to escape to and that if financially it is a bit of a burden, maybe we are missing the point.
However I do feel we would get lots of use from the place, it would appreciate in value and it is fabulous!
The big thing for us I suppose is taking on debt - its not really our style, our cars (not new) are paid off and our mortgage as I said is a small outgoing.
Would love peoples opinions on stretching yourself... Have people found that its almost always worth it?? Or to hear from people with holiday homes in Ireland? Many thanks in advance.