Sunday, January 18, 2009

Holiday homes

AyeRight is all irate again:
Mere mention is enough to make the blood boil. Whole communities have been decanted of their young folk as incomers move into once ordinary humble properties, and inflate the cost of housing beyond the reach of the average wage. The problem is not just a Scottish one, but affects many rural communities throughout the UK.
‘Is it worth it’ the Timesonline asks of a property it features,
Mains of Moyness steading.
Apparently the TOL reckons ‘the most sensible use of the property may be as a letting business’. Sensible no-doubt if you are aiming to invest the asking price of £225,000, but outrageous if you are a young person looking to buy a home in the place you were born.
The TOL reckons it would cost as much as the purchase price to renovate the steading into three properties, which at peak-period one might expect to let for ‘£500 per week’.
By my rough and ready reckoning if you have £450,000 sat doing nothing, it would take nearly six years renting all three properties at £500 per week before you broke even and moved into profit.
Is it worth it? I am sure someone somewhere will think so as their thousands sit in a bank accruing little interest in the current economic climate.
Meanwhile will another young Nairn face pack their bags to live somewhere else?

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