Quote:
Originally Posted by Laner99
Thanks for all the opinions on this. I know a lot of the comments are directed towards this being an investment opportunity or an income property but that is not my end goal. I am not looking at it from that angle at all. I am just looking for something that my family can use as a holiday place that doesn’t involve us having to be there every single week (for us one week a month is perfect).
I had the fifth wheel and truck for a while but found that we could not use it nearly enough to justify having 65 K sitting there for 8 the 12 months out of the year when it is too cold to use and the cost of the maintenance of a diesel truck, storage for the trailer, and depreciation of everything was a real losing venture.
At least with a condo it can be used in the winter and not just sit in a rental storage facility. I would love to be able to own a 100% stake in a condo but I don’t have 325 plus thousand to drop on a holiday property.
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But you can vacation anywhere you want right now, without a giant financial liability. You don't have to worry about insurance, taxes, condo fees, upkeep, upgrading, etc. You also don't need to worry when you're paying to use something you're not using. Just rent a hotel room/condo whenever you want to vacation. I can't think of a single compelling reason to partially own one of these places over just renting them when you need. Can you?