Vacation Homes

Home Mortgages and Home Buying Vacation Homes

  • ddswifey ddswifey 
    Status: Spouse
    Posts: 74
    Joined: 04/17/2019

    If you go in with others, there’s much greater risk of it going south.  A divorce (the other peoples, not your own) can ruin everything. I’ve seen this happen between two friends who I never ever thought one of them would get a divorce.  Just something to consider.

    I'm here to learn

    #227988 Reply
    CordMcNally CordMcNally 
    Status: Physician
    Posts: 3052
    Joined: 01/03/2017
    I know some glass half full folks will point out there is potential for drama, and somebody always ends up doing all the work, someone’s family doesn’t clean enough, broke the boat before we went down, blah blah blah. All this aside, you find the right people it will be worth it and you’ll have someone to spend some time with at the lake every now and then.

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    Buying a vacation house is generally a bad idea. Buying a vacation house with other people is making a bad idea even worse.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    Avatar dennis 
    Status: Retired
    Posts: 52
    Joined: 04/18/2019

    You are swimming against the tide on this site talking about a lake home so I’ll swim with you. It’s definitely a luxury and think hard on it before pulling the trigger. I am writing this from the deck of our lake home and I love it. I am retired and spend a good amount of time here. It is a lake on which my family has vacationed for a couple of generations. Our primary residence is a little smaller than the usual Dr. house and was half the cost of the lake house (because of the cost of the land). We started with a condo we could afford for the first 16 yrs and then sold it and bought the house, rolling the gain from the condo into the house equity (250% gain). It is certainly is a luxury though and you’ll have to budget for it but if it’s a lifestyle you want it is certainly possible.

    #228029 Reply
    Avatar Kamban 
    Status: Physician
    Posts: 2577
    Joined: 08/01/2016

    I hate going to a vacation home on the lake even on weekends.

    For weekend vacation, I just want to vacation at home. If I want to more than 4 days on a longer weekend or a 2 week vacation, I would rather just get a hotel. I like to vacation at different places. Not go to the same place over and over and over,,,,

    #228036 Reply
    Liked by ZZZ, Anne
    Avatar FIREshrink 
    Status: Physician
    Posts: 1035
    Joined: 01/11/2017

    Joanna – truck and trailer. It’s been great for us. I always wanted a cabin and this has been far more useful, flexible, portable, and inexpensive.

    #228068 Reply
    Avatar Infinity 
    Status: Physician
    Posts: 102
    Joined: 05/25/2019

    To me, a vacation home is considered a luxury item, likes cars, planes, boats, except it may go up in value (unlikely to make up for the expenses).  It is in liability category in my financial book (takes money out of my pocket), not asset category that brings money in.  Once you are rich, of course, you can afford any luxury items you want.  Until that time comes, pay for a few days of stay in resorts, hotel or AirBnB is a better option for me.

    #228079 Reply
    Liked by Tangler
    CM CM 
    Status: Physician
    Posts: 1195
    Joined: 01/14/2017
    Earnest refinancing bonus

    Lots of experience on bogleheads. Here is a current thread:

    Most regret the purchase.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #228095 Reply
    Liked by Tangler
    uptoolate uptoolate 
    Status: Physician
    Posts: 278
    Joined: 01/31/2016

    Relaxing watching some Justified after a great day at the lake house.  We call it a cottage but it is really a year-round house – in many ways nicer than our primary residence.  We didn’t do anything special to own it. Just worked and made the decision that it was worth it for us to have such a place.  Four children, now all in their 20s. Priceless memories and after some years of them not being up so much in their mid-teens they all now want to be here as often as possible.  It is nice to have a place with all of our own things, not have to pack, just jump in the car and go.  Financially, has actually turned out better than some ‘investments’ but definitely wasn’t made with that expectation.  Our best decision regarding it was to buy something that was very well built – steel roof, gas fireplaces, very low maintenance.  We don’t rent it out but do let family and friends stay as often as they want.  It is all about values and priorities.  Can’t say that it impacted our retirement planning negatively.  Definitely don’t regret the purchase. Maybe just lucky.

    #228113 Reply
    Status: Physician
    Posts: 616
    Joined: 06/23/2018
    it’s under 1.5 hours from my home

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    1.5 hours from SValley…. can’t be Tahoe… Delta? Berryessa? Clear Lake?

    #228122 Reply
    Avatar uteomfs 
    Status: Dentist
    Posts: 17
    Joined: 05/30/2019

    Be patient. The more I travel and have the means to travel, the less I want a second home. It’s becoming even more so a renters world. A few things to consider, overall costs including insurance, taxes and maintenance. We looked at places, highly desirable locations, and taxes alone were more expensive than a nice hotel in the same area would be for a couple of weeks. Time, it’s just damn hard to spend a lot of time at your second home early in your career. For me, it has only been recent I have had more than 2 weeks off a year to travel. Add the potential for kids and this is even more difficult. Way too many good deals on VRBO and the like, who wants that headache of owning. I will be heading back home tomorrow from vacation and wont lift a finger cleaning this home we rented. Someone else’s problem. Also won’t be paying to have the pool/hot tub fixed that had problems during our stay.

    #228127 Reply
    Liked by Tangler, AZPT
    Avatar Brains428 
    Status: Physician
    Posts: 466
    Joined: 11/09/2017

    Secondary lake houses are pretty common around here, even among non-physicians. Real estate around middle America are pretty reasonable. The people I know that use them the most use it about 20% of the year (a week a month during summer/warmer times, a weekend a month during the winter). They don’t really vacation, though, so it’s where that discretionary income goes. I think the secret costs come in the forms of boat and decks.

    I don’t see myself ever buying one, but I do enjoy glamping (go out into nature, come back to a real bed and maybe a TV).

    #228138 Reply
    fatlittlepig fatlittlepig 
    Status: Physician
    Posts: 1303
    Joined: 01/26/2017

    A second house to furnish, pay for, second property tax, insurance, utilities. Definite pass for me, would rather pay for a hotel or rent a place.

    #228141 Reply
    Avatar ame1215 
    Status: Physician
    Posts: 1
    Joined: 07/05/2019

    how about owning a beach condo/house  and also giving out to short rentals and using when you want ?

    #228049 Reply
    Vagabond MD Vagabond MD 
    Status: Physician
    Posts: 3486
    Joined: 01/21/2016

    One of the best financial decisions I ever made was not buying a vacation home. I despise maintenance and repairs on our one home. Two homes are 1 1/2 too many for me.

    We strongly considered a second home in a mountain resort area for summer and winter vacations. Over time, we even stopped visiting the location where we would have purchased the second home because we became somewhat bored traveling there and enjoyed going to new places.


    #228171 Reply
    Avatar Raddoc123 
    Status: Physician
    Posts: 109
    Joined: 07/03/2016

    Many wealthy people don’t own them according to one of those millionaire next door books.   Not only a terrible use of money but how about the waste of time trying to maintain, furnish the house, clean, driving or flying there and restricting yourself.  Makes zero sense to me.

    #228181 Reply
    Liked by Vagabond MD

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