A beautiful vacation home! Better to RENT it than to OWN it!
For about 1/6th the cost of the property taxes of our former vacation home, we can rent this house in Maine for a week. Or put another way, for about half the cost of the insurance on our vacation home, we can rent that house for a week. Or put another way, for about the costs of one month's utility bills on our vacation home, we can rent this house in Maine for a week.
And I don't have to mow the lawn, either. Or worry about the plumbing.
It must be fun to own such a nice place. But then again, to afford the staggering cost, you have to rent it out. So schmucks like me get to use it, without ponying up all that dough. And since I've owned a number of vacation homes over the years, I am more than happy to help some other sucker pay his staggering property tax bill for a change.
Now granted, this is a much nicer house than our vacation home was. But for a lesser home, we could afford to rent for a full month - or months - or a season. And that is the plan, in the coming years. And all without risking money in the Real Estate market!
Home prices are still declining in many markets, and even hot vacation home markets are seeing declines or a leveling in price - a trend I think will continue for a few years.
Better to RENT a vacation home than to OWN one, in my opinion. At least for the foreseeable future.
Plus, you can go to a different place every year - or several places every summer!