Is Purchasing a Vacation Home a Good Idea? - Dave Ramsey Responds
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- čas přidán 8. 09. 2021
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My vacation home is a tent. Only used it four times, but at least I paid cash for it.
I’ve had a vacation home since 1986. The first one cost 44k and was summers only. We were skiers, so we sold it 10 years later mid 60k and bought a year round vacation home for 110k in 1997. It’s now worth 500k. We use it all the time, year round. Just like Dave Ramsey rambled on about. I rent it out for $1500/wk in July /August. It makes your family much closer and the memories hanging out in the boat at the sandbar every weekend are worth it.
I owned a vacation home for a while and I used it a lot at first but soon we were only going there a few times a year. Makes more sense to just rent lodging.
This guy got shot down hard. But Ramsey is right..a vacation house is more of a status symbol than an actual need.
Guy was dead in the water the second he mentioned Suze Orman haha
A vacation home is never "paid off". There are lots of ongoing expenses: insurance, security contracts, real estate taxes, HVAC repairs, water damages, window replacements, utilities, HOA fees, dock/accessory building repairs, dead tree removal, landscaping fees, mowing service, etc. If you save some money by doing some maintenance chores yourself, it becomes work instead of vacay.
I bought a vacation home with the intention of moving into it when I retired.
You know it’s bad when he doesn’t even ask what their household income is. This guy never stood a chance.
I don't think you can make a comparison with a depreciating asset like a car with an appreciating asset like a holiday home.
I’m not buying a second home because I’m not interested in looking after a property from miles away! It’s just a hassle and expensive liability! Just rent a holiday home! Would put the money into making my life comfortable and easygoing!
Avid Dave listeners knew this was over before Dave spoke.
I got a vacation home, bought on debt. It cash flows on Airbnb and my family uses it months out of the year. Best decision I ever made.
Vacation homes are not an investment, the times you can actually rent them is the time you want to use them
It took me 10 years with 3 jobs, but I saved enough to pay cash for my small beach condo in South Carolina and absolutely love it! 😊
"It doesn't fit into the Ramsey plan"... Then WHY are you calling Dave Ramsey to ask if you should do it?
I paid off my first home and bought a lake house years ago with a mortgage. So many options, you can always sell it rent it out and make a ton of money! Enjoy life you can’t take it all with you.
I like his decription of it as a toy. That was perfect.
We paid cash for a share of a lake house 21 years ago and we have loved it but I can see in retrospect that a payment would have been a huge mistake. Life happened and it would have been like a millstone around our necks.
Love how Dave tells it like it is and doesn’t care about feelings or bursting peoples bubbles. I respect him for that
This is why I love this channel and show. Thank you for the amazing insight. Something I was thinking about 10 years down the road.