From personal experience, owning a holiday home is awesome! It's a very privileged position to even be in to  own a secondary home. If you don't need the income that this secondary home could generate also, you're in a very small group of Kiwi's who are 'living the dream'!

So, if you're thinking about this then, before you do, ponder the following questions:

Where should you buy a holiday home?

What types of property make the best holiday homes?

What are the bank rules if lending is required?

What other points should you consider from a tax perspective if you decide to rent out your holiday home?

What about going in with your friends to purchase a holiday home?