Sister and Bro-in-Law just bought a condo in Deer Valley, Utah

[hodedofome]

5 bedrooms. 4,000 square feet. Somewhere in the neighborhood of $3-4 million. They live in Houston so how many times will they be able to go up there and ski?

Apparently us extended family members will never be able to use it in the wintertime, as we won't be able to afford it. I guess they need the rental income to help pay for the thing...

[MgoSam]

Apparently us extended family members will never be able to use it in the wintertime, as we won't be able to afford it. I guess they need the rental income to help pay for the thing...

I can't speak as to their circumstances, I imagine that you would know better than I, but if I had a second property in such an area, I would be renting it out for any period that I knew I wasn't going to need to be there. That wouldn't necessarily mean that I can't afford the property, but rather that I'm not going to waste a resource.

[HairyUpperLip]

5 bedrooms. 4,000 square feet. Somewhere in the neighborhood of $3-4 million. They live in Houston so how many times will they be able to go up there and ski?

Apparently us extended family members will never be able to use it in the wintertime, as we won't be able to afford it. I guess they need the rental income to help pay for the thing...

Your sister and you consider each other extended family?

[iwasjustwondering]

My sisters and I are extended family to each other.  Our immediate families are the ones we live with, are raising, etc..

[MgoSam]

Yeah, that's how I view it. Growing up, me and my siblings are immediate but as soon as my siblings got married I saw myself as "extended," as I understand that their immediate focus would be their spouse and possible offspring.

[Cheddar Stacker]

Ree
Dik
U
Lus

[jprince7827]

My parents used to take us to Deer Valley every year to go skiing. Wonderful place - they don't allow snowboarders in. I wish I could afford to go back but I'm too mustachian myself to ever visit!

If I ever hit it big, DV would be the first place I'd buy a condo.

[clarkfan1979]

I've been an aspiring ski bum for many years but was only able to pull it off for one season after undergrad. I was a snowboard instructor and got 123 days on the mountain. It was a great winter. Before MMM, I really did aspire to own a house in the mountains. I would invite friends and we would have a good time. However, after MMM I realized that I didn't need to own a house to have these adventures. You can rent a house and it would be the same thing. Thank you MMM for helping me avoid a very costly mistake. I think he had a post on it and it really spoke to me. From what I remember, most people will have to work more, not less to enjoy their vacation home. 

[hodedofome]

My grandparents have told me that if they had to do it all over again, they would have never bought a beach house and would have just rented one for a month each year. I think I'd have to agree.

[Fodder]

That's just crazy.

I also never aspire to own a vacation property.  WIth taxes, maintenance and all the pain in the ass of renting/property management, I feel I'm much better off just renting a property for the times I decide I want a vacation.  Even if it's an extravagant expense for a week, it's a one-time expense with no further obligation. 

The people I know who have cottages, it seems almost like a burden - like you are obligated to spend all your spare time there, spending time schlepping back and forth, keeping it up, opening it, closing it, cleaning it.  Meh.  I'd rather show up, live a life of leisure for a week and then go home.  :)

Your Sister and BIL must be crazy wealthy to be able to drop that kind of coin on a vacation property.