09-22-2017, 11:57 AM
(09-22-2017, 10:42 AM)LongRanger_imp Wrote: Stichill, I came to the same conclusion when considering the purchase of a ski condo. The numbers didn't work and the hassle of furnishing, maintaining and cleaning the unit would outweigh the benefit of ownership. I now stay in hotels instead.
Not to mention: it's nice to have the freedom to visit different places, or to not feel like you "have to" go there to get your money's worth out if it.
It's like any asset where the hours of utilization don't justify locking up the capital. If boat owners actually tallied up the cost per hour of use "all in" they'd never buy one unless the income was considered truly disposable. RV'ers might do better if they spend a lot of time in the unit and save on hotel costs.
In general, it's almost always more sensible to rent than buy vacation assets that would get limited periods of use. The only thing that would change that, IMO, is if you absolutely love going back to the same magical place time and time again, and cherish the idea of having your own bit of heaven that's all yours and that no one else can mess with. Everything is just as you like it and it stays that way upon your return.
My buddy's dad, a state civil servant, built a place on Smith Mountain Lake in Virginia. He spent weekend upon weekend up there finishing it off, building a boat house, dock, wooden steps, rip-rapping the banks, etc. He retired and got ten good years living his dream before passing in his sleep. His widow still lives there. The place in the meantime has appreciated wildly. I don't think the kids will sell it out of the estate but if they did they could all retire early.