Am I greedy to buy this property?

[MuckFusk]

I notice a lot of people on MN are down on owning vacation homes, and I get why that is, considering how short housing is and the population density in the UK. I'm in Canada (where it's very common to have a vacation home) and I just made an offer on a property which will be used probably four months out of the year. I felt it was a better option environmentally to travelling, as it is not far to drive to, so no plane travel needed. I plan to kit it out for sustainability just as I have my current home; high efficiency heat pump, insulation, etcetera. The major reason I bought it as a future income property for my disabled daughter, especially for when I am no longer living, but it will be a vacation home for awhile. I don't think I'm depriving anyone else of high demand home, because it's been sitting on the market for a month and is in an area with a glacially slow housing market right now.

However, I do wonder if I'm greedy to have more than one property when some people can't even afford one. So you can vote YABU if you think I shouldn't have it and YANBU if you think it's okay.
It might seem like a weird question, but I second guess myself a lot.

Of course you are and you know it.

Do you intend to let it out when you're not using it? I think it's pretty selfish if it's going to stand empty for 2/3 of the year. But if there will always be someone living in it therefore contributing to the local and central economy, it's less of an issue.

If it’s common to have vacation homes, if vacation homes aren’t inflating the housing market in that area so locals can’t buy why not. As long as you’ve not made your money selling drugs or in the slave trade, you do you whilst looking to your daughters future too, it’s not a crime.

Why on earth would you give a monkeys what anyone else thinks?

Atw you seriously expecting me to believe that if more people vote against it then you won't buy it? Really????

Who cares what anyone else thinks? If you can do it, why not? I think it's very responsible and sensible to be thinking about future provision for a disabled child too.

I have a disabled child and would buy a small unit for them, extra to the family home, if I could. I've made sure they have a right to live in the family home for life though, so have taken care of their accommodation needs. I totally understand why you need to secure your child's future, as I have done with mine.

To the question are you greedy buying this property? The answer is, it depends. Has the housing market in the area been inflated by wealthy people buying vacation homes and pricing out the locals? If the answer to that is yes then you know the answer to your question.

Having said that it shouldn't be up to individuals to ethically police the housing market themselves. Governments really should step in to limit second home ownership if it negatively effects local populations being able to house themselves. Either by introducing rent caps, government backed mortgages for locals or substantially taxing second home ownership.

Well if the whole point is, long term, to provide your DD with an income which she presumably cant earn herself due to her disability (my son has CP, I sympathise) then make sure you sort out the small print.

Does she have learning issues? My son does and would struggle with lettings and legals etc He would be the perfect target for someone to take advantage of. So you would need it to be managed by someone with no skin in the game to keep her and her income safe. What are your plans for guardianship for her if she will need it?

sorry to focus on this instead of the "should I buy the house" question but its been at the forefront of my mind as I am sorting out stuff to make sure my son is taken care of when I am no longer around.

I think people giving you the benefit of the doubt are people who are either doing this already 😉or are being blinded by the fact that it's in Canada and don't know what the housing situation is like there, because if you had said Cornwall then you would get a definitive answer.

I agree that you should do you and I would if I could.

No, YANBU. I’m disabled and skint, and I don’t begrudge people like you buying property for a reason like this. Infact, you don’t even need a reason. It’s not your fault if people here can’t afford property and many houses here lie empty especially new builds and fixer uppers. You don’t need to have a reason to buy it even if it had only been on the market 5 minutes. Your money, your choice.

I only disapprove of the landlords who buy houses from skint people for peanuts then rent them out for a fortune. But you’re doing a good thing.

My Canadian cousins have ‘a cabin on the lake.’ It’s used for vacation time. It’s in a low density area with very little industry, and they contribute to the local economy when they visit, dining, groceries, purchasing services, etc. It doesn’t sound like you are pricing anyone else out, if there are no other buyers. Holiday homes keep jobs in rural communities which don’t have big economies.

Well that was a compelling argument. You've fully convinced me.

Why do you care what strangers think? I couldn’t live my life like this. Do what you want.

I probably sound like a complete bitch but if I could afford a vacation property and wanted one I wouldn’t give two shits what anyone else thought! It’s my money to spend as I please and it wouldn’t be my fault that people can’t afford the same as me. I have zero money and pretty much live from pay check to pay check, I would be happy for friends or family who had money to do this.

There's no market in the area for rentals that aren't on a year's lease.
I am going to ask a friend if she wants to rent it, but I doubt she will. It's not in an area a lot of people want to be year round. It has a very low population density and is rather remote. The only renters we'll find will be people who already live in that area and they'd want a year's lease.

I don't care in the sense that it will change my mind, but I am interested to know what people think because I enjoy discussions.

There's merit in what you say and I don't think you sound like a bitch at all. I'm sorry you are having a rough time economically. That sucks.
I like that I can invite friends and family who can't otherwise afford to go on holiday to stay.

Yes, that's exactly how it is. Very common in Canada. I think some people don't realize that it's not like the housing market in the UK. Thanks for your encouragement.

🩷
Sorry you're skint and thank you. Wish I could have you over for the summer. It sounds like you could use a holiday. I'll invite friends who need a holiday and don't have the money.

Yes, it would be very different if it was in the UK. I think some people can't quite picture population density this low.

Ok then. Yes I think it’s greedy.

She has CP also, but no learning disabilities. So she just needs help of the physical sort. For example she can't drive. I haven't quite sorted out the guardianship thing. Her favourite cousin has offered, but she doesn't live in the area. She could always sell the house and then move to where her cousin is.

Don't be sorry, you brought up some important issues. I am in the same boat as you, trying to sort it out.

😄

No, it has definitely not been inflated. Few (if any) vacationers actually want to have their vacation property in this village as it's not directly on a beach. The beaches are in other towns and rural areas 10-20 minutes away. But it does have a nice waterfront we can use and we are good with that. It's a sweet little village with a very long recreational path we can bike on as well. So no, not a magnet for wealthy folks at all. That's why I can afford it.

I completely agree with your points about what should be done about the housing market.

😄 No drugs and no slaves, I'm on a pension and buying it with proceeds from the sale of another property. Thanks.

Most certainly not. I'm buying it regardless.
You do realize you're asking me this in the AIBU section, right? You know, the place where people go to find out what other people think about your choices, feelings, opinions and problems? If you don't like answering AIBU posts then don't.