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Can I/should I buy a cabin?

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  • #16
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    I say yes.

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    • #17
      We had a vacation home for that very reason for 20 years. Great when the kids were young and easy to bring all our pets with. As the kids aged we used it less and less. It was an expensive luxury item but worth it to us for the family time

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      • #18
        It's a lifestyle choice and only you can determine if it's worth it. I was and has been for me the last 33 yrs. It's my favorite place.

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        • #19
          Not a good financial decision. Not everything worth doing in life is a good financial decision.

          Is this right for you? Only you can say. The questions I would ask yourself:

          1. Can you really afford it. I mean really. Zero doubt. You have way more than you need and this will not harm you in a way that means you cannot retire when/how you want.

          2. How much do you love it. Area? Do you visit that area often now?

          3. Spouse (or whatever person is the PC thing to say now), do they like it? love it? Will they be annoyed in any way?

          4. Do you want to rent it? Is it OK if someone else's doggie pees on your rug? Do you want to deal with that or just keep it as a pure consumption item?

          5. If you plan to rent it, what do the numbers look like? NOI? Cap rate? cash on cash returns? Management company costs? taxes? Insurance? vacancy rate?

          6. Are you ok with only going to this place or at least mostly going to this place? Everything has costs (including opportunity costs) and this might mean fewer trips to other locations so that you feel like you are being "responsible" by using your resource.

          7. Are you handy? I just tried to fix my dishwasher.........less than easy fix, but I have not given up. onliine videos are great but you gotta love that crap or pay out the nose for someone who can turn a wrench to deal with it and if you don't like fixing things and hardware stores then it is another reason to rent IMO.

          I might buy a second home in the future too. I do not think it is a smart financial move but rather a consumption item that "might" improve your lifestyle.

          Life is all about tradeoffs. You can have anything but not everything. If this thing means you must work a little longer how do you feel about that?

          Good luck.

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