Should I consider purchasing the family vacation cabin?

[Barry Darsow]

It's a place my family has stayed at numerous times when I was a kid so there's some sentimental value.

My dad purchased it a year or so before the 2008 real estate crash. It was a bad time to buy and it was a big financial strain on him (still is) but should have it paid off within the next couple years. He just retired a couple years ago and has finally been able to use it for nearly the entire summer.

Lately he's been complaining about the lake being overrun with people and "not like it used to be" and complaining about the current neighbors making noise. He's also been complaining about the work involved in maintaining it. He has been talking about selling it and buying an RV.

He said he could list it and get top dollar, which I think is the main reason he wants to sell. He did ask me a few times if I'm interested and that he'd give me a discount.

I can probably swing it but I still work full time and anticipate having to do so for quite some time.

I'm just thinking about some of the potential issues. I figured if my dad bought an RV then he would want to park it there. He's already butted heads with a couple of the neighbors which could put me in the middle of some issues. There is also the hassle of taking care of it. OTOH at least there would be someone there to look over it. I enjoy staying there (usually a couple weeks per year), but the potential issues are giving me pause.

Is this something I should consider? Or just let him do what he feels is best for his situation and let it go if he decides to sell?

 

[Dash man]

You shouldn’t buy a vacation home unless you’re all in. You don’t sound like you are.

 

[audreyh1]

Is this something I should consider?

No. Just enjoy the memories.

Sounds like now that your father has retired, he’s ready to move on. He spent a summer there and it sounds like he’s realized it’s no longer for him.

 

[OldShooter]

... Is this something I should consider? ...

No. Too much baggage not even considering the family strain potential when negotiating a price and Dad's possible rent-free future use.

If you want a vacation home, find one in a place you like with the amenities you like. For us, having "neighbors" close enough to cause difficulties would be a non-starter.

 

[Barry Darsow]

You shouldn’t buy a vacation home unless you’re all in. You don’t sound like you are.

Would love to have it but seems there are a few too many potential issues.

 

[Calico]

No.

 

[Barry Darsow]

No. Too much baggage not even considering the family strain potential when negotiating a price and Dad's possible rent-free future use.

Good point. There could be resentment on both sides. Maybe he would feel entitled for the rent-free use after paying so much in interest on it in the past. He may ask to stay all summer and I'd be paying for it.

There could be a situation where he has a girlfriend. Let's say she has a kid or grandkid that visits and gets hurt. Potential liability issues. May never happen but possible. It's things ilke that which give me pause.

If you want a vacation home, find one in a place you like with the amenities you like. For us, having "neighbors" close enough to cause difficulties would be a non-starter.

It's a place I like but yeah the neighbors are a bit too close. There are not always neighbors there but one of them is retired and there most of the time now. That's part of what is affecting my dad's enjoyment of the place as he says they make a lot of noise (ATV, barking dogs, etc).

 

[MarieIG]

I think it would be easiest if you just let your Dad put it on the market and not get involved with the sale.

 

[Barry Darsow]

I think it would be easiest if you just let your Dad put it on the market and not get involved with the sale.

If he can get top dollar for it, more power to him. It would ease his financial situation so he would not be complaining about money as much since he is on a fixed income now.

He may decide not to sell. However he's been talking about it for quite some time and hasn't went through with it, but seems to be talking about it more now. If he doesn't sell soon then he may never get the opportunity to recoup as much.

Either way, you are right that I should not get involved.

 

[Sunset]

I say NO, as someone who inherited a family cabin.

Reasons:

• Ongoing yearly costs (insurance, property tax, school tax, repair costs, boat & motor maintenance & repair, someday the roof replacement, septic, etc)
• Places evolve and yes become more crowded/noisy, people change, it's not like the memories.
• Have to use it - sounds weird but if your time is limited, you have to go there to check it, repair/tidy up each year, even if want to go to other places.
• Theft and vandalism.
• Work , work , work fixing and maintaining it.

 

[Barry Darsow]

One other thing....there's another relative that stays there a couple weeks every year (at a big discount) and that's caused some resentment especially now that he's retired and wants to enjoy it himself. If I purchased, I would have to deal with that situation as well.

 

[MarieIG]

One other thing....there's another relative that stays there a couple weeks every year (at a big discount) and that's caused some resentment especially now that he's retired and wants to enjoy it himself. If I purchased, I would have to deal with that situation as well.

There is too much drama involved with keeping the place. I would look for your own place w/o strings attached, and purchase at your leisure.

 

[Barry Darsow]

I say NO, as someone who inherited a family cabin.

Reasons:

• Ongoing yearly costs (insurance, property tax, school tax, repair costs, boat & motor maintenance & repair, someday the roof replacement, septic, etc)
• Places evolve and yes become more crowded/noisy, people change, it's not like the memories.
• Have to use it - sounds weird but if your time is limited, you have to go there to check it, repair/tidy up each year, even if want to go to other places.
• Theft and vandalism.
• Work , work , work fixing and maintaining it.

All valid points. My dad has complained about all of that. Taxes keep going up and likely will continue to increase as there is more demand with more people buying up property there.

There's always something that needs to be fixed. Sometimes it can be unpleasant when I stay there and he complains about stuff that needs to be repaired or maintained. Last year when I stayed there, it was the refrigerator. The year before, the boat motor. He at least has more time now that he's retired but has a primary residence to take care of as well. I know first hand that even owning just one house can be a hassle at times.

 

[aja8888]

Buying a "vacation" cabin with a lot of current baggage and obvious potential baggage is like marrying a broke widow with three young kids in tow . Let him sell in and if he holds on to it forever, sell it after he passes.

 

[MichaelB]

Is this something I should consider? Or just let him do what he feels is best for his situation and let it go if he decides to sell?

So far you’ve shared multiple potential issues (relative, neighbor, maintenance, taxes, RV parking) but only one reason to buy (sentimental value). Is there a compelling need or reason you want this or is it an opportunity to buy and you’re looking for a reason?

 

[Ronstar]

No. Too much baggage and too much work.

 

[skyking1]

IMO you got to test drive it and now you know what you like and don't like.
Don't like a place with ATV's? CHECK!! I am so with you on that one.
Want a little more room between lots/cabins? check.
If you are really serious about a summer vacation property go looking for what fits your desires. Don't compromise.

 

[Brat]

Don't buy it for the reasons listed earlier.

Your father's desire to buy an RV isn't wise either. For sure he shouldn't buy a new one as they depreciate a quickly. Does he have a significant other? If so he will need to accomodate the desires of that person as well. IMHO a camper van such as a Sprinter are well built and would have a long term value.

In all honesty, rather than buy an RV he should find a rental in a vacation area he loves.

 

[ncbill]

Walked away from a very nice place we had access to for 30+ years.

It was part of a business a close relative sold.

Never considered putting in an offer since it got used by us only 2-3 weeks annually.

Keeping a mountain cabin grandparents built 60+ years ago...very basic, so inexpensive upkeep.

 

[Barry Darsow]

There is too much drama involved with keeping the place. I would look for your own place w/o strings attached, and purchase at your leisure.

There's a more private lot down the road but it doesn't have living quarters so a trailer or RV would be needed. They want quite a bit of money for it (over twice as much as they paid for it five years ago).

Probably best to wait until the market finally cools down, whenever that happens.

 

[Barry Darsow]

So far you’ve shared multiple potential issues (relative, neighbor, maintenance, taxes, RV parking) but only one reason to buy (sentimental value). Is there a compelling need or reason you want this or is it an opportunity to buy and you’re looking for a reason?

There's plenty of reasons.....access to the water which can involve different activities (fishing, kayaking, bike trails, etc). You already have your equpiment there so no need to transport everything. I can't say those are needs, however.

 

[Barry Darsow]

IMO you got to test drive it and now you know what you like and don't like.
Don't like a place with ATV's? CHECK!! I am so with you on that one.
Want a little more room between lots/cabins? check.
If you are really serious about a summer vacation property go looking for what fits your desires. Don't compromise.

This makes sense. It was pretty good until the last neighbors moved in. Their noise was tolerable at first since he only ran into them sporadically. They then retired around the same time that my dad did and are spending a lot more time there and that seems to be ruining the experience for him. The previous owners rarely came around, and when they did, they were quiet.

 

[Barry Darsow]

Don't buy it for the reasons listed earlier.

Your father's desire to buy an RV isn't wise either. For sure he shouldn't buy a new one as they depreciate a quickly. Does he have a significant other?
If so he will need to accomodate the desires of that person as well.

He does not currenty (long story).

Good poin about the RVs depreciating. Knowing him, he would buy a used RV. But I can definitely see him complaining it breaking down and having to work on it.

IMHO a camper van such as a Sprinter are well built and would have a long term value.

In all honesty, rather than buy an RV he should find a rental in a vacation area he loves.

He still seems to love the area but the neighbors are a big issue.

Rental prices are through the roof though. The amount he pays for his monthly mortgage would cover a week's rental at the resort near his place.

 

[Bryan Barnfellow]

I would say no. In my own case I have always preferred to reduce the cost of our personal infrastructure. That means, renting our apartment, and renting vacation properties as needed. In your case, you seem to have identified a lot of downsides to the purchase, so best to avoid it.

-BB

 

[audreyh1]

Rental prices are through the roof though. The amount he pays for his monthly mortgage would cover a week's rental at the resort near his place.

But he’s currently paying a years worth of mortgage each year plus all the other expenses related to 2nd home ownership.