Vacation home. Timing and financial implications
-
Parkinglotracer
- Posts: 2429
- Joined: Fri Dec 20, 2019 2:49 am
- Location: Upstate NY
Re: Vacation home. Timing and financial implications
As your kids get older it may be tough to use your vacation home as much as you would like because of practices and games etc. Our kids were really into sports so we bought a place on a lake a 1/2 hour from house - we couldn’t get there often if it was hours away. We know sports are good and bad for family life. Kids loved it and one ended up playing in college so we had a hoot. But it took up a lot of potential family lake time. Depending upon what your kids are into this might be a factor.
Re: Vacation home. Timing and financial implications
We had a beach house as a vacation house. It was about an hour away from our primary house. Every Friday we would hop in the car and go down there for the weekend. It was really like having a vacation life for the weekends. It was great. But then things started to break down. Not big things just little things that needed fixing and then time spent there ended up being a bit of work. As the kids Time spent there ended up being a bit of work. As the kids got older, maybe fourth or fifth grade they wanted to spend more time with their friends and so the idea of going down for family time became less and less appealing to the kids because they wanted to stay up with their friends by the regular house. my impression of your gold though is different. A weekend here or there by the lake house but it sounds mostly like spending summers with family which would solve the problems of our beach house.
Re: Vacation home. Timing and financial implications
Of course the OP can afford it. His income is basically value of his primary house. Even by Bogleheads philosophy this is extraordinarily conservative. Buying a $700k second home puts the value of his real estate at ~2x his income which is still conservative.
The OP worked hard to get where he is. He has a young family. You only get one chance at having young kids with your wife. Go live your life.
The only thing concerning to me is the Government is paying of his Med School debt while he's making $750k? My wife and I paid back her med school debt the hard way at a fraction of the OP's income.....one month at a time.......for several years. Oh well. Times have changed.
The OP worked hard to get where he is. He has a young family. You only get one chance at having young kids with your wife. Go live your life.
The only thing concerning to me is the Government is paying of his Med School debt while he's making $750k? My wife and I paid back her med school debt the hard way at a fraction of the OP's income.....one month at a time.......for several years. Oh well. Times have changed.