Dream house

Lindsey006

I have seen my dream house in a coastal location. I doubt whether the house is mortgageable because of it's close proximity to the sea. I would be buying the house cash and retiring there. My plan would be for my children to run it as a holiday home after I am no longer around. Is this complete madness? It is an amazing house for me. Should I move there or should I buy something less risky? My children are happy for me to decide. Any experience or views would be welcome as I am on my own with this decision!

Many thanks

Slinky

How close to the coast are you talking about? Several houses have been lost due to coastal erosion in Norfolk in the past few weeks. Can you afford to lose everything, perhaps even having to pay to have the house demolished before it falls into the sea?  Several of the people who lost their homes had only been living there a short time - one lady 4 years, a man about 6 years as I recall. Presumably they thought they would have longer than they got.

theartfullodger

Dreams can turn into nightmares...  How close to cliff edge?

lookstraightahead

I think check it's safe, and then go for it!

user1977

Merely being "close to the sea" doesn't make something unmortgageable. Can you be more specific?

billy2shots

Any way to discuss  the house with an insurance company? 
See if it is insurable (for a realistic cost)  

cjdew

100% you need to tell us the location, went to Hemsby last year after last going 5 years prior. In that time an entire road fell into the sea...

Also remember close to the sea means battered by wind, sea spray, heavy rusting, beach goers etc.

Will they be interested truly in a holiday let in the future. It sounds "fun" but it's a heck of a lot of work, organisation, insurance and customer service. 

lincroft1710

Norfolk isn't the only coast to suffer serious erosion. The East Riding of Yorkshire has had some very severe cliff falls. 

Lindsey006

Location is Sunderland. I got an online insurance quote but guess this wouldn’t cover erosion, It is about 30m from a beach with a concrete wall in between the sea and the land. Is there a lot of erosion on the north east coastline? Dreams can become nightmares is a good point, although I am in love with the house and still feel tempted but I need to be realistic. I don’t need a mortgage to buy it but it would be my life’s earnings going into the house so it has to work for my children’s future as well. Somehow having a mortgageable property makes me think it is a safer buy but maybe this is incorrect.

LHW99

Lindsey006 said:

Location is Sunderland. I got an online insurance quote but guess this wouldn’t cover erosion, It is about 30m from a beach with a concrete wall in between the sea and the land. Is there a lot of erosion on the north east coastline? Dreams can become nightmares is a good point, although I am in love with the house and still feel tempted but I need to be realistic. I don’t need a mortgage to buy it but it would be my life’s earnings going into the house so it has to work for my children’s future as well. Somehow having a mortgageable property makes me think it is a safer buy but maybe this is incorrect.

Don't know what Sunderland is like, but where I came from on the south coast, you would at least get the house shaking in a storm as the waves battered the sea wall, and some would get their landside windows washed by the sea, and the seaward ones battered / broken by pebbles that were thrown up....

oldernonethewiser

Have you spoken to your children about this? Would they be interested in renting it out or would they prefer to sell it?

Is the specific area currently good for holiday rentals?

If it is somewhere you want to buy and live in then go for it.  You won't be concerned about the future once you are long gone.