Why no?I retired this year. Our kids are all married or in relationships. If I may pry:- what are the reasons for your post? Are you thinking of investing abroad? The one question you did not ask:-
If you could turn back the clock would you now buy a holiday home abroad?
The Answer and Read my Lips:- Nooooooooooooooooooooooooooo
Leper - you missed the last question:
what are the reasons for your post?
The Answer and Read my Lips:- Nooooooooooooooooooooooooooo
I don't know anybody who would not like to own a holiday home in sunnier climes. I
@Leper I understand the comments above, but was any of the items you listed above really a surprise when you purchased the place? I would be very surprised if you had not researched things like the local taxes, maintenance fees etc, and also understand things needs to be serviced and replaced, the houses need to be cleaned etc. Break In's and squatters are a problem everywhere, and any holiday home has a risk of this as it has a higher level of unoccupancy.It is not easy maintaining a holiday home abroad. You are at the mercy of Spanish banks. Local Taxes just keep getting dearer and dearer. Maintenance is a problem. Holiday homes must be cleaned, updated. Furniture must be replaced. Airconditioning must be serviced. Utility charges are ongoing. Break ins can be a nightmare. Squatters inhabit Spain too. At the end of five years you are beginning to show some small income. If the Spanish Revenue Commissioners don't get you, the Irish Revenue Commissioners will. That's their job and both are good at what they do. Write down all you spend against income and you will see you are at a bigger loss than you thought you ever would. Just when you thought you could lose no more, you must do a recce trip. Airfares, car rental, transfers cost more now than ever. Suddenly, living the dream can become a living nightmare.
The investment return that’s foregone on the capital cost of the property plus its carrying costs would buy you some serious long-term lets in nice properties all over the world.
From a lifestyle point of view, I fully understand the long term lets (during off peak periods) in different places around the world. Of course this makes perfect sense if someone is really into travelling and wants to experience the world. I also fully understand that things change when comfort & ease become a priority - again makes perfect sense.My own approach (hopefully) will be to undertake long-term lets in different places around the world, but buy somewhere once I get to a point where comfort and ease become the priorities. But, and this will be an important point, sizing/scale are key.
We took early retirement. Best thing we ever did. We have seen lots of places. We are at the age where we are hopeful of having another 10 years of similar travel left in us. Maybe as we get older we will need a base to spend the winter and let our children deal with all the maintenance and other issues associated with an overseas property. We will just turn up and relax.
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