Thanks, but I suppose if nothing else it’s brought into focus that life is short, and my parents won’t be around forever either, so doesn’t feel so complex at this point, more the best solution so we can all spend more time as a family during Christmas summer/extended periods. They are in poor enough health that us arriving in to stay with them for longer visits is hard on them anyway, so having our own base would benefit us all in the long run, even after this crisis runs its course.I don't think you should be making complex, long-term plans, when so much is unknown about the path of Covid.
When it's been raining for a long time, we just assume that the sun will never come out again. So it is with Covid.
It might take some time to return to normal. Maybe we will never be allowed to visit each other's homes again. But maybe the vaccinations will work and Covid will become history like the Spanish Flu.
If your parents have room, I presume that they would much prefer their grandchildren to stay with them when they visit. If you have a holiday home, then they will want to stay there.
So don't do anything for the moment. If it continues, then consider renting in the area for a while.
Brendan
it would be considered a holiday home as opposed to an investment property?
It does not make financial sense at all. As you point out, your parents are in poor health, so you'll end up dealing with two properties in a small rural town... You are basically investing 150k with at best a very poor rate of return if any and almost no chance of recovering your initial outlay.Thanks, but I suppose if nothing else it’s brought into focus that life is short, and my parents won’t be around forever either, so doesn’t feel so complex at this point, more the best solution so we can all spend more time as a family during Christmas summer/extended periods. They are in poor enough health that us arriving in to stay with them for longer visits is hard on them anyway, so having our own base would benefit us all in the long run, even after this crisis runs its course.
It’s a small rural town so there’s very little available to rent, especially for short term stays and no hotels in immediate vicinity.
So I’ve pretty much decided to buy a place, just trying to figure out the best way to structure it long-term?
Yes I suspected as much myself, which is why I wondered if there was an element on the financial side to that I was missing to perhaps turn it into a positive investment.It does not make financial sense at all. As you point out, your parents are in poor health, so you'll end up dealing with two properties in a small rural town... You are basically investing 150k with at best a very poor rate of return if any and almost no chance of recovering your initial outlay.
But you are right, it is not a complex decision, all you have to do is decide if you are willing to burn off 150k or not.
Have you considered a camper? At least it will have some kind of marketable value in a few years time, when circumstances change.
If not a camper would a caravan be an option where you could just hitch it off while there ? Do your folks have a back garden. Kids would jump at the chance of camping and gives you breathing space to see how this pans out.
Interesting. Did not know this. Thank you.You run into planning issues with either the camper / caravan approach. If you want to occupy on-site you need planning, even storing you must move after 9 months.
In a year's time?! I seriously hope so. Bad enough as it is that we're still stuck with nonsensical restrictions a year on.If I was you I'd hold my horses for another year. We might have much more freedom from Covid in a year's time.
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