Chalets and the like - views?

xjlmummy

Hi,

I'm about to sell my "weekend house" (ok not so grand, I bought it then got married and moved to my husband's house, so it's become a £500 a month liability and tenants have proved to be more trouble than they're worth!).

I'm expecting to make around £20K after paying estate agents and solicitors and clearly I can't get much else with that and I don't want another hefty mortgage, but I would like a bolt-hole for me and the kids when life with Victor Meldrew gets too much for me...:D

As I'm blessed to live in North Wales, there are quite a few small holiday parks with leasehold or (occasionally) freehold holiday homes to purchase. Does anyone know much about buying this sort of property? Do they hold their value overall? Are site fees etc a problem? What about letting them out for some weeks of the year to holidaymakers or friends?

Thanks in advance for your wisdom!
S.x

xjlmummy

xjlmummy wrote: »

I'm expecting to make around £20K after paying estate agents and solicitors and clearly I can't get much else with that and I don't want another hefty mortgage, but I would like a bolt-hole for me and the kids when life with Victor Meldrew gets too much for me...:D

As I'm blessed to live in North Wales, there are quite a few small holiday parks with leasehold or (occasionally) freehold holiday homes to purchase. Does anyone know much about buying this sort of property? Do they hold their value overall? Are site fees etc a problem? What about letting them out for some weeks of the year to holidaymakers or friends?

S.x

Equally, I'd welcome any other ideas on what to do with £20k - should I put in into my husband's house (in his sole name so ?what happens if it all goes wrong?):eek: My main concern is too have something to leave for my older children (currently 8 and 14 years) as they won't inherit anything from my family and my husband would leave his estate in favour of our (i.e. his) son, currently 2 years old).

Thanks
S. x

seven-day-weekend

These Park Homes/Chalets/Caravans tensd to depreciate in pretty much the same way as a car would. You also have to be aware of the Site management Fees (around £1500 a year AFAIK).

However, if you want a bolt hole it may be a good way to do it on £20k, although there may not be much left for your children when the time comes.

Could you give them the money now or put it in trust for them?

xjlmummy

RFLMAO :rotfl: just seen my poll results so far!!!!!!! I knew I could rely on MSEers for sensible advice :T (hey, my webcam isn't on is it? LOL)

Tiger_greeneyes

I can tell you're itching to spend

You could invest in a chalet/caravan to let out but it's not a get rich quick thing by any stretch of the imagination and may end up costing you money. Someone mentioned site fees... also you may not be able to let it for the whole season so you'd be paying fees on an empty unit. Selling can be notoriously hard too, you might end up selling for half of what you bought it for. Then there's the upkeep...

On the flip side, you might have a full unit all season and make a decent amount of profit. See if you can gauge the interest through different sources - ie the tourist board etc before you purchase.

Have you considered doing a few different things with your money? Personally I'd be splitting it between an isa, a high interest account and (a smaller amount) in premium bonds - someone's got to win!!

seven-day-weekend

Oh, you've started me off now!

When/if we eventually sell our home in Spain, we'd like a holiday home in the UK.

Just seen on rightmove, a lovely redwood log chalet in a beautiful part of North Wales - brand new £79000.:D

However, the site fees are £3k p.a. :eek:

Oh well, back to the drawing board!

(Thinks : may win on Premium Bonds......)

xjlmummy

seven-day-weekend wrote: »

Just seen on rightmove, a lovely redwood log chalet in a beautiful part of North Wales - brand new £79000.:D

Hey I know where you mean - Ogwen Bank? Lovely site etc, but price is a bit overinflated!

Tell you what, let's buy a field and we'll build a couple of log cabins there...:beer:

mchu6am4

Well, one suggestion is you could help me as I do need a bob or two for my first house :laugh:

seven-day-weekend

xjlmummy wrote: »

Hey I know where you mean - Ogwen Bank? Lovely site etc, but price is a bit overinflated!

Tell you what, let's buy a field and we'll build a couple of log cabins there...:beer:

Yes it is Ogwen Bank, we know the area well.

Can't afford that site fee though!