Reply to Can We Afford a $1.5MM Second Home?

Forum Index » Money and Finances

Reply to "Can We Afford a $1.5MM Second Home?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You're 59 OP - you want to drop $750,000 on the place (not counting insurance and monthly mortgage). How often are you planning on going? How much would a similar place be to rent? Will you be happy just going to that one place?

Even if a week at a really nice place was $10k (with airfare and what not) you could go 75,000 times... IMO it's not worth it, not when it's an area prone to hurricaines and what not.[/quote]

Well technically 75 times at $10k, and you'd have no equity at the end of that.[/quote]

A fair question. For now I'd guess we'd go 3-4 times a year for 7-10 days each time.
We just returned from there and spent 7 nights at a nice hotel (Ritz Naples Beach) at a cost of $1,350/night.
I should probably add that we don't have any children. Leaving a maximum estate behind for a child is, unfortunately, not a consideration.
Flood insurance, as mentioned above, is included in the monthly maintenance fee. Homeowners, for the inside, is on me.[/quote]

So 4 times a year for around $15k a pop, gives you about 13 years worth of vacations for $750k. No, you won't have equity at the end, but it doesn't sound like that's the purpose of the purchase. Personally I'd rather be able to travel anywhere and not be limited to one location, but if you really want to go to the same place then enjoy![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics