Tuesday, February 16, 2010

Vacation Homes: Buy or Rent?

The Dilemma

By:

There's no easy answer—until now. Respond to these questions honestly and the numbers won't lie.

How many weeks per year will you realistically be there?
Less than three (–2)
Three to four (+1)
Four-plus (+3)
A season (+4)

Will you rent out your vacation home when not in use?
Yes (+2)
No (0)
Of course—that's why I'm doing this (–3)

How long do you see yourself owning this property?
Until I can trade up (–3)
Maybe five to ten years (0)
I'm gonna retire there (+4)
It will go to my children (+5)

When spending big money, you:
Break out in hives (–2)
Lose a little sleep (0)
Feel like a god! (+3)

Which best describes a dream week at your new pad?
Spending every minute possible outside (–1)
Cooking big meals and chilling on the deck (+1)
Planting tomatoes and chopping wood (+2)
Framing out the new barn (+4)

Your favorite outdoor gear:
Fits in your daypack (0)
Requires special handling at the airport (+1)
Barely fits in your garage (+3)

What your score means:
6 or under: You should rent
7–10: You could go either way
11–17: Time to apply for that pre-approved mortgage
18-plus: This is your third home, isn't it?

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