Purchasing Holiday Home

The holiday house will also have other maintenance costs - electricity, heating costs, refuse collection, Wi-fi, cable TV, etc.
With kids there is only a limited amount of time between building sandcastles to asking 'So, which day are we going home again?' Most holiday homes are owned by locals who built on their grandad's land for free.
I would keep the money and then at least you can choose a week in Kerry and a week in Lanzarote at Easter for considerably less money.
You would get 65 €3k holidays for €195k.
If you do have a favourite holiday spot you can re-book a fortnight there every year. And then leave it all behind you when you go for someone else to worry about.
 
A little update, on careful consideration and listening to the advice from here and elsewhere, we decided that as a holiday home it doesn't tick all the boxes. So we've decided to move there on a permanent basis, sale agreed yesterday.

Thanks again for the advice.
 
I was browsing the site on different issue yesterday and thought it frustrating that threads end without resolution, i.e. what happened next?

In that vein, here's a small update on taking a life changing decision. For me, Pascal Donohoe's (myopic) announcement that DART underground would be postponed/cancelled was the trigger to leave the rat race. Until such time as serious investment in public transport infrastructure becomes a priority for an Irish government of whatever hue, Dublin is going to become less and less attractive a place to live and work. In 2015, the recovery was starting to kick in and you could sense the commute getting worse and worse by the week.

So I did buy the holiday home - although thanks to some planning issues and a less than trustworthy estate agent, we didn't actually close the sale until April 2016 for the purchase price of €190k with a shiny new mortgage of €55k. The delay in closing afforded an opportunity to search for a new job in Wexford, which I secured with a starting date of 15th of April 2016 (the day we got the keys of the house). I moved in straight away and the family joined me in the summer after school term finished.

In terms of lifestyle, it has been tremendous, I would recommend anyone to escape to the country if the opportunity is available. The difference in stress levels is massive. Spending anything from 2 to 3 hours a day on Dublin Bus is not good for physical or mental health - I now have a 20 minute commute to the office and work from home two days per week (thanks to rural ftth). The only downside is occasional meetings in Dublin or abroad - meaning I'm not totally immune to M50 traffic - but it does serve to remind me of why I moved.

We live 400m from the sea and got a couple of acres of land with the sale, so the kids can play outdoors unsupervised and are hale and healthy and a lot more naive than their city cousins (a plus in my view). We have lovely neighbours, a lovely community, good schools, little or no crime (at least that I'm aware of), access to lots of activities; GAA, scouts, swimming, sailing, dancing, music etc. I haven't felt any loss of opportunity that we would have had raising kids in an urban setting.

Financially, the cost of living in rural Wexford is much lower in general, also no takeaways, junk from the local shop, annual Dublin Bus ticket. However, a second car is a must in the sticks - my wife has a new job and needs it to commute. Part of the plan in 2015 was to sell our previous PPR and use the proceeds to become mortgage free , however after listening to my new boss' complain of the €25k per annum that he spends to house his two college going kids in Dublin, we decided not to sell and have become reluctant landlords. That has not been the happiest of experiences but I tell myself that it will have longer term benefits, as God alone knows what rental prices will be in Dublin in 10 years time - the rental income covers the cost of the mortgage, tax and maintenance, with enough left over to pay for the mortgage on the new property. So in financial terms (even though that wasn't the primary reason), the move paid off. We've only paid €5k off the new mortgage in 4 years as we concentrated on paying for new furniture etc for the house and the second car; however the plan is to clear that by 2024.

So that's what happened next. Thanks again to those who took the time to give advice in 2015 - it really helped to make what was a big decision in our lives.
 
threeckat said:
a less than trustworthy estate agent
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I just call them "estate agents". Much quicker to type.

Well done on the move and great to hear it's worked out. I made a similar move, and the cost of running a 2nd car was something I had forgotten to factor into finances. Wouldn't move back either.
 
That is great, interested to know where in Wexford you got 400m from the sea for 200k (albeit in 2016)? My o/h is from rural Wexford and having been a townie all my life I just fell in love with Wexford, some stunning landscapes and I actually like Wexford Town itself. I hope to one day leave the Dublin Ratrace as well!
 
We're near Kilmore Quay - the original asking price was €350k! It's actually a major issue here that many (if not most) of the properties are priced out of the reach of local people - not sure how sustainable that is.
 
What a great story. I often wonder where some of the threads go when people give us a snippet of their lives. It is really nice to hear you have had a good ending with yours. Did you have to take much of a pay drop when you moved? My big problem moving out of Dublin would be not being able to secure a similar role to the one I have in Dublin. It feels a bit like a golden handcuffs situation sometimes.
 
I was fortunate to maintain my pay when we moved, however, you'd be amazed how much less expensive it is to live in rural Ireland. With the benefit of hindsight, I think it would still have been worth a considerable paycut to facilitate the move. I didn't see my kids during the week when I worked in Dublin, early bus to work and they were in bed by the time I got home. Not to mention constantly being tired, cranky, strung out and picking up every flu, plague and ague going from my fellow commuters. I'd have paid a considerable price then for what I have now.

There are of course some downsides to our new life - salt air eats through everything, some evenings I would give a kidney to be able to order a takeaway curry, it now takes an hour to mow the lawn and 3 hours to get to the airport. I realise in the middle of a worldwide pandemic, these may be considered somewhat minor gripes, but still...
 
1. From Kilmore Quay you'd probably make the main door of Cork Airport within 2 hours (even after parking your car). You'd be the other side of the check-in and security 15 mins later. Why are you still using Dublin airport (slow, overcrowded, walk labouring)?
2. I know Kilmore Quay and its general area for miles each side. You are a lucky man. I bet you're using the term "by hook or by crook" more now.
3. When the travel restrictions are eased I reckon you'll have a lot more visitors from Dublin.
4. By not selling your Dublin house, I think you made a magnificent life changing decision for the better.
 
by Hook or by Crook! Kilmore is a lovely spot, you'll often find me in the little beach for a coffee with my bike throughout the summer.

3hours to the airport? Surely with the new road that is quicker. I can get down to the roundabouts for wexford town in about 1hr 30 these days when there is no traffic.

I am in a lucky position that the Wexford half of my family have a few holidays homes in very scenic parts of the county. Though I think I might have to get a WX reg to stop the looks from the locals when we arrive down from Dublin! I am not ashamed to admit that I thoroughly enjoy Rosslare Strand!

In the current situation and working from home, I am trying to convince the O/H that a split week between dublin and wexford could work.
 
. . . . . and the Wexicans are a nice bunch of people too; gifted the All Ireland Hurling semi-final to Tippearary last year. Very generous people.
 
JSnowWinterfell said:
3hours to the airport
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Depending on the time of day / night, and your willingness to stretch speed limits, Wexford town to Dublin Airport can take anything from 1:40 to 3 hours. You can be comfortable with how long it takes to about Kilpeddar, and then you're subject to Dublin traffic for the remainder of the N11 through Glen of the Downs, Kilmacanogue, and onto the M50. Not an issue if heading for a 6:30am flight, but I'd avoid 10 am flights.
 
I found that a very interesting post. Fair play for getting back and letting us know how you got on, a five year gap in your post felt like a time travel story I was very lucky to have bought a holiday home in Wexford ten years ago also around the Hook light house. I have some fantastic memories with my kids, just photos now and as they got older they are in university now, I hear them talk fondly of their summers there, which is what I would always have wanted . But I never regret it. I always knew it was not a good financial investment I work and have always worked very hard to pay for it, which often is another reason not to buy. but I would often say I bought it for my grandkids to the annoyance of my wife. Posters are right teenagers don't want to leave their friends and when they are children there was always scouts football etc. Plus a lot of extra costs. But it's paid for now.,over the years I've rented it on air BnB thinking I'd use income for maintenance but paying nearly half in tax and wear and tear and hassle it really was not worth it. So I'd say if you where to use your head I wouldn't go near a holiday home with a barge pole . But some things are of the heart and I've no regrets. Don't want grandkids just yet though. I'm delighted you have a nicer life and are happy with your decision, very brave.
 
So happy to read the update and how well its worked out. You would need a rocket to get from Kilmore to Cork in 2 hours, good roads but it will take the bones of 3 in real time and traffic! Ive done it!

We are looking to make the same decision right now - Well there is no interest rate for savings so while its not the most sensible move to buy a holiday home which was put down more eloquently by FloydMuppet, I agree with him its a great childhood to give kids. We had it when we grew up - we were dumped in a family holiday home all summer with cousins - taken care of by rotating working parents and being in the water from morning to night - no WIFI no TV.
COVID has made me look differently on this too, as now I can work exclusively from anywhere (with WIFI). My partner has summers off and if it was within an hour drive from the city I would use it plenty or Air B&B which I would hope would cover costs.
The next option is a mobile home or a camper van which after a few years they have depreciated like hell and seem far less sensible

The original poster sure was daft (joke) in 2015 to dream of putting money into a holiday home because there were investment alternatives but with savings costing us money now would any of you now say its not so crazy an idea?
I hope this doesnt need a new post as the people interested in the giving opinions on the topic are here already.
just a quick summary
Mortgage on PPR 110K at 1.5% paying it off in 9 years, Value 300k
Total income into the home (after maxing out pension contributions) - 4k per month
80k Shares that hopefully will pay for college, although they could live at home too.
2 boys 10 year old twins.

Holiday homes are selling for circa 200-220 in my area if interest (thank God for Property price register because similar to Kilmore Quay they bear no resemblance to the asking prices! )

Is it still a crazy, daft, romantic, not sensible hair-brained idea?
 
Thanks for the update @threeckat and glad that you are happy. I note though that your original post was about purchasing a holiday home but you ended up purchasing a PPR, so in one way we will never know how it would have worked out!
 
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