Is a vacation home worth it?

Question

We are considering buying a vacation home, but are wondering if it's worth it. We would like to have a place to get away but also like to travel. If you've owned a second home, do you find that you spend time doing both? How has it affected you financially? How far is it from your primary home and are you happy with that distance? Also, do you rent it out when you're not using it or keep it all to yourselves and why? Any other words of wisdom to add? Thanks!

Just really wanting to hear from people that have a vacation home to see what their thoughts have been on the whole experience. Since we are considering renting it out as well I'd love to know more on that process as well.

Answer 1

It really just depends on how much you visit the area. We were going to purchase a home in Orlando, we visit there quiet often. But later decided to just stay at the hotels we always enjoyed. It feels more like vacation when you are in a hotel, and if it is clean, then it is just fine. Plus, we visit other areas a lot of do traveling around the world, so we wouldn't use it too often. We sometimes go to Orlando once a month, so we wouldn't not use it a lot. But during the time we weren't there, we didn't want to rent it out and just felt it was too much of a waste not to use.

Having a second home can be costly and a lot of work. You techincally need someone to care for the home when you are not there, you need to consider how often you will be there, if you want to rent, etc. Also, you need to consider that any bills you have will have to double them. If you are financially able to support two homes, then it is worth it. It can be costly, but you then have a place to call home.

That being said, we have vacation homes in a few differnet places and absolutely love them. It is places we visit quiet often, not as much as Orlando, and weren't able to find hotels we REALLY liked to stay at in the area. So, we decided to get a home instead. We spend some time at them, but not as much as we like. And not necessarily enough to make it worth the cost. We have them at distances just a few hours away and some across the country. We don't rent them out when not in use. We usually do a spur of the moment thing when we decide to go and renting wouldn't allow that. And, we don't like the idea of other people living (and possibly destroying our new home).

I think the situation is going to be different for each person. Once you consider your options you will be able to decide what is best for you.

Answer 2

Having 2 homes is a lot of work and hassle. If you are going to use the home on weekends as well as for vacation, then it may be a good option. If it is just for a few weeks or months, you are better off renting.
If you do buy, be sure to stay withing 3 - 3 1/2 hours from home. Any further is too far to go for a few days.
If you do buy, you will feel obligated to spend all your vacations there. Is that what you want?

Answer 3

vacation home is truly worth it if you can afford it, and if you will visit that place enough that your money is well spent!