Will it be smart to turn a townhome I own into a vacation home by summer 2023?
I own 2 homes (single family and a townhome) close to where all my family members are. I am in a neighboring state about 5 hrs away from them.
Sigle family home worth 450k and it's almost paid off (only owe 44k). Townhome worth 250k but I owe 120k. Both are rented now.
I have 2 kids that will be teenagers in a few years and I would like them to grow up around their extended family as well. Therefore, I would like them to spend their summers, christmas, thanksgiving etc.. there. In addition, my plan is to spend 1/3 of my time there once I put myself in a good financial footing, which I anticipate might take place in 3 yrs.
Will it be a bad financial decision to pay off that townhome by summer 2023 and use it as a 'vacation' home since my family will be spending a lot of time there? (Interest on the loan is 3% variable ).
I own 2 homes (single family and a townhome) close to where all my family members are. I am in a neighboring state about 5 hrs away from them.
Sigle family home worth 450k and it's almost paid off (only owe 44k). Townhome worth 250k but I owe 120k. Both are rented now.
I have 2 kids that will be teenagers in a few years and I would like them to grow up around their extended family as well. Therefore, I would like them to spend their summers, christmas, thanksgiving etc.. there. In addition, my plan is to spend 1/3 of my time there once I put myself in a good financial footing, which I anticipate might take place in 3 yrs.
Will it be a bad financial decision to pay off that townhome by summer 2023 and use it as a 'vacation' home since my family will be spending a lot of time there? (Interest on the loan is 3% variable ).
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