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 Your Money Matters
September 2007 Issue
VACATION PROPERTY CONSIDERATIONS
Buying
a vacation property such as a cottage is a growing trend with
boomers. It may be the second largest investment you make, next to
your home. If you are entertaining this thought, here are some tips
worth considering.
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What attracts you most to the idea?
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Do you plan on spending most of your time off there, or only during
your extended vacation?
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Will it need to be winterized?
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Are you willing to put extra money towards renovations?
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How far are you willing to commute?
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Are you willing and able to spend the time required towards
maintenance and upkeep or will you need t hire someone?
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Have you considered the costs of running a second household?
Do you like the idea of staying in one place, or will you miss
traveling and experiencing what different areas have to offer?
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Is your motive for the purchase an investment, legacy to your
children, or both?
Again,
this is a subject that requires planning and careful consideration,
from budgeting to taxation issues and estate planning. Doing your
homework and being prepared will pay off and let you enjoy the
rewards of cottage life.
Theresa Wever and the Money
Concepts Team. |
