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.

I appreciate you wanted a discussion but it's a bit daft to post on here, which is mainly a UK website, and talk about holiday homes in Canada.
As you say, it's very common in Canada and it's not like the housing market in the UK. The population density is much lower etc.
You'll get a lot of flak on here because holiday homes have caused and are causing lots of serious issues in various parts of the UK.

I don't really know what the point of the thread is. You're going to buy it anyway and good for you.

Did you just want to wind people up?

Canada has more land than can ever be used.
The issue in the UK is that we don't. There is a shortage of affordable homes to rent or buy and this is really acute in some places, meaning normal people with normal jobs just can't live.

Personally, I think people should be free to buy whatever housing they want. Where second homes are causing issues, it’s down to governments to step in with measures to make holiday home ownership less appealing (eg taxing properties left empty most of the year or regulating short-term lets). I also think if you own a second home in an area with a shortage of housing and those measures are implemented you have no grounds for complaint.

YANBU. You want it, you can afford it, buy it.

Buy it.

You have the money and you are doing it to secure your daughter's future.

Do you have the money? Are there properties for sale in your chosen area? If both are a yes - then what's the problem? Buy it, of course. And good for you, OP.

I can't afford the second property, but if I could, I'd buy it in a shot and weird thoughts about 'greed' wouldn't even enter my mind. Some people are richer, some people are poorer. It was ever thus.

Greedy is just someone’s opinion. Any luxury that you buy could be classed as greedy as you don’t really need it and could give the money to someone else in need. I could easily have donated the £4.50 I spent on a coffee to charity and had a cup of instant at home. But did I think twice about it? Nope

You do you OP, don’t let someone else’s jealousy get in the way of you and your daughter doing what makes sense for you both financially and to enjoy your lives.

Yes. The market market may be moving slowly but it is greedy IMO. But I guess you and others don't really care/sounds like you've already made up your mind. Why not get a static caravan/cabin on a holiday let? My mum has one and it's lovely, suits 2 people but can accommodate another two, properly insulated (cabin), near some lovely walks and towns, and isn't depriving anyone of a home. 4 months is so short.

The poll would suggest otherwise

I can't afford the second property, but if I could, I'd buy it in a shot and weird thoughts about 'greed' wouldn't even enter my mind. Some people are richer, some people are poorer. It was ever thus

100%. I plan to buy a second property at some point in the future, it's a great investment for my future retirement as I dont have a decent pension. It wouldnt even occur to me to think it made me "greedy". Like, WTF? 😂

YANBU. Invest in property all you want. No need to justify.

Btw I saw cabins for sale in UK and am well tempted with one. Wood, forest, quiet. But I don't believe in leashold so... No.

We have many priorities in India (a few flats and a big house). DH and I will soon retire in India, live off the money we've accumulated there and then when we pass our DC have good real estate.

Do you really think a month is a long time for a house to be on the market without selling?

In that case if you're not negatively effecting the local community by buying the property and you need it to help your daughter in the future I don't think it's greedy. And if that was a way I could help my disabled child I would do it in a heartbeat. It sounds like it will be a good place for respite and also give her a bit of extra security in her future.

As I said before though these sort of grey areas shouldn't be the concerns of individuals anyway, if its legal and profitable someone will do it, whether an individual or a business. When housing turns into a gold brick commodity and investment rather than to make sure everyone in a country has access to an affordable place to live, government needs to step in and regulate the market. (And also provide alot more decent social housing)

Surely buying a holiday home in Canada is better than you going on holiday and renting an Airbnb in a touristy place which really is pricing people out of the area?

Where I'm from there's a similar culture with regards to holiday homes - a large minority of people have them and they often get passed down from generation to generation and it's just a really lovely vibe! My family have never been fortunate enough to have one, but I never begrudged my friends who did.

I am interested to know what people think because I enjoy discussions.

"I love a bunfight'.

https://www.theguardian.com/books/2019/jul/06/homesick-catrina-davies-review

This is a very interesting book about how some people's greed impacts on others.

Might not apply in Canada but it certainly applies in the UK.

Yep, I’m aware of this in Canada. In fact person I know won’t sell her Condo right now due to prices declining as market saturated and trump effect.
canada is completely different ball game

so not sure why you’re even posting here. You’ve got money, other than give it away to charity, what else do you do with your wealth if you’ve covered bases like pension, providing for loved ones etc.

greedy is nothing to do with it unless you’re taking a property form someone else. Not case in Canada. Not even case it,l raise prices for locals if truely remotely area…most of areas around lakes are built up due to the second home market anyway.

greed will come in if you’ve made other people worse off by acquiring your wealth . If you’re an employer for instance that takes a big wage and profit form
business, and pays staff as little as possible . Or you run money schemes not short of fraud. If you’ve made your money honesty, ethically and do some good with some of it, then greed isn’t the pint on whether you buy this property or not

entriely different case in uk. You’d be increasing property prices locally, and taking houses from someone who needs it.

You say it's for your disabled daughter? If that's true then it seems reasonable enough.

If you want to give something back could you basically rent it out for free to a charity for the weeks it's empty? Like for a retreat for sick/disabled people, or the temporarily homeless? Or to do classes/therapy sessions?

You are obviously incredibly privileged. Not that I begrudge you spending your money how you wish. It just seems a shame to just leave an abode unused for many months when so many people have no roof over their head.

Why? The Canadian government is as useless as the UK government, it allows 500,000+ immigrants in every year then the same people that say "immigrants welcome" complain about a lack of housing and school places etc.

It's the governments fault for letting in too many people and not building enough houses... it's not the fault of some worker wanting to buy a holiday home to enjoy with their hard earned cash.

The UK can sustainably support 30million people yet we are way past that and yet the government still lets in 700,000 immigrants a year. Makes no sense at all.

Very common in Canada. I think some people don't realize that it's not like the housing market in the UK.

Surely you don't listen to the opinions of people who don't realise the housing situation in Canada is completely different to that in the UK.

UK = 68 million people
Canada = 40 million people

UK = 0.24 million sq metres
Canada = 10 million sq metres

Canada is about 40 times larger than the UK and has significantly fewer people.

nb this was all AI generated, could be wrong, but overall - there are loads more people in a smaller space in the UK.

The definition of greed is an excessive desire for more of something than you need. It sounds to me like you have some need for this additional house - to provide an income for your daughter, and as somewhere to spend your holidays, so no, by that definition, I don't think you're greedy at all.

I don't see this as a moral issue. It isn't intrinsically moral or immoral to own a second home.

The issue in parts of the UK is that second homeowners have completely priced workers in those areas out of a home. The additional council tax, stamp duty etc is a nudge to try and increase the number of homes available to local workers by encouraging some of the second home owners to consider whether they wish to continue given the additional costs of ownership. It isn't a personal attack on the morality of the owners of second homes.

I support these policies, but also have friends with a second home who've decided that as they use it regularly they will swallow the additional costs. I don't see them as 'immoral'.

Well very few of us know what the housing market is like in Canada so we can't say. It's selfish af in the UK.