Mentor RIA Consulting - Allowing you to focus on what you do best
RSS

Recent Posts

Sales Incentives: Who Really Pays?
Could an IRA Trust Work for Your Plan?
Is the Pandemic Changing Your Plans?
Form CRS: Prop or Flop?
Using 401(k) Loans for Short Term Liquidity

Categories

Clients
Compliance
General
Investing
Planning
RIA Business
Training
powered by

My Blog

Summer Vacations and Vacation Homes

It is Summer again, with (hopefully) business left behind and thoughts of the beach, the golf course and perhaps the family vacation home taking center stage. Now might be a good time to sit down and think about the future of that vacation home and what will become of it when you no longer are able or desirous of spending time there.
Well, you say, we’ll leave it to the children. But will the children want it? Could the children agree on sharing occupancy and adhering to a schedule of use? Could the children fit it into their busy schedules and other needs of their families? Can they afford the burden of upkeep – the taxes, insurance, maintenance and more? Do the children all share the same level of interest in and connection to the property and is that interest high, low or nonexistent? If given the option, would some child or other prefer to receive the value of their individual share of the property in cash and could or would the others pay to keep it? And so on, and on….
So it really is a good time to sit and think about the vacation house and to engage the children in the concept. Give them time to think about it and come up with their questions, too.
Now that you are annoyed by that batch of questions, and dealing with the children, what about another approach? Yes, let’s sell the place! So, when might you be considering selling? You are enjoying it now but are you ready to consult with a realtor and perhaps get it on the market now? Don’t you want a few more years and memories there? And then there is all that work it needs to spruce it up. Maybe next year would be better. Well, let’s not forget about the market, the demand for the place. You had no end of trouble trying to get rid of that time share, remember? There are plenty of places on the market this summer, as if everyone were trying to get in on the rise in the real estate market.

And if you get to the end of the summer, and can’t make it back in the fall because you are too busy, when will you next think about what to do with the vacation home? Maybe next year, or, perhaps, we could give it away, when the time comes…. 

3 Comments to Summer Vacations and Vacation Homes:

Comments RSS
los angeles homes for sale on Monday, December 30, 2013 8:19 AM
Thanks for contributing your important time to post such an interesting & useful collection on Summer Vacations and Vacation Homes.It would be knowledgeable & resources are always of great need to everyone. Please keep continue sharing.
Reply to comment


Kenya Wildlife Safari on Thursday, January 16, 2014 8:13 PM
Great piece of writing on Summer Vacations and Vacation Homes, I really liked the way you highlighted some really important and significant points. Thanks so much, I appreciate your work.
Reply to comment


Kenya Wildlife Safari on Thursday, January 16, 2014 8:13 PM
Thanks for contributing your important time to post such an interesting & useful collection. It would be knowledgeable & resources are always of great need to everyone. Please keep continue sharing.
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment
Website Builder provided by  Vistaprint