We have been contemplating buying a vacation home at the beach. It is 2.5 hours away. The big question is, are we crazy? We have about 800k in retirement savings, 175k in savings/checking, another 325k in Vanguard LifeStrategy fund I think. We have no debt other than 405k left on a mortgage for a 530k house we bought 1.5 years ago (prior to this we lived in a paid off house that we sold for 265k). I make 165k per year, bonus around 40k, with RSUs around 65k (vest after 5 years). She makes 95k, bonus around 10k. We have one child, a new one on the way. Childcare through work thankfully is super cheap (450 per month). Are we crazy to consider a 380k beach house. We will only use it as a vacation home, no rentals. We think we have everything covered, and of course the mortgage lender is like yeah go for it, but they just want the sale.
Any horror stories? The property is worth I would say 390, but the owners want out and there is a 90% finished space that I could finish for 30k and it would be worth a lot more just for square footage.
Submitted March 03, 2019 at 08:22PM by jandwst https://ift.tt/2H13Kzg
