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….