Is Purchasing a Vacation Home a Good Idea? - Dave Ramsey Responds

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  • čas přidán 8. 09. 2021
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Komentáře • 592

  • @indyzat0988
    @indyzat0988 Před 2 lety +488

    My vacation home is a tent. Only used it four times, but at least I paid cash for it.

  • @mommaoinnh2674
    @mommaoinnh2674 Před 2 lety +148

    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.

  • @marksandoval5361
    @marksandoval5361 Před 2 lety +221

    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.

  • @TheAgentmigs
    @TheAgentmigs Před 2 lety +260

    This guy got shot down hard. But Ramsey is right..a vacation house is more of a status symbol than an actual need.

  • @Mr_Fairdale
    @Mr_Fairdale Před 2 lety +21

    Guy was dead in the water the second he mentioned Suze Orman haha

  • @drmitofit2673

    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.

  • @ghost307
    @ghost307  +19

    I bought a vacation home with the intention of moving into it when I retired.

  • @ThatCho
    @ThatCho Před 2 lety +175

    You know it’s bad when he doesn’t even ask what their household income is. This guy never stood a chance.

  • @Hank_Steiner
    @Hank_Steiner Před 2 lety +16

    I don't think you can make a comparison with a depreciating asset like a car with an appreciating asset like a holiday home.

  • @katem6562
    @katem6562 Před 2 lety +69

    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!

  • @Cravz69
    @Cravz69 Před 2 lety +77

    Avid Dave listeners knew this was over before Dave spoke.

  • @ChristopherCarafello
    @ChristopherCarafello Před rokem +63

    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.

  • @arga400
    @arga400 Před 2 lety +114

    Vacation homes are not an investment, the times you can actually rent them is the time you want to use them

  • @kimhale1759

    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! 😊

  • @MichaelAnderson-wk1no
    @MichaelAnderson-wk1no Před 2 lety +37

    "It doesn't fit into the Ramsey plan"... Then WHY are you calling Dave Ramsey to ask if you should do it?

  • @jeffmckinley6324
    @jeffmckinley6324 Před rokem +5

    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.

  • @mysticaltyger2009
    @mysticaltyger2009 Před 2 lety +11

    I like his decription of it as a toy. That was perfect.

  • @lanadixon1822
    @lanadixon1822 Před 2 lety +30

    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.

  • @joeykramer7282

    Love how Dave tells it like it is and doesn’t care about feelings or bursting peoples bubbles. I respect him for that

  • @jgluff16
    @jgluff16 Před 2 lety +19

    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.