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Is a Dream Vacation Home Right for You?
By Mark J. Donovan
Many of us dream about owning the vacation home in the
Mountains, or on the Lake or Ocean. A place where one can retreat periodically
from the hustle-bustle of everyday life. However, for those who do achieve the
financial resources to make such a purchase, there are several factors that
should be considered first prior to taking the plunge.
Owning a Vacation Home can be a wonderful experience, but
it is a huge commitment and responsibility.
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When one first thinks of owning a Vacation Home, we think of
only the positives, such as a quiet remote location where we can get away
from it all. A place where we can swim, fish, hike, and ski.
Unfortunately for many, they forget about the other realities: location and
travel time, upkeep and the associated costs, high property taxes, their
children’s school and other home activities, guests.
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All of these put stress on the new Vacation Home owner, and
how they prepare ahead of time to address these issues determines how
enjoyable their new purchase will be.
The first item to consider when purchasing a Vacation Home
is location. Is it near enough from your main home such that you can enjoy
it regularly enough? If not, consider another investment. The last
thing you want to do is make a huge investment in property that you can not
regularly enjoy.
Though real estate has always been considered a good
investment it is not considered liquid, and expensive vacation homes can take a
long time to sell.
Cost of upkeep and property taxes should also be heavily
considered. Maintaining a vacation home is not cheap and the local town
officials love to hit the vacation homes hard with property tax bills.
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One also needs to consider his or her own weekend
responsibilities and those of their children. Sports team events, clubs and
organizations as well as maintaining the main house will eat into the time
available to head to the weekend get-away. And if you have teenagers, they have
their own dates and plans. Be prepared, more times than not, for having to forgo
the weekend retreat for your children and other responsibilities. |
One of the other aspects of owning a Vacation Home is
having guests. This is a double edge sword. You want to have guests
to share in your retreat. However, the upkeep, food and cooking can become
overwhelming. Also, when guests visit, they are on vacation, but you may
not necessarily be. It is important to let friends and families understand
this, otherwise prepare for unexpected meals outs and other activities.
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Owning a Vacation Home can be, and is for most, a wonderful
experience. Those who truly enjoy them, usually have to go thru an adjustment
cycle. First the euphoria phase, followed by a frustration and exhaustion phase,
and finally the true enjoyment stage. The enjoyment phase occurs when one has
developed a balance between the pros of owning a vacation home and the other
responsibilities of their lives.
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