Holiday home - Wexford

Parents thinking about buying one of these instead of sticking their savings in bank. they would use it themselves mostly and rent it out a bit. Seems like a reasonable price given they rent for 600euro a week in summer months. Any advice or tips on what to look for?

Whilst this is a lovely - if slightly remote - area, and the price seems reasonable, I would warn your parents that Wexford is absolutely swamped with holiday rentals with more and more people desperate to rent their properties entering the market all the time. I think your parents would have a very hard time trying to find punters to rent it out and I definitely wouldn’t put my life savings into it. No one would touch it as a holiday rental in the winter by the way (i.e outside of July and August and maybe Easter) the Hook Penninsula has no shelter of any kind as it is (a) flat and (b) has very few trees and the winter storms can be spectacular/atrocious. Its also too far from Dublin (where the market is) roads are not good once you get past Gorey and Wexford is a long, long county north to south.

Add up all the costs for a typical year, interest, taxes, utilities, furnishings (maybe split over a few years), maintenance etc. and then divide that by the number of months they would be staying there in a typical year.

Assume there is no rental income (the hassle might be more than it’s worth) and allow for interest rate rises.

Very rough calculation would be 600 * 6 months per year = €3,600, €100k / €3.6k = 28 years payback not considering any other costs or revenues.

Does it still seem reasonable? Compare the yearly cost to the cost of other holidays (cruise liner, australia etc), they might put their savings to more enjoyment like my parents (making sure I don’t have to worry about inherritance tax :slight_smile: )
Do they really want to holiday in one place for the rest of their lives and if so wouldn’t Italy be much nicer?

If they are thinking of buying it as an investment that’s a whole different set of calculations, look at possible rental income and expense, potential capital increase / decrease etc. tax on sale, calculate the return on investment and compare it to the interest they are getting in the bank.

Their marbles. They seem to have lost them.

100k ought to buy you a house on its own instead of one of these.

Imagine having the same fuckers outside your window every time you go on holidays. You know the type: Yer wan is a lush, Yer man punches you on the arm every time he tells a shit joke. They have a dog, that goes ‘rarf!’ at precise 257 second intervals all night, catching you out every time you’ve just dropped off to sleep. Not to mention their kids that run around unchecked, have grubby paws and snotty noses, and always seem to manage to be in your gaff at lunch time.

According to daft, the rent is from 300-350 a week high season. Not 600

Summer holiday season in Ireland is short, then there are a few bank holiday weekends and easter/xmas. Holiday cottages need to be ‘turned over’ after each letting to prepare for next tenant. Normally this is done by a local for a fee. Insurance, maintenance charges, NPPR tax, income tax on rents. Last time I saw the sums on an Irish holiday cottage, it made no sense. (1.8% yield)

This development is a suburban housing estate near a beach with no walkable commercial amenities apart from a shop. When renting it out you are competing with the huge number of holiday cottages located in seaside towns and villages, and with the individual cottages of character. This is the cheapest of holiday cottages so expect the lowest form of tenants and expect hassle.

If you were in love with the area and well in with the neighbours and expecting to spend a lot of time down there then 100k is not that much, but otherwise, I would take the flexibility of renting anywhere without property management hassles.

:open_mouth: California is long but Wexford?

Trust me - it is. Miles on a map isn’t so much the issue as terrible roads. It mightn’t look long on the map but once you hit those atrocious back roads that are now even worse since the winter frosts the drive seems like FOREVER. I was recently driving in South Wexford and the potholes/moon craters were so bad in places that you couldn’t drive around them, you had to drive in one side of the crater and out the other.

I did a drive from Wexford to Westport a couple of years ago - again, looking at the map I thought “I’ll do that in 3 hours”. 8 hours later I pulled into my destination in Westport, completely fried.

As with many other things, “Ireland is different” when it comes to roads.

it does indeed!

If they shell out a bit more and looked around blackwater they’s do much better, there hare sites there asking 60K not sure about PP there’s a two bed cottage asking 110 it’s a much easier drive can easilly be done after work with out arrivng shatterd, it makes all the difference. My OH’s parents have a house down there and used it all the time. The Hook is a longer and harder drive and you parents aren’t getting any youunger. As for renting it out dream on they are either buying it to use it or not at all.

assumptions are a bit low here surely.
Lets be a bit more optimistic

600 a week for any ten weeks between May and September is 6k 300 a week 10 weeks or the rest of the year is another 3k =9k for the year

It is a very windswept and wild part of the country.
A few years back i was driving around there taking some pics (see avatar of Hook head) and I was struck by the weathering of everything. Shrubs and plants grew at weird angles, Sky dishes on houses totally rusted in the salty damp air, narrow roads potholed to hell. I would think long and hard about buying a house there unless i was in love with the area and was going to live there. Upkeep costs are probably pretty high especially if you only visit there a few times a year and don’t get to stop small things becoming big things.

my offer here would be 18,466 euro, 2 light pigs and 2 light bulbs . . . No more no less . . . .

I’ll outbid you… as I have candles as light bulbs are so material…and dependent on others.

I have to say its a nice spot €100k ask, €90k in cash will buy that… but for me I wouldn’t be letting it out.

Nice place to sit and enjoy… 2 hrs away from everywhere… I like that.

In 2001 we looked at a house in Fethard, a retreat at £140,000 section 23 also, but we baulked… Kilmore Quay is my love.

Imagine if every dimwitted donkey over the last 10 years took even 5 minutes to either do the yields on the back of a beer mat or posted such a query on a forum…we definitely would not be where we are,people took more time getting a cheaper quote for car insurance than they did “investing-borrowing” 300k.

Look at the bottom line,you would be mad to look at purchasing an asset that delivered such dreadful returns,if it is purely a purchase as a bolt hole,wait at least a year and buy it for 55k.

You may bid as you wish not as I please . . . I do not engage in bidding wars . . . . . . No more no less . . .

Why have you become so strange lately?

I am perfectly normal . . . No more no less . . .