About 2 years ago, I was talked into making (what I view) as a huge financial mistake. My husband and father, convinced me to buy 2 - 80 acre parcels of land just outside a little resort community 45 minutes from our home. I was interested in a tiny house homestead/cabin type place for a week-end escape. Both dh and I grew up in the country and miss it alot and what to give our kids a taste of the country life, so was open to the idea. The land itself is lovely. Half is treed, half is former pasture/hay land. There is a pond, lots of wildlife and it is 3 miles to a popular little summer tourist town with great beaches, restaurants, fancy shops etc. We wanted to make an offer on 1 parcel, but at the last minute, the seller said they would only sell them together. We should have walked away and kept looking but it seems too 'perfect' to pass up...so we doubled the amount we wanted to spend.
However after making the purchase and buying all the things we need (Tractor, hay mower, quad, gravel access road) we are in the hole far deeper than I ever would have imagined (80 K at 3.5%)...and we don't even have a cabin/tiny house on the property yet. I have looked at the numbers many ways and it makes our budget way tighter than I feel comfortable with, with no end in sight. There is also a fair amount to be invested to make it a place that our family could enjoy (water, tiny house, deck).
In my perfect world, we would just sell the whole thing and be done with it but my father (who owns half of one 80 acre parcel) and my husband both a) love it and spend a lot of time there (since they don't need things...like say a toilet) b) think it is all a wonderful investment (despite the fact that it is 90% financed (2.69%) because 'they don't make more land you know' and c) my dad has built a storage shed and a gun range and a kick-ass tree-house/zip line for the kids that is VERY attached to and d) they are both far more tolerant of debt/risk than I will ever be.
I think a good compromise would be for dh and I sell the 80 acres we own outright and keep the 80 we share with my dad. We could easily turn it over because it is a popular area. But would have to 'live' with who ever the neighbours are. When I have floated the idea before, DH says he's worried about the view and what if they build a mcmansion on it, more traffic, more noise etc.
When I express concerns over the amount of financing, he go to solution is to cash out RRSPs to pay some or all of it off. Which I think is an EVEN bigger mistake since I'd say he is behind the 8 ball on retirement savings anyways. Or just ride it out for 5-10 years till we can pay it down.
Does anyone have any suggestions of how to approach the conversation. I don't want to give ultimatums, but I also can't go on with the stress/burden of it hanging over me. We have very busy (and costly) lives as it is and have been making baby steps over the last year to get our spending down...but saving 100$ a month on groceries is a drop in the bucket compared to this sink hole, so it feels pointless sometimes.
And for general reference, we spent approximately 20 hours there (as a family) in the last year. DH and my dad use it far more (clearing walking trails, building stuff, cutting trees, cutting hay, building the road etc.) but in terms of family recreation...it is hardly used.
Perspectives of spendy men, with huge F150 trucks, a love for golfing, fishing, camping, quading, smoking and tools are especially welcome...