My husband and i are currently renting and we're considering buying a beautiful vacation home....our first home! I am just beginning to earn nice $ from my profession-a career change-but feel that i will be successful. We have very little in retirement savings, about $100,000. We'd keep our apartment $1500 rent, mortgage would be about $2,000, we can afford this with about $4,000 left over for other expenses. Are we crazy to consider this?
- Good chance that we can rent the home in the summers.
- House is a good price, in an idyllic setting in new england, 4 hours from our apartment.
- Hubby has 4 day weekends and summers to work on home (tenured professor)
I am worried about the opportunity cost of the $ we'd be putting into the home. Is this a good way to prepare for retirement? We could stash away $1,500 per month or more, instead. Meeting with a financial planner next week.
- Good chance that we can rent the home in the summers.
- House is a good price, in an idyllic setting in new england, 4 hours from our apartment.
- Hubby has 4 day weekends and summers to work on home (tenured professor)
I am worried about the opportunity cost of the $ we'd be putting into the home. Is this a good way to prepare for retirement? We could stash away $1,500 per month or more, instead. Meeting with a financial planner next week.