Nurturing Financial Freedom

Should I Buy That Vacation Home?

Episode Notes

With COVID-19 cutting many people's desire to get on an airplane or other public transportation,  many of our clients are considering buying a second vacation home - on the Shore or elsewhere. Today, we weigh the pros and cons of whether or not you should make this major purchase.

Ed gives 5 reasons to buy the home:

1. You can afford it and any trade offs with regard to  your retirement
2. You can afford to carry the property even without rental income
3. You'll use the property throughout the year
4. You can commit the time to maintaining the property
5. You are OK with limiting most (if not all) of your vacations to one location

Alex, gives his 5 reasons not to buy the home:

1. You like variety in your vacations
2. Your kids have summer activities
3. You're not good at home maintenance
4. You like to be unencumbered
5. Hotels are your "vacation homes"

Truly, the different perspectives of Ed and Alex provide a nice balance so that you can get the best advice possible when you speak to the team at Birch Run Financial.

Resources:

Birch Run Financial Website: https://www.raymondjames.com/birchrunfinancial/

Email Birch Run Financial: info@birchrunfinancial.com

Call Birch Run at 484-395-2190