Ten years ago this week I spotted a cute, little, yellow beach house and made an offer on it. My husband and I spent a day weighing the decision and ultimately decided it made a whole lot of sense to purchase a second property. If I could go back in time I would definitely buy our beach house all over again. No-doubt-about-it!
The house has brought me more joy than I ever could have imagined. It is the place where my sons first swam in the pool, felt the warm sand and touched the ocean for the very first time. It will be the place where they learn to surf, ride boogie boards and sail.
It is the place where our tiny family of four gathers together with extended relatives; grandparents, aunts, uncles, cousins and siblings. In this house we eat dinner together, share stories and watch young children play.
Did it make great financial sense. I’m not sure yet. I paid $620,000 for a house that is probably worth less than $500,000 today. But I have no need to sell it in the near future so it’s always possible the price will rise again.
My family spends roughly 3 weeks at the beach per year. Some of this time is spent fixing up the house, but we also carve out a fair amount of time for play each day too. Our house currently rents for $2500 a week, which means I may have spent $7500 per year on comparable rentals. Over the course of 10 years that adds up to $75,000 worth of rental money I didn’t need to pay.
As I’ve mentioned many times on this blog, not all decisions are purely financial. Whether or not we make money on this property I have loved just about every minute of owning it.
As I sat on the beach today I reflected on all that has happened since I first looked at this little yellow house. At the time I ran every calculation possible to ensure we could afford it. Now we pay the mortgage with ease.
Ten years ago I was in a very different place. I am grateful beyond belief for the place I stand now.