Post # 1
…how did you afford it? My dream has always been to have a vacation home in California or Florida. I don’t have a primary house yet, as we’re not sure where we will end up, so this a long term goal. I’m just curious if you did anything special or if you rent it out or any other tips.
Obviously finances are personal, so don’t share anything you don’t feel comfortable to share.
Post # 3
We looked into it, but decided against it. There are lots of ways to do it.
- Buying a smaller/less expensive primary home allows for greater cash flow for a vacation home both in saving for it as well as maintenance of it
- Buying the right vacation home can be an investment and not just an expense. (Rent it out, appreciation value, taxes etc)
- Location of the vacation home. How expensive is it to get there? Driving or flying distance?
You dont have to have a primary house to buy a vacation home. In fact, its possible that it could be a smart investment to buy a well-researched vacation home that could work for you (IE cash flow, taxes etc) while you wait on a primary home.
Post # 4
- Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall
I don’t have one, nor do I know anyone with one, but is a time share an option for you? My in-laws have a time share in the Cayman Islands and always request the same suite when they set up their yearly visit so it’s like a vacation home kinda. I think that would be a more affordable option, especially one within the US like you’re looking.
Post # 5
We also looked into it but it didn’t make sense for us right now. We figure it makes more sense for us to rent a cottage for a month every summer rather than buying right now. We’d be responsible for all the upkeep throughout the year and we didn’t want to commit to making the commute.
If there are property management companies in the area that could periodically go in to check on it and do other chores like the yardwork when you aren’t using then it may make sense. For us this wasn’t possible in the cottage area where we were looking. Perhaps down the road we will reconsider but we’re hoping for some type of arrangement where we can rent the same spot every year for the month of August so we’ll still the get the familiar feel of ownership without all the responsibilities.
Post # 6
- Wedding: October 2011 - Bed & Breakfast
I know someone who recently purchased a vacation condo in Florida for $35k. There are so many foreclosed condos in Florida that you can buy one for the same price as a car.
Post # 7
@lovekiss: Wow that is a really awesome deal! I’ll have to look into condos in the Florida area.
I have considered a timeshare, but I really like the idea of having a place that we can go to anytime. I also would like something that we can rent out.
I’m still considering maybe getting a house closer to home, so that travel expenses wouldn’t be so much. We live in the DC area.
Post # 8
- Wedding: October 2011 - Bed & Breakfast
@NK2012: You could always jump right over the line to WV for a cheap cabin in the woods. A 2 hour drive and done. 🙂 Or go a bit farther to get a place in Deep Creek. Skiing, boating, fishing, etc. all right there.
Mr. Lk and I have discussed the cabin in WV option. But we honestly just don’t want the added responsibility of another home to take care of. We’d rather pour our resources into one home that we can enjoy full-time.
Post # 9
FLA is mad cheap for houses…I could see that being a very doable monthly payment, especially if you are able to rent it out some, as well!
Post # 10
I always wanted a place in Florida!!!! My friends parents have an amazing house down there and from our home to there vacation home is only a 2 hour plane ride. Maybe one day….
Post # 11
We thought about it years ago when DH’s brother and family lived in Hawaii.
We decided against it for a few reasons…
~ all the financial outlay…upkeep, taxes etc. I would rather use that money elsewhere.
~ we did not want to feel obligated to always vacation there… as in, we spent all this money so we should go there for our vacation. If we want to go to Europe, I didn’t want to feel guilty.
~ but the biggest reason… I want to be “taken care of” of my vacations! If we had a vacation home, we would be cooking and cleaning. I do that at home! When I’m on vacation, I want to eat at restaurants, have someone clean up after me, make my bed. Yes, it’s selfish but I want to relax on vacation!
Post # 12
we have a family beach condo.