Buying a vacation home

2rocky

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Jul 23, 2010
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1,475
So thinking about this, I determined that one scenario makes this workable....

If the Vacation home is going to be where you retire, and you will be able to sell your Primary home and cash out your equity without major tax penalty, and eliminate mortgage expense.
 

schmalts

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Aug 22, 2002
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8,173
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WI
So thinking about this, I determined that one scenario makes this workable....

If the Vacation home is going to be where you retire, and you will be able to sell your Primary home and cash out your equity without major tax penalty, and eliminate mortgage expense.
I think it's still a one time deal, so be careful when doing so.
 

Rhino Hunter

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Mar 15, 2014
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108
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MI
I'm not sure it ours would be considered a vacation home. We live in SE Michigan and we have a lakefront cottage Up North. It's about a 2-1/2 hour drive (165 miles away). We average using it about 40 days per year. Early on it was up to 60 days per year, but the boys grew up and went to college which distracted us from using it as much.

We do not rent it out.
 

beartoothhiker

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Oct 28, 2019
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Billings (and Little Snowies)
I had some very specific requirements when I started seriously looking for a small mountain cabin almost 5 years ago. The following were "must haves": within 2 hour drive of Billings so we would use it on weekends, year-round accessibility, and not in "grizzly" country. It took a couple years of looking, but found a great place on 20 acres in central Montana; with 3 kids still at home, it has been the best decision/purchase we have ever made. Public hunting options are close by and we've already had tons of memory making times with friends and family.
 

Straight Arrow

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Gallatin Gateway, MT
I had some very specific requirements when I started seriously looking for a small mountain cabin almost 5 years ago. The following were "must haves": within 2 hour drive of Billings so we would use it on weekends, year-round accessibility, and not in "grizzly" country. It took a couple years of looking, but found a great place on 20 acres in central Montana; with 3 kids still at home, it has been the best decision/purchase we have ever made. Public hunting options are close by and we've already had tons of memory making times with friends and family.
You won't regret it. Forty years ago I scraped together enough to start paying on a mountain twenty, intending to "flip it" for kids' college funds, but didn't need to. Almost twenty years ago I began my cabin project and it evolved into a retreat and fun place for kids, grandkids, nephews, nieces and others. 'Dreamt, scrimped, saved, worried, worked diligently, and continue the dream presently. The vision seemed $ daunting ... but the result, priceless!

P1000816.JPG
 

Rhino Hunter

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Mar 15, 2014
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MI
Straight Arrow,

That looks like a VERY cool place to escape from rest of the world. Good for you!!!
 

Straight Arrow

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Jun 10, 2009
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Gallatin Gateway, MT
Straight Arrow,

That looks like a VERY cool place to escape from rest of the world. Good for you!!!
For sure. In the middle of winter the trip in involves either skis or snowshoes, but when you get there I swear you can hear the snowflakes fall ... and the night sky is fantastic!
 

Rhino Hunter

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Mar 15, 2014
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MI
For sure. In the middle of winter the trip in involves either skis or snowshoes, but when you get there I swear you can hear the snowflakes fall ... and the night sky is fantastic!
Sounds AWESOME!!!

Me any my brother built a small hunting cabin back in the woods in the western UP. It was three miles from the nearest road. You could not get there by truck. Mostly by quad, snowmobile in the winter, or walk in. I hunted there for over 30 years and saw less than 10 people total not from our camp, and half of them were lost. LOL.

When we went outside at night many times there was no sound at all. You could hear the wolves and coyotes for miles. Pretty eerie, but awesome at the same time.

Man I miss that place.
 

PAGOAT

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Feb 9, 2016
Messages
370
Location
York, PA
When I bought "our vacation home" about 4 years ago I gutted it and started fresh. New insulation right to new gas boiler and hot water baseboards, kitchen the 9 yards..... I ended up with a little over 500 hours in that year to get it finished. My wife and kids spend the summers there along with long weekends in school season. I get to be there 18 or so days in hunting season, other than that its working or being out west. The best thing I did I feel was to start fresh and remodel everything so I didn't have to work on thing. I would say it's one of the best investments I've made, Also that is going to be our retirement home. Not for everyone but if you don't like it you can always sell it 🤷‍♂️
 
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