I have had an idea but is it silly?

Beatle_Ray

OK this is good so far - no one seems to keen on the idea so far, I'm open minded on such things, I could buy here that's for sure, haven't looked at that, I didn't see myself as a property/landlord, I'll have to take a look at Sheffield not for a holiday though nice as it is

davidmcn

Beatle_Ray said:

it would only be a small property and I would look at something new so any maintenance would be at a minimum hopefully 

Have you researched the other costs? Local rates, stamp duty on your purchase, etc? Not necessarily comparable to the UK. Insurance probably isn't cheap if it's not regularly occupied. Is your French good enough to deal with local tradespeople etc?

Grumpy_chap

So, this is not an idea that is really about the head - it is an idea for the heart.  If your heart likes it, then the head will say "yes" as the finances the OP set out work pretty much.  Buying a holiday cottage anywhere does not work for me (for similar reasons as others have said) but I know people who have done it and love it.  

Mrs_Soup

It sounds like quite an attractive idea to me but then I am quite keen to have a holiday home myself.  My in laws have a holiday home in France but my mother in law is French and they have had it 45 years so it has pretty much paid its way by now.  They also were teachers before they retired so they had that long summer break to make it worth while going.  These days they usually go for the first time at Easter and the last time at October half term with various longish term visits over the summer.  But between October and Easter no one goes into the house- there are a couple of neighbours who would notice if it burned down and let them know but who don;t actively do anything to maintain the property for them, they just have a comprehensive closing down routine (water, power, etc that seems to have worked so far) .  This year of course they have not been able to go yet.  They never let theirs out- I think we are probably the only other people to have stayed there without the in  laws being there.

I would think its worth thinking about in your circumstances but among a number of other ideas as suggested on here.

Beatle_Ray

Thanks all again, yes it is a heart over head decision, in the villa we have stayed at in the past there was a retired doctor from Surrey who used to visit from April to October and he seemed happy enough pottering about in his garden and the good weather, I kind of see that for myself, its almost like an unobtainable dream in a way

eddddy

Beatle_Ray said:

...so I thought that if I sold this property in the next year or so bought a smaller house here and a smaller property in the South of France,...

I've watched a few people go through this - the stress and the hassle is massive.  Do you have a good command of the French language, and how things work there?

Here are a few things to think about...

• You know how complex and stressful buying a house in the UK is?  Now imagine doing the same in France - where the legal process is different, you cannot understand any of the documents and you cannot understand a lot of the people involved. And you become an easy target for rogues. Some examples:

• • The EA who told British buyers that nobody has a "survey" in France - it's completely unnecessary. And then the EA sold them a house with subsidence.
• • The letting agent who knew when the property was empty, and let "random" people stay there without the owner's permission.

• You know how many detailed questions you get asked on a buildings insurance application? Now imagine doing the same in French, and reading through the insurance policy in French to see what cover you have. And if you need to make a claim, dealing with it in French

• Or maybe explaining to a plumber over the phone in French that your toilet cistern overflows unless you flush it every 2 hours. (Assuming you know how to find a competent plumber in France. And one who won't think "they're foreign, they won't understand what I'm saying, so I'll just talk nonsense at them for a while and then charge them 500 Euros".)

I think you'd probably be much better off renting a holiday home for the specific weeks or months that you want to stay in it.

Falafels

My partner has owned a house in France for 20 years; it's not just the cost of the house itself, but taxe d'habitation, taxe fonciere and bills which need to be taken into consideration. He has had real problems with French tradesmen, too. Who knows what the French government will do once the Brexit transition period is over... suffice to say, he is planning to sell it asap....

Scotbot

Have you thought how you would maintain it from here? As other people said a big hassle. I have a friend who having worked in Spain and married a Spanish woman now lives there. He has kept his UK house and rented it out full time via sn agent who he pays to manage it. You could look into whether it is possible to have s French agent manage it. If so it will cost and they will do the bare minimum they can get away with. 

Forget about buying a second house in the UK.  You will  need to pay legal fees and stamp duty at the second home rate. Prices are likely to go down not up in the short term. Being a landlord comes with many legal responsibilities and if a tenant doesn't pay or causes damage you cannot evict them without going through a long legal process. Read the sticky on it in this forum. You would be better off IMO investing in stocks and shares via a market tracker,.

greatcrested

The only people for whom a plan like this works are those who are either migrating or semi-migrating.

If this was a '2nd home', and you were spending 5+ months a year living there, then it might make sense and I'd be urging you to research the practicalities of property ownership in France.

But a holiday home for a couple of weeks? Or even 2 x 1 month? No, it's a nice dream but impractical. Use the £120K in a better way.

hazyjo

Please be careful. One of my close friend's parents and sister moved out to France. It's been an absolute nightmare. Know you're talking about a holiday home, but the tax and national health system (whatever it's called) is very different to here, as are rules if you die out there. No idea if it just relates to permanent residents or if you are out there in a property you own. My friend's sister and their parents have basically lost everything due to some very bad buying decisions, building works, and ill health.

Get yourself on some UK-France house buying forums and research everything single little thing and read every single word.

I'd love a place in Spain, but my head says just have holidays rather than spend tens of thousands on an apartment. Also, we're not tied to one area forever!