Is there anyone out there who has purchased a vacation home and then regretted it later?

Question

We are considering doing so, but can't get past the sticker shock of second homes right now. How has it worked or not worked for you?

Answer 1

Depending on your financial situation, it may or may not make sense.

A vacation home that gets visited once or twice a year is quite different from a weekend getaway.
How much will it REALLY cost you, and how many days a year will you actually use it ??

Years ago, I almost bought one. I am glad that I didn't.

After thinking about it, I realized that for some amount of money, I can rent a place to visit/stay/vacation ANYWHERE on earth, and go whenever I want to, and stay as long as I want.

I don't need to worry about fires, floods, property taxes or maintenance. Many people lost homes recently in Lake Tahoe. I don't want to fight with an insurance company or have to rebuild...

OK, the downside of my thinking is that I missed out on some appreciation of what I didn't buy, but the carrying costs were huge.

Buy rental property elsewhere with the same money OR just take your proposed monthly expenses and put them in the bank (with interest) every month and watch the balance grow.
You can draw on that to travel anyplace, anytime.

Of course, it's important how often you would expect to use it, and you may not want to travel to different places. You can still rent some beautiful homes yearly, for much less than the cost of owning.

One last thing, I don't get in arguments with family or friends about using my vacation home when it's empty.

I'd rather go on a cruise for a week at a time, my cabin is always ready..

I'd rather invest in rental property, and not have to vacation in the same place.

Another option is buying a RESALE Timeshare. Some people that paid $20,000 will sell them for $1,000 just to get rid of it. NEVER buy from the developer. Just read all the fine print. You can look on eBay and there are many brokers that deal in resales.

Hope this helps or is food for thought.

Answer 2

Yes. We had a vacation home a few decades ago. It became a royal pain in the backside handling the upkeep of that property in addition to that of our primary residence.

We also bought too distant from our primary residence, and discovered that we were spending about eight hours of driving time getting there and back for weekends. Total nonsense, so we sold the joint and bought a vacation condo much nearer to where we live.

Consider all factors before you jump in. You might be just as happy renting vacation facilities for your time off.

Answer 3

Our place was a breath of fresh air, each weekend and for 2 weeks during the summer. The stress of our jobs in the city made the place "heaven on earth". Grant you, it was a small one bedroom cottage, near the lake. It was cheap, cute and the taxes were reasonable. I recommend you not put alot of money into your vacation home, it is what it is...for a vacation and peace of mind, not a "money pit". Look around, then be glad you didn't place a financial burden on you and your family and ENJOY it!

Answer 4

i do no longer very own, and could under no circumstances very own a timeshare. Timeshares are a ROTTEN deal. Run the numbers. Take the money value for the time share, for 2 weeks, and multiply it via 26. upload in 12 X the present month-to-month fee. YIKES! i'm getting $650,000 for a $25,000 time share, PLUS costs. Now, divide that quantity via how lots a inn with comprehensive room provider could be. it is a heck of a sizeable variety of room provider. Plus, timeshares do no longer delight in in value, and that they are basically approximately impossible to unload without taking a significant hit. undesirable theory.