Buying a Holiday Home with a Sliding Pound
Buying A holiday home can mean so many different things to its owner. A place of memories formed long ago in childhood, a place to form new memories with spouses, partners, friends, children or even grandchildren. A place to escape, reflect, relax and enjoy. A tangible asset that can be touched, seen, lived in and forms part of the fabric of a person’s life. Rarely is a holiday home a purely financial asset, too caught up as it is in the emotion of life.
However, it would be a mistake to discount the financial elements entirely and the recent fall in the pound should give pause for thought: how will this affect our plans for the future? How will this affect our hopes, dreams and aspirations?
There can be no doubt that searching for a holiday home today is a different experience than if you were searching six months ago, but remember that six months from now it will likely be a different experience again. Currency markets flow up and down like a roller-coaster, reaching terrifying highs, precipitive falls and nerve-jangling lows. Anyone who lets the currency markets dictate their life decisions too long will likely fray at the edges.
Though the market has shifted, a person could be forgiven for taking a long-term view – having been hammered by the financial crisis it could be that your Spanish villa, French farmhouse or Florentine flat are much as they were pre-financial crisis. Even so, boundless opportunities for beautiful destinations remain for those with an appetite for adventure and looking for a deal. Croatia, Greece, Bulgaria and Turkey all boast superb surroundings with seaside living a person could only dream of in the UK.
Looking further afield can give new opportunities but don’t forget that the central idea about the purchase of a new holiday home is you and what you want to get out of it. A sun drenched beach retreat, an out-of-the-way isolation from modern technology or just a place for friends and family to get together and enjoy themselves. Let your head worry about the financials of buying a holiday home, but let your heart take you to the holiday home of your dreams.
One thing is for sure though, whether we’re at the top of the cycle or the bottom, when you make an investment make sure it’s the right one for you.
*The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.