Sell big house and buy small one to rent out as holiday home

windmilllane

We have a 5 bed family home 13 miles from where we live and rent it out. We find the maintenance of house an's garden hard work due to size and it's not beside us.

Where we live now is very popular with tourists. We are thinking of selling big house and buying small one to rent out as holiday home. Has anyone done this. Any advice welcome

windmilllane

Should add, we would hope to buy small house outright whereas we have mortgage on bif house

jamesthepeach

windmilllane wrote: »

Should add, we would hope to buy small house outright whereas we have mortgage on bif house

I'm toying with the idea of doing just that except that it's selling our house and buying two. One in Spain and a smaller one in Ireland than we have now.

Still trying to work out whether it would be better selling up and just renting from here on or actually buying the one in Spain and renting g in Ireland or Vica versa.

I think we will live in Spain from September to June and rent it out the rest of the time. And then just rent in Ireland for July and August.

But it think as with yourself. Doing away with a big house that doesn't get that much use is the key. It's about quality of life really and the money tied up.in one asset is significant and can be used to improve your life. Tough decision , but I know other people who did it and they always seemed to work out whatever they went for.

Airbnb makes it very easy to rent out the one you don't live in at any time. And there is a lot of maintenance on a 5 bed house, that could be done without.

Samuel T. Cogley

Get a nice caravan James, do it properly :pac:

jamesthepeach

Samuel T. Cogley wrote: »

Get a nice caravan James, do it properly :pac:

Would you believe I was thinking about that too:)

But they are great for a few days but not few months.

Hard decision to sell the family home though.

jamesthepeach

jamesthepeach wrote: »

I'm toying with the idea of doing just that except that it's selling our house and buying two. One in Spain and a smaller one in Ireland than we have now.

Still trying to work out whether it would be better selling up and just renting from here on or actually buying the one in Spain and renting g in Ireland or Vica versa.

I think we will live in Spain from September to June and rent it out the rest of the time. And then just rent in Ireland for July and August.

But it think as with yourself. Doing away with a big house that doesn't get that much use is the key. It's about quality of life really and the money tied up.in one asset is significant and can be used to improve your life. Tough decision , but I know other people who did it and they always seemed to work out whatever they went for.

Airbnb makes it very easy to rent out the one you don't live in at any time. And there is a lot of maintenance on a 5 bed house, that could be done without.

I think that approach is sheer crazyness myself. Do you really think you'll be able to find smoewhere to rent for just 2 months? And then go through the same hassle next year and the year after?

professore

Deleted User wrote: »

I think that approach is sheer crazyness myself. Do you really think you'll be able to find smoewhere to rent for just 2 months? And then go through the same hassle next year and the year after?

AirBNB?

jamesthepeach

[Deleted User] wrote: »

I think that approach is sheer crazyness myself. Do you really think you'll be able to find smoewhere to rent for just 2 months? And then go through the same hassle next year and the year after?

I do.
I wouldn't be renting in Dublin.
But I see where you are coming from. That's why we are thinking if buying a smaller house or apartment in ireland too. I'm leaning g towards renting, the wife is leaning towards buying.
Like I said it needs to be thought about hard.

jamesthepeach

jamesthepeach wrote: »

I do.
I wouldn't be renting in Dublin.
But I see where you are coming from. That's why we are thinking if buying a smaller house or apartment in ireland too. I'm leaning g towards renting, the wife is leaning towards buying.
Like I said it needs to be thought about hard.

The guts of the plan are sound, but if I was you I'd buy a small house/cottage/flat in Ireland. Make that basecamp Ireland, and store the stuff you want to keep in Ireland.

jamesthepeach

[Deleted User] wrote: »

The guts of the plan are sound, but if I was you I'd buy a small house/cottage/flat in Ireland. Make that basecamp Ireland, and store the stuff you want to keep in Ireland.

I think that's the way it's headed.
I won't have the final say.
I really don't see us spending too much time in Ireland after a while. Possibly the summers.
And having the big house at the moment is and will be even more of a waste next year.

windmilllane

James, think my thread go hijacked, lol.

It seems like the general consensus is that it's a good idea to downsize!

LirW

OP, if you're thinking of AirBnB for the whole property, you probably need planning permission for it. Look that up. Downsizing makes a lot of sense if you really don't want to have the hassle of maintaining the whole lot of the big house, which is more than understandable.
Is it solely for the purpose of a holiday home or do you also want family to live in it?
Also what area if you mind me asking, then I might come for a holiday :pac:

james, my parents bought in a Spanish village on the canaries quite recently after living there for a few years and sold their house, they do exactly what you're having in mind, living there all year around and for the one or two months they go back home they simply rent something out via AirBnB or friends. Works really well for them.

jamesthepeach

windmilllane wrote: »

James, think my thread go hijacked, lol.

It seems like the general consensus is that it's a good idea to downsize!

Apologies. I shouldn't have rabbited on.

Samuel T. Cogley

windmilllane wrote: »

James, think my thread go hijacked, lol.

It seems like the general consensus is that it's a good idea to downsize!

Sorry Wind, my fault.

windmilllane

It's fine, it's good to get others opinion