Quote:
Originally Posted by WeLoveTheLake
Why would you want to buy a vacation home with borrowed money, especially now that stable genius took all the incentives away.
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Forget the money for the moment.
Our kids were born in 1970 (AK) & 1973(ID). My folks bought this property in 1976. Previously, they rented in Glendale since the 60's.
We lived in ID for around 3 yrs or so, LA 7yrs, MA 8 yrs, NY 6 yrs. Then we moved here. This place was a common memory for all my kids' growing up years, regardless of where we lived. It was vacations, and when we lived close enough many weekends year round.
We're not alone. We have several friends who have similar experiences. Going 'up the 'saukee" was a huge part of the kids growing up, and that is priceless.
Borrowing money to buy a vacation / secondary home is not necessarily an investment financially, but more for memories and life experience.
Dave