Was just going to write more or less the same thing. A second home (especially far away) is a huge expense, not a financial investment. Whether or not that expense is worth it (e.g. as a place to create good memories) is a very different prospect than real estate as an investment.
We rented the same vacation house for many years - it was way less expensive than owning the place. Recently it was re-zoned to be in a flood plain - that would have completely killed the place as an investment.
We could have bought the house BTW, but instead invested the money in stock and bond index funds. That turned out to be a really smart move. We still have the great memories, and don't have the ongoing headache of a far-away property to maintain.
Thank you, I agree that having a second house means having double work to do and this is my main drawback. The holiday part is already something we are enjoying much, which is something I had a lot less as a kid so I'm happy to give that to my kids.
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Was just going to write more or less the same thing. A second home (especially far away) is a huge expense, not a financial investment. Whether or not that expense is worth it (e.g. as a place to create good memories) is a very different prospect than real estate as an investment.
We rented the same vacation house for many years - it was way less expensive than owning the place. Recently it was re-zoned to be in a flood plain - that would have completely killed the place as an investment.
We could have bought the house BTW, but instead invested the money in stock and bond index funds. That turned out to be a really smart move. We still have the great memories, and don't have the ongoing headache of a far-away property to maintain.
Thank you, I agree that having a second house means having double work to do and this is my main drawback. The holiday part is already something we are enjoying much, which is something I had a lot less as a kid so I'm happy to give that to my kids.