Beach houses

[tim23]

Anyone own one as a holiday home? I did for 15 years but sold early 2o06 and wondered if right thing to do, am okay with decision now but struggled with the sentiments business of selling.

[fish]

actually i had a holiday home at algies bay as well -sold it 5 yrs ago and bought a section in kerikeri -2 years ago
Put a caravan on it and have goat,s keeping the vegetation down
Have only stayed in it for about 7 nights in total .
Bought it originally as it was a few acres in a private spot close to water and my son and daughter in law were going to move there plus for retirement-develop an orchard etc before building .
Much prefer the lack of house and garden maintainace -this was a time wasting chore at algies-when i get away i prefer to spend time on the water .
The best holiday home i ever had was a yacht leased to a charter company-no maintainace at all for me !

[Arbitrage]

The need to own a holiday home is a form of discretionary spending. Therefore prices tend to fluctuate more than long term residential property.
It amazes me how much many holiday homes cost, particularly with the running costs of maintenance, insurance, rates etc, and many of these homes get very little use. Surely it would be better to spend this money on motel accommodation or other short term rentals in holiday locations? Can anyone justify owning a holiday home on a purely financial basis?

[ari]

Have an original batch at Sandy Bay siting on 1/4acre.....batch worth zero, but the land value is looking pretty good

[steve fleming]

I would think that NZ would have one of the highest per capita ownership rates of beach houses in the world - a function of both the number of coastal properties available within easy reach of the major cities, and the general prosperity of the country which meant that baches were/are very much accessible to the middle class not just the elite.
Certainly in Australia, that culture of people packing up for 3-4 weeks over Xmas and heading to their beach house does not exist.

The best memories I have of growing up are of endless summers at the family beach house on the Coromandel, they were absolutely just the best times, and experiences I’ll treasure forever.….and similar experiences I hope to provide to my children when the time comes.

It probably is not the best move financially, but then, life would be exceedingly boring if you only did those things that can be justified financially.

[AMR]

These beach homes...are they quite spartan or will they be comfortable to live in long term with electricity, broadband, plumbing, etc?

[Arbitrage]

, i believe they suck $6000 to $11,000 a year out of pocket not including any mortgages .

Yes, I know of someone with a beach house on the Coromandel peninsula who reckons it costs him $10000 per year in just rates and insurance. Then there is the petrol, and maintenance costs etc. At least they get a lot of use from it but there are others that spend very little time in theirs. Say it costs $20000 per year, that would buy a family of four a decent holiday in Samoa instead.

[lakedaemonian]

We live full time all year in our little beach house.....that way our bills are bach small(except the rates bill ) and we have no vacation property costs.....so we get to have our cake and eat it too....with sand between our toes

[foodee]

Lake.
You lucky fella. Ahhhh the rates.
About 2 years ago our retired friends in Tutukaka
had to sell their beloved batch/house by the water because they couldn't afford the rates.
They were 'gutted' for a wee while, but with 2 mill from the sale....

cheers

[lakedaemonian]

Lake.
You lucky fella. Ahhhh the rates.
About 2 years ago our retired friends in Tutukaka
had to sell their beloved batch/house by the water because they couldn't afford the rates.
They were 'gutted' for a wee while, but with 2 mill from the sale....

cheers

How sad for them.......having to spend all their time counting all that money