Buying holiday home in South East, but family think it is a bad decision

Hannaho

Hi! I have a booking deposit paid on an house on the coast in Waterford - it is in a holiday development of 40 houses - mixed owner occupiers and holiday homes. I am due to sign the contact of sale next week - my sisters think it's not a good idea/investment - I am buying it to one day for us to retire to, and for my children to enjoy summers of sailing and adventure sports, which they already enjoy. I am aware of the charges - water, standing electricity charges, higher insurance - but it will still be less than a mobile in Wexford or similar area. Any thoughts/opinions would be very welcome.

Mrs OBumble

If you're looking to retire there - what's the insulation like? Sounds good for summertime, but how will it be in winter?

chris85

Can you afford it?

If its just an investment to get a return off I would be wary but if its something you want there for the future and not concerned about income on it why not. A lot of people think having a 2nd home is just greedy but realistically I would love in 10-20 years to have a small cottage/home down the country to go to on weekends to get away from the city. I cannot in anyway afford it at moment.

ted1

We have a mobile in Wexford and get great use out if it. Best investment we ever made other than out current house.
If you think that you would use it I would recommend getting it. But for a family with young kids to get use out if it, it needs to be close to the beach and in an development with lots of other kids.

Where are you based? Wexford is about 35 minutes from us. If the place was in Waterford it could be 90 minutes and we probably wouldn't get as much use out if it.

In summary with holiday homes it's purely location , location , location .

Hannaho

Thanks for all of your replies. The holiday home is not for investment, though I wouldn't want the property to drop drastically in price after I had bought it. The house is in Dunmore East. It doesn't overlook the beach, but is a couple of minutes walk from the beach. Re. Insulation it is Ber C1 - a lot of the holiday homes have poor Ber ratings and many are rated Ber G. I want the holiday home to firstly keep my children out of Dublin and away from wanting to go into the City during holidays now that they are in their early teens. Both of the children love watersports, and we have holidayed in Dunmore East for many years - I actually prefer it in the Winter. Eventually I would like to retire down there, and use the rental of our family home in Dublin to supplement our pensions.

MouseTail

As Chris said, the key question is affordability. If you can comfortably afford the costs associated with it, and the mortgage (if applicable) and you feel you will get the use out of it, why not?

The only caveat I have is the children's ages. If they are early teens now, its only a few short years til they will want to spend every minute with their friends, and it might be a battle to get them down there.

Icepick

MouseTail wrote: »

The only caveat I have is the children's ages. If they are early teens now, its only a few short years til they will want to spend every minute with their friends, and it might be a battle to get them down there.

And plenty of watersports opportunities in the Dublin area as well.


If you want to retire there, amenities and services you don't need (often) at the moment should also be a concern.

Bigus

You're probably buying cheaper than today's build cost , so you can't go wrong

mobiles depreciate , house appreciate ( it's just a question of time )

you're ahead of the curve here as country prices will follow Dublin in time ,

good luck with it, possibly your sisters are jealous ( perhaps even of losing some time with you ).

Prices in dun more east and the like will remain stagnant over the coming autumn and winter ,

However more than likely, all things being equal, they'll take off Like a rocket next spring 2015, good luck with it and enjoy.

Ps winters by the sea are much much milder , especially in the east.

TheDriver

Bigus wrote: »

Prices in dun more east and the like will remain stagnant over the coming autumn and winter ,

However more than likely, all things being equal, they'll take off Like a rocket next spring 2015, good luck with it and enjoy.
.

i don't think we are going to see any sky rocketing prices in country and most will be stable for lot longer than autumn and winter

jd

Is it freehold / is there a management company for the estate?

the groutch

Hannaho wrote: »

I want the holiday home to firstly keep my children out of Dublin and away from wanting to go into the City during holidays now that they are in their early teens.

Any specific reason you don't want them in the city centre?
It's not like they can't get into trouble in a rural town if that's what you're thinking.

RainyDay

Bigus wrote: »

mobiles depreciate , house appreciate ( it's just a question of time )

you're ahead of the curve here as country prices will follow Dublin in time ,

2006 called for you, they want their mojo back.

Santa Cruz

Dunmore East is a lovely spot and I have no doubt that ye will have great holidays there over the years. The sister will probably be the first one asking you can she use it for a week or two.
A little bit of the green eyed monster I'd say.

Morte

the groutch wrote: »

Any specific reason you don't want them in the city centre?
It's not like they can't get into trouble in a rural town if that's what you're thinking.

Dunmore East is hardly rural anyway. If they're that way inclined there's a good chance you're just swapping them spending their time in Dublin City with Waterford City. Waterford would be rougher than Dublin, not that anywhere in Ireland is that bad really.

I know a younger couple who moved down from Dublin to Dunmore. They found it very different from holidaying there. If you're there all winter it can be very lonely seeing most of the houses completely dark as they're just holiday homes and the place is just really quiet in general. That doesn't make it a bad place but just bear it in mind.

Dunmore Easy is a lovely spot for a holiday home. If you can afford it then great but make sure you think it through.

jimmycrackcorm

OP, why exactly do your sisters think it is a bad idea? in terms of an investment it might be prudent to evaluate financial options, but as a lifestyle choice especially as a long term plan, I see nothing wrong with it.

cob1

I think I know where you mean and was only looking at them during the weekend, but you've left out the crucial bit of info, how much?

desertcircus

Wanting your children not to spend time in Dublin city at the weekends is a terrible reason to buy a property. They will in all likelihood want to stay in Dublin at the weekends in the next year or two, they can easily get in trouble outside Dublin, they'll be adults with their own lives in a few years, and finally, Dublin's pretty safe. What on earth do you think they'll get up to?

If the other reasons are enough for you to go ahead, then do, but don't forget that in two years' time you could easily be faced with kids who have no desire to go down the country away from their friends.

ukoda

Hannaho wrote: »

I want the holiday home to firstly keep my children out of Dublin and away from wanting to go into the City during holidays now that they are in their early teens. Both of the children love watersports, and we have holidayed in Dunmore East for many years .

kids interests change fairly quickly when they are in their teens - as others have said - the other reasons to buy it need to stack up for you

Hannaho

Thanks for all the replies - very helpful! It's not really for weekends that I want to keep children out of Dublin, it's for summer holidays and Easter hols - My husband works away and I work long during term time only. House price e140k

cob1

wow, well I was looking at them thinking 40-50k and they might be worth it, that's if it's the holiday estate just up by the golf course.

not that the price is necessarily that bad, I wouldn't know, but it's a lifestyle decision not an investment. there are tons and tons of holiday homes in Ireland, lots empty and underused, I wouldn't say you'd buy any as an investment. granted Dunmore east is a lot better than most of where them are. I liked Dunmore east and it's easy to get to from Dublin so it might still be perfect for you. if planning to retire there and its the ones I'm thinking of I would think that being up a very steep hill and being 2 story houses, you could find something more suitable. if you end up with any mobility problems, ie fall and break a hip, they will all of a sudden no longer be liveable for you.

Hannaho

Hi! Cob!, I know the ones your are thinking of - I saw them and didn't like them at all even though they had fabulous views - but tadhey had communal gardens and the road up to them was dreadful and also steep. We are looking at Fisherman's Grove. It is on the way into Dunmore East - it was up for sale for e145k. It's at the beginning of the estate. The houses were built by McInerney in 2002. I saw one of those holiday houses beside the Golf Course and it was going for e160k - there is no way they are worth near that, in my opinions.

cob1

it looks better alright, the ones by the golf course could be ok holiday houses but 160k seems madness when u could equally get a mobile home 100m away. still wouldn't be convinced it's an investment, but a lovely place to spend the summers if you can afford it, best of luck

spaceHopper

My in laws have a house in wexford and we had a great holiday this year, we've to young kids so it was perfect. If you think you will uses it the go for it but it needs to be nears enough to dublin that you don't mind driving down at weekend to cut the lawn, check everything is OK... for me Dunmore East would be near enough for others it's not. If you are happy with it go for it and tell your sister the first time she asks for ti NO