Have you ever considered owning a holiday home?
There are some excellent reasons why you should, whether you buy something here in the UK or a place of residence somewhere abroad. While you might shudder at the thought of another mortgage, you might decide the benefits far outweigh the costly negatives. Still, let’s have a look at the pros and cons.
#1: You can save money
When you own a holiday home, you don’t have to pay for a hotel or any other kind of accommodation. And if you buy something in the UK, you don’t have to worry about the price of the airfare either, as you only have to factor in the expense of car fuel when travelling to and from your property. Not only that but if you get the right mortgage advice, even that cost can be mitigated. So, despite the expense of a mortgage, you will have fewer financial worries when you have a holiday home to call your own, and that can only be a good thing when you need to save money.
#2: You can enjoy the comforts of home
This can be your home from home, with all of the furnishings and appliances that have been chosen by you. This means no more staying in hotel rooms that lack the proper essentials, and no more staying in holiday chalets that haven’t been cleaned in an age. As soon as you get into your holiday home, you will instantly know where everything is. You will have that homely feeling that will enable you to fully unwind. And you will be able to enjoy all of the comforts that you benefit from in your everyday home.
#3: You can have an impulsive getaway
Okay, so this might not be so easy if you have bought a holiday home abroad, but if it’s based in the UK, you can just get up and go without having to worry about booking a flight or a hotel room. You might not have a lot to pack either if the wardrobes in your holiday home have already been stocked with your vacation outfits. This means you can have a holiday whenever you have the time to do so, be that during those half-term holidays when the kids are off school, or on those weekends when you could all do with a little r&r in your lives.
#4: You can make money from your holiday home
Not only can you use your holiday home for your personal vacation needs, but you can also turn it into a business venture by letting it out to others. You might have a better chance of getting a mortgage too, as a holiday let mortgage could be seen as a less risky proposition by the lender you choose. Especially if you choose a holiday home located in a place popular with tourists, you could make a lot of money this way if you market your property correctly.
#5: You can take your pets
Your pets probably hate going into the kennels as much as you hate the expense of placing them somewhere. But with your own holiday home, there will be no restrictions where your pets are concerned. It’s your second home, so you have the freedom to bring them with you if you so desire, and neither you or they will have to worry about spending time apart.
#1: The risk of damage
We mean this in two ways. Firstly, if your holiday home is located in an area where damage is possible, such as a location where weather conditions are harsh, your property could get damaged without you even knowing it. And secondly, if you do let your home out to others, you also run the risk of them causing damage, be that accidentally or otherwise.
Thankfully, there are a couple of ways around this. You could hire a property manager to care for your holiday home on your behalf, and they will notify you of any damages that have incurred. They may also arrange repairs before any issues get worse. And secondly, you should take out specialist holiday home insurance. While this won’t stop damages to your property from occurring, it will minimise the damage to your bank balance.
#2: You might limit your holiday choices
When you have a holiday home, you have that go-to place whenever you need a vacation. While this can be a good thing, it can also be a bad thing if you forever use your new home for your holidays instead of exploring other parts of the world. As a result, there may be much that your family will miss out on. Still, you can reduce this risk by locating your holiday home in a place that offers much in the way of new adventures every time you stay, and by booking the occasional holiday somewhere new to spice up your vacation time.
So, what do you think? Would a holiday home be right for you? Let us know in the comments below.