Large families are expensive. You have to buy so much of everything! From food to clothes, it all adds up. And, holidays are no different. While a yearly holiday is a dream for many of us, it’s not an option for those with large families to pay for. Yet, that reality can be a hard one to swallow. After all, time spent abroad is crucial for letting your kids see the world. Early experiences of different cultures can teach them about acceptance and differences. They’ll also learn a huge deal about the countries themselves.
But, what if your kids didn’t have to miss out? If you can’t do without the chance to broaden their horizons, it might be worth considering a holiday home. It may seem like a leap when we’re talking about not being able to afford holidays. But, taking out a mortgage on a house overseas could save you money. Monthly payments are easier than one lump-sum, after all. Here are a few things to consider if the option appeals to you.
How much do your current holidays cost?
A good way to work out whether this would pay off is to consider how much the holidays you take at the moment cost. Think about flights, accommodation, and spending money. For a guide, consider the last holiday you took. Take the time to work out how much you spent altogether. Then, calculate how much it would cost to do the same thing for the next five or six years. You may soon find that taking that many holidays would cost enough to buy a house, anyway. Of course, this depends on the size of your family and the amount you spend while you’re away. Prices also vary from destination to destination. But, this will be a useful guide to show you whether a holiday home would pay off.
Could you afford the monthly cost?
Taking out large mortgages internationally will, of course, mean extra monthly payments.
That’s on top of your current mortgage if you have one. Could you afford the extra expense? Bear in mind that you don’t want to leave yourself out of pocket. A holiday home is a luxury, so there’s no need to suffer to afford it. You don’t need this in your life. But, working out your monthly incomes may reveal that you have more to play with than you thought. Get the calculator back out and do some research.
Would you rent it out?
Even if your current income would struggle, you could consider renting the property when you aren’t using it. Of course, you won’t be able to let it as a residential property. You don’t want to kick the current tenants out each time you go on holiday. But, you could advertise it as a holiday home for others. This isn’t an option if you like to keep things private. But, if you don’t mind the idea of other people there, this would be a wise move to make. Depending on how often the property is rented, it could end up paying for itself.
Before you take this move, make sure to find out about rules in the country in question. Rental rules on properties are different everywhere. Not following regulations could lead to hefty fines. Ask around and find out what you would need to do to make this a reality.
How would you feel about visiting the same place every year?
One downside to a holiday home is that you would end up visiting the same location every year. It would be silly to go elsewhere, after all, when you have a place in the sun already. The downside to visiting the same destination is that you’ll lose the thrill of exploring a new place. And, isn’t that half the reason you wanted to take your kids abroad in the first place? Bear this in mind before you make a decision.
Remember, too, that visiting the same destination has benefits of its own. A week long holiday is fine for a snippet of another culture, but visiting every year will ensure your child becomes immersed in the country. The chances are they’ll learn some of the language, and the way of the locals. And, there’s no reason this needs to be a boring option, either. If you choose the right location, there will be plenty for your to see and do during your stays. You’ll be able to take day trips, the same way you would at home.
XOXO
Debbie
