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Reply to "Do you think a vacation home is a good investment?"
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[quote=Anonymous]For us, absolutely! We purchased an ocean front house in Corolla, NC in 2017. We got it for a steal and it has a mortgage at a nice low fixed rate. It needed a little bit of TLC with new paint and new furnishings and we redid the bathrooms and decks. The TLC cost about $115K. It was a stretch at the time, but I’m so glad that we took the leap and made it work. We rent it for 5-7 weeks in the summer and net almost $13,000 per week and it pays for the mortgage, taxes, insurance and upkeep. And we spend the other weeks enjoying the house. And the house’s value has shot up. But if we had not had the cash to fix it up and gotten lucky with the interest rate, it would not have been a good move on our part. [/quote]
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