Reply to Should I buy a beach vacation home?

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[quote=Anonymous]I totally understand the desire to get a beach house.  We did it as soon as I got a major promotion at work and started making real money.  And whenever we were actually there, we loved it.  It was so great.  And it was a large house with beautiful views and was a great place for family gatherings.

But strictly from a financial standpoint, it was without question the dumbest investment we ever made.  There was no way of knowing it at the time, but we bought when prices were too high and they fell off the cliff a few years later.  Wear and tear was insane.  We rented the place out about 16 to 20 weeks a year and the renters were brutal.  The harsh winters were really tough on the HVAC systems.  Management fees were insane.  And during hurricane season we were on edge during every storm.

In the end, we sold the place for far less than we paid for it.

It didn't kill us financially since we were and still are highly diversified but we learned our lesson.  We'd never in a million years do it again.  [/quote]

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