1 00:00:07,133 --> 00:00:10,453 Speaker 1: You're listening to this Saturday Morning with Jack Team podcast 2 00:00:10,573 --> 00:00:11,933 Speaker 1: from News Talks AB. 3 00:00:13,333 --> 00:00:16,653 Speaker 2: And joining me now from Ope's Partners to talk Money 4 00:00:16,893 --> 00:00:18,013 Speaker 2: is Ed McKnight. 5 00:00:18,093 --> 00:00:21,053 Speaker 3: How are you ed, Oh, Francesca's wonderful to talk to 6 00:00:21,093 --> 00:00:21,493 Speaker 3: you again. 7 00:00:22,173 --> 00:00:23,453 Speaker 2: Have you had a chance to have a bit of 8 00:00:23,493 --> 00:00:25,133 Speaker 2: a break or have you spent the time sort of 9 00:00:25,173 --> 00:00:27,173 Speaker 2: moving into your new home and settling in? 10 00:00:28,133 --> 00:00:29,973 Speaker 3: Well, do you know what? This is the first weekend 11 00:00:30,053 --> 00:00:32,933 Speaker 3: I'm actually spending him a new home because we did 12 00:00:33,053 --> 00:00:35,293 Speaker 3: manage to go on holiday. We headed over to the 13 00:00:35,333 --> 00:00:37,973 Speaker 3: Northern Hemisphere, over to Switzerland for a bit of skiing. 14 00:00:38,013 --> 00:00:38,853 Speaker 3: We were very lucky. 15 00:00:39,453 --> 00:00:42,253 Speaker 2: Okay, all right then, so you wouldn't have been sitting 16 00:00:42,293 --> 00:00:45,093 Speaker 2: at the beach in New Zealand in a lovely sort 17 00:00:45,093 --> 00:00:47,053 Speaker 2: of kew we bat going gosh, you know that you 18 00:00:47,133 --> 00:00:49,413 Speaker 2: might have rented for the summer going Actually, wouldn't it 19 00:00:49,413 --> 00:00:51,253 Speaker 2: be great if we were able to afford a batch? 20 00:00:51,933 --> 00:00:54,733 Speaker 3: Well? I personally wasn't, but I know that there are 21 00:00:54,893 --> 00:00:56,893 Speaker 3: a lot of Kewis who do this. You head off 22 00:00:56,933 --> 00:00:59,653 Speaker 3: to the beach and you look at your partner and think, gosh, 23 00:00:59,653 --> 00:01:02,133 Speaker 3: wouldn't it be great to come back here? Every couple 24 00:01:02,133 --> 00:01:05,453 Speaker 3: of weeks, maybe we should look into buying a holiday home. 25 00:01:05,693 --> 00:01:08,213 Speaker 3: Or I'll tell you now story. I was in Ohakeuney 26 00:01:08,333 --> 00:01:11,733 Speaker 3: earlier this year, and as you're on holiday there, you 27 00:01:11,853 --> 00:01:14,413 Speaker 3: walk past the real estate companies, you pop your head 28 00:01:14,413 --> 00:01:16,253 Speaker 3: in the window, and if you're from one of the 29 00:01:16,333 --> 00:01:19,493 Speaker 3: largest cities, you might look at the house prices in 30 00:01:19,493 --> 00:01:22,293 Speaker 3: a smaller town and think, do you know what, that's 31 00:01:22,373 --> 00:01:25,093 Speaker 3: not that bad. It's cheap compared to where we live. 32 00:01:25,453 --> 00:01:28,013 Speaker 3: Maybe we should think about a holiday home. So what 33 00:01:28,053 --> 00:01:30,253 Speaker 3: are some signs that it's a good idea. What are 34 00:01:30,293 --> 00:01:33,053 Speaker 3: some signs that's a bad idea. Well, I think if 35 00:01:33,093 --> 00:01:37,293 Speaker 3: you're into some sort of sport like boating or snow 36 00:01:37,373 --> 00:01:41,413 Speaker 3: sports like skiing and snowboarding, then sometimes it actually can 37 00:01:41,453 --> 00:01:43,253 Speaker 3: be a good idea to have a holiday home because 38 00:01:43,253 --> 00:01:45,893 Speaker 3: you've got all of this equipment and you need a 39 00:01:45,973 --> 00:01:48,213 Speaker 3: place to store your stuff, because it can be very 40 00:01:48,253 --> 00:01:51,173 Speaker 3: inconvenient if every couple of weeks you've got to pack 41 00:01:51,253 --> 00:01:54,933 Speaker 3: up your whole entire car and caut everything down four 42 00:01:54,933 --> 00:01:58,053 Speaker 3: hours down to Acuney or wherever it happens to be, 43 00:01:58,453 --> 00:02:01,093 Speaker 3: and having that holiday home it can just be a 44 00:02:01,133 --> 00:02:03,533 Speaker 3: really useful place to store your stuff. I'll tell you 45 00:02:03,533 --> 00:02:05,853 Speaker 3: another time that buying a holiday home can be a 46 00:02:05,893 --> 00:02:10,133 Speaker 3: good idea. Sometimes people have family batches and they've been 47 00:02:10,173 --> 00:02:12,813 Speaker 3: going there for years and years and years, and then 48 00:02:12,813 --> 00:02:15,613 Speaker 3: they get the opportunity to buy their parents out. Well, 49 00:02:15,693 --> 00:02:17,893 Speaker 3: that can be an okay idea as well. But what 50 00:02:17,973 --> 00:02:21,413 Speaker 3: I really just want to warn people against is that 51 00:02:21,533 --> 00:02:23,933 Speaker 3: idea that sometimes you buy a holiday home and then 52 00:02:23,973 --> 00:02:27,533 Speaker 3: people tell me, look ed, we don't actually go down 53 00:02:27,573 --> 00:02:29,973 Speaker 3: to the holiday home to the batch as much as 54 00:02:30,013 --> 00:02:32,813 Speaker 3: we thought we would. And so if you've already gone 55 00:02:32,813 --> 00:02:35,613 Speaker 3: there a lot, because it's been a family home, or 56 00:02:35,693 --> 00:02:37,853 Speaker 3: because you play a sport, well those are some good 57 00:02:37,933 --> 00:02:39,973 Speaker 3: signs that you're actually going to make good use of 58 00:02:40,013 --> 00:02:45,373 Speaker 3: this property. Whereas if you've only gone to this place once, 59 00:02:45,453 --> 00:02:47,973 Speaker 3: it might be somewhere in the corn Handle, and this 60 00:02:48,093 --> 00:02:50,213 Speaker 3: is your first time at that beach, it might be 61 00:02:50,253 --> 00:02:53,413 Speaker 3: a bit too hasty to say, let's start looking at properties, 62 00:02:53,453 --> 00:02:55,933 Speaker 3: because you haven't really proven to yourself that you are 63 00:02:56,013 --> 00:02:59,053 Speaker 3: going to use this. One alternative I'll just suggest for 64 00:02:59,133 --> 00:03:02,293 Speaker 3: people is if you are going to buy a holiday home, 65 00:03:02,333 --> 00:03:03,973 Speaker 3: you're going to spend money on rates. You're going to 66 00:03:04,013 --> 00:03:05,853 Speaker 3: be spending money on insurance, you're going to be spending 67 00:03:05,853 --> 00:03:09,133 Speaker 3: on mate, it might be five grand plus a year, 68 00:03:09,533 --> 00:03:12,413 Speaker 3: and one alternative to buying a holiday home is to 69 00:03:12,493 --> 00:03:16,693 Speaker 3: take that money and just go to different airbnbs around 70 00:03:16,733 --> 00:03:19,893 Speaker 3: the country and test out different spots. You know, we 71 00:03:19,933 --> 00:03:22,573 Speaker 3: don't always need to have one solid spot that we 72 00:03:22,653 --> 00:03:25,373 Speaker 3: go to every time for twenty years. Sometimes people get 73 00:03:25,413 --> 00:03:29,213 Speaker 3: bored of that particular town and a better idea might 74 00:03:29,293 --> 00:03:31,173 Speaker 3: just be to use that same amount of money you 75 00:03:31,173 --> 00:03:34,173 Speaker 3: would have spent on rates, insurance, maintenance and go to 76 00:03:34,213 --> 00:03:35,613 Speaker 3: lots of different towns. 77 00:03:36,013 --> 00:03:38,253 Speaker 2: And of course that's the important part of it too, 78 00:03:38,293 --> 00:03:40,173 Speaker 2: isn't it, EDGHG. Have to work out what it is 79 00:03:40,173 --> 00:03:41,973 Speaker 2: going to cost you and whether you will be able 80 00:03:41,973 --> 00:03:43,973 Speaker 2: to maybe potentially read it out for the you know, 81 00:03:44,053 --> 00:03:45,853 Speaker 2: for a period of time throughout the year, in order 82 00:03:45,893 --> 00:03:49,053 Speaker 2: to contribute to those costs as well. Thanks so much 83 00:03:49,093 --> 00:03:51,173 Speaker 2: for your thoughts, ed. Nice to catch up with you. 84 00:03:51,853 --> 00:03:54,973 Speaker 1: For more from Saturday Morning with Jack Tame. Listen live 85 00:03:55,053 --> 00:03:58,213 Speaker 1: to News talks 'b from nine am Saturday, or follow 86 00:03:58,253 --> 00:03:59,773 Speaker 1: the podcast on iHeartRadio.