Anyone bought a ski apartment?(10 Posts)
DH and I are looking at the possibility of buying a ski apartment. We ski most years with our kids and also have had a couple of fantastic summer mountain holidays which we have all enjoyed. We are thinking we would probably use it for a week or two each year ourselves and then let it out. We're not ridiculously wealthy BTW so this would be a big investment for us and one that we need to get right.
We have an idea of the area where we would like to buy - it's on the France/Italy border, so we would probably look in France initially because we both speak the language (not fluently! but passable).
We have no idea what's involved with buying abroad or the specifics of an apartment in a ski resort. Obviously we are going to start researching but just wondered whether anyone here has bought a ski apartment and can share any knowledge or advice?
We did exactly this about 10 years ago because we had a hugely expensive ski holiday. Having our own flat has been amazing, but the downside is always going to the same ski resort! That might be a positive for you, but I would have liked to experience different resorts and ski areas.
It's definitely saved us a lot of money over the years, but we were lucky enough to buy in an up and coming resort when the Euro was worth a lot less than it is now. Our flat has gone up a lot in value in the last 10 years. Another positive is the improvement in our French
I'm afraid I wouldn't buy right now - I think you will pay over the odds due to poor exchange rate. Not to mention unknown ramifications of Brexit. Sorry to sound so negative - maybe someone else will come along and prove me wrong...
Thanks Enid, obviously Brexit is a big concern
I do take your point about not buying now, and we're certainly not going to jump into it without taking some expert advice, but at the same time, it's probably now or never - given the age of our kids, the next 6-7 years will be the ones where we really enjoy skiing together. So while we don't want to lose money, because that would be stupid, we would still at least consider going ahead even if the market isn't perfect.
We bought and renovated a ski chalet 8 years ago in French Alps. It has been great - we have 4 kids so it has been great to hop in the car (12hrs door to door) or the train from KingsX/StP - we often take children friends with us as well. We love the summer - swimming in the lakes, canyoning, white water rafting etc. We are in a smallish village and know many of the locals and other holiday home owners now. As our children got older we used it less for skiing than we thought as there as always someone doing mocks/GCES/Alevels etc.
That sounds lovely, Another. I'd love it if we could make this happen - it's something we've always talked about but never been in a position to even dream of doing it before.
I bought an apartment 10 years ago in France and have loved going there every year since but there are lots of different buying options so you are wise to take advice. James at www.ernalowproperty.com is a friend of mine and would happily give you some advice. Am excited at the thought of it for you.
How much would you save on renting holiday accommodation for 2-3 weeks a year? (That seems what owning a place would save you).
As you’d rent it for the rest of the year, it’d need to remain a pretty impresonal, professional holiday let. You’d have the headache of finding someone sensible to manage and market it.
I’d probably run the numbers to make sure it’s a worthwhile investment. Alternatively, you could use the money to invest elsewhere and perhaps use the profits to subsidise holiday accommodation. That would also make the money easier to access - foreign property is quite notorious for taking years to shift.
Thanks Skilover and jojo. I think reading your contrasting responses makes me realise that this is a bit of a heart-above-head decision for us so far. It's true that we will probably only be saving the cost of a few weeks of holiday accommodation (although if it means we can ski in Feb half term then that's a major financial gain right there!)
We do need to run the figures, and the point about not being able to realise the capital easily is a very good one - thank you. At the same time, I am excited too I am going to find it hard to give up on the idea if it turns out not to look like good financial sense.
Check out snowheads - very knowledgeable bunch and plenty have ski apartments.
Basically it’s almost never worth it financially and if you need rent to cover mortgage, forget it.
But if you want it as a lifestyle purchase and to leave all your stuff there and nip off for last minute weekends - go for it.
Go high and go near lifts. Short GVA transfer.
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