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November 24, 2021

To buy or not to buy… that beach house

How many times have you heard a friend or family member talk about their family beach house. A great place where family and friends meet every year over Christmas and New Year to spend time together and generate great memories. Some even go there once or twice during the year, depending on how close they live to the beach house or what other holidays and trips they have planned during the year.

Then of course, you’ve also heard those friends who tell you what a silly idea it is to have one place where you are supposed to go every year, when you can explore the whole world.

Then there’s the maintenance, security costs, rates and yes, the actual bond repayments.

So, should you, or should you not consider that little cottage ( or huge family ) home by the sea for the occassional holiday.

This author is of the opinion that you should indeed consider geting a cottage or house by the sea, even if you don’t plan to live there permanently in the forseeable future.

Why, you may ask?

Here’s my top 3 reasons:

  1. Once you commit to buying such a property it becomes an investment, whether you go there or not. Beach homes will always be in demand and as property in general is considered a sound investment, the beach house will surely increase in value.
  2. If generating a return is important to you, either on your cash purchase or to help pay the bond and other costs, you can rent it out. Either on a permanent basis or for holiday rentals through a local rental agency and even AirBnB.
  3. Retirement planning is something most of us tend to avoid. “I have too much time left to worry about that now” is something we’ve all thought or said at some time. If things go bad somewhere along the line, you have an asset to rely on. If not, you have a home to move to, should you have no other plans come retirement time.

Japie Swanepoel, marketing:

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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