buying a vacation home on a whim
 

do you know anyone who bought a vacation home on impulse--for example, they were on vacation and just fell in love in with a property & bought it--and experienced complications or regrets afterward? urgently seeking anecdotes for article. property can be in U.S. or abroad. please email [email protected]

buying a home on impulse sounds like a bad idea to me.

Buying on impulse is what's keeping time-share salesfolk in business.

Actually, I think GWB here in D.C. could give you some copy.

No - I don't know anyone that stupid - or rich that it doesnt matter if they lose all the money.

I do know people who came back from vacations and decided they would love to have a vacation home there - or retire there. A few actually did it - after VERY extensive research - and carefully running all their numbers.

I believe actor George Clooney was motorcycling in Italy and his cycle died and a guy helped him out and then offered to sell him his house. He said, "I can't afford it." The guy promised to make him an offer he couldn't refuse and he ended up buying it afterall. I'd say that was an impulse buy. And its worked out because he and his buddies seem to hang out there frequently.

My neighbor bought on impulse at Seaside, Florida. About a month later is when Hurrican Katrina hit New Orleans. Her daughter and her family left for a vacation at this new beach house a few days before the hurricane. They are now living in that beach house. We all told her "If ever a beach was was meant to be bought, it was this one!"

I don't know anybody who bought a house on a Whim. My neighbor bought a house on a Lake, and spends each weekend there.

I meant "If ever a beach House was meant to be bought, it was this one."

I came close a few years ago. There was a place on the north shore of Lake Superior that had condos selling for a reasonable price. It is a pristine area and I could have seen myself spending many weekends there.

I decided not to at the last minute. It is probably good, we wouldn't have used it as much as I thought we would have. But in retrospect, I would have so far been up about 35% on my investment in 3 short years!

Yes. Not exactly a whim - but knew I would buy it as soon as I saw it.

It has doubled in value in less than 7 years.

Bought furniture for it on the way home - before actually signing a contract.

Wasn't really on a whim, but once I saw it- it did happen almost "on the spot" between two people. It was fast for being two states away and needing a lawyer from that area. The entire thing happened in about a month.

Everybody thought I was absolutely nuts.

Everybody still thinks I'm absolutely nuts.

It's a stretch in many ways, but I am SO GLAD I did it.

It's up over 50% in value in just over 3 years. Pretty soon I could knock down the house- and the land alone will be worth as much as when I bought the entire.

Sounds like there's a number of us who "fell in love" with a house, an area, or land and realized that they'd regret this for the rest of their life if they DIDN'T buy.

We were lucky cause we both fell in love the place and so far it's been 7 years of enjoyment as well as appreciation.

Were we stupid? No, the value has done much better than any bank account or stock fund.

Were we rich? Not with cash but hopefully with some good common sense.

\:D/

Yes, common sense has to be a bedrock. I only had to mortgage so much, and therefore could swing payments plus the extra costs/taxes etc.

So it's not really a whim, if you have with common sense, calculated the bottom lines. Insurance, taxes, mortgage, upkeep, possible associated costs like sewers etc.

my parents have done that twice. one they sold at a handsome profit a few years later and the other they still have. my Dad's pretty impulsive though.