by financial specialist Garry Spencer of Worthing-based Wilbury Financial Management 01903 213222 or garry@wilbury.uk.com

With the evenings drawing in and the weather continuing to be damp and miserable, following on from the recent torrential rain, we often find our minds turning to those hazy, lazy days of summer.

Well, not our British summer, but more the type that most of the rest of the world seem to enjoy.

Holidays are big business and we travel far and wide in search of the perfect holiday destination and, while there, we are often encouraged to purchase a piece of "permanent sun".

One of the most common ways of attaining this has been through the concept of timeshares.

Although timeshares have had some adverse publicity in the past, they can be an ideal holiday opportunity.

The major drawback I can see in the concept is that you don't seem to actually own any property and the initial outlay can often run into many thousands of pounds.

You also often have annual maintenance costs whether you use your timeshare or not but I have come across an alternative that could make the ideal holiday home.

I have been asked to help arrange the finances for a group of five couples who all love the New York area of the States.

They are planning to buy a property over there to be used as a holiday home and to be let out while not staying there.

This could provide them with an income that should be enough to pay the annual US state taxes for the property and cover the running costs.

The property will cost about £100,000 and each couple will need to raise £20,000.

Some are using savings and two of the couples are raising capital on their existing mortgage, which is adding about £150 per month to their payments.

Many agreements had to be put in place and all parties involved realise that this New York house venture is a long-term project.

At least, unlike buying a holiday home via a timeshare, all concerned will actually own a stake in the property.

At the same time as I have been advising on the US venture, I have also been asked to help a group who are looking at collectively buying a house in France.

This time, the group only expects to buy a property for about £25,000.

This will give each member a stake in a French property for little more than taking a family on a two-week Caribbean holiday!

Wilbury Financial Management is a member of IFA Network Ltd, which is regulated by the Personal Investment Authority.