Call us today 09 320 0847Holiday Home
Having a holiday home, bach, batch, or crib as they are called in the South Island, has been a Kiwi tradition since the middle of the 20th century. Back then they symbolised the beach holiday lifestyle that was becoming more accessible to the middle class, especially in the 1950s as roads improved and the availability of cars increased.
In more recent times, the basic batch has been replaced with the modern ‘holiday home’, which is more substantial, and now has connections to water and electricity, not to mention indoor toilets.
There are three reasons for buying a batch…
1. Family legacy through property and memories
Family holidays are great for bonding – because it takes us out of ‘normal’ and puts us in a different environment – getting away from it all to focus on better connections with ourselves and our family.
It’s something few families still get to enjoy, going to the same spot every holiday. Then the kids come along and eventually the grand kids. They learn to swim, fish, and play backyard cricket. The more you reflect on the unforgettable moments, the more you cherish the time you spend there.
Once you have a holiday home, the decisions become about how to keep it in the family. There are various ways to do it, including utilizing a trust, and at Hastie Mortgages, we have connections with the right people you can talk with regarding your individual situation.
2. Beginning the retirement plan early
Homeownership can help you retire early, and there’s no better time to start planning your retirement savings than right now. The sooner you start, the easier it will be to hit your savings goals.
Downsizing is something that usually happens once the kids have left home. Downsizing enables an increased cash flow, a smaller home is easier to maintain, plus you have lower insurance and utility bills. But if you have the same income, why not put it towards a holiday home?
It’s a great way to test the location, purchase a holiday home in a place you want to eventually retire, and you can start building relationships within the community. The home could also be rented out while you aren’t there to help with some of the costs associated with owning a second property. If you don’t like it, you can test another locale with a few more holidays – either way, you are building your property portfolio.
3. Adding to your property portfolio
Property has long been considered an excellent method of creating wealth when used as a long-term investment strategy. It also gives you the added benefit of being able to leverage your existing property to buy a second property and so on, up the property ladder.
You can read more about investment property here (links to Property Investment page)
Basically, a holiday home is to create memories and a family legacy, form part of your retirement plan, and or build your property portfolio.
We are often asked, “When is the best time to buy?” And our answer is always “Yesterday.” So please reach out to anyone from the team at Hastie Mortgages and we’ll get a conversation started to set you up for success
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Got questions? No worries, there aren’t many we haven’t heard before – get in touch and ask away.