Vacating at the beach house

Easter is coming up, only a week away now, and if you have been following this blog, you might recall that my wife and I bought a vacation house in northern Jutland almost 10 years ago, see earlier post here;

Link here

The actual time as I recall was actually May 2008, so for those of you with a 10 year memory span, you might have guessed that as an “investment” case this particular venture has not been that successful. To date it has most likely lost around 25k USD on an initial investment of around 250k USD.

We actually bought the house in the same year as we had our first child. And this was actually the main driver back then, and to some extend it still is. In my opinion it is just easier to vacate in your own home, in a drivable distance, then spending time in the airport – through security checks, boarding and spending time collecting your luggage’s again at the destination.

Further, the more children you get, the easier and more convenient it becomes having you own place to hold vacations both for short durations and longer visits.

And the burden of airports increases with the number of children you get. And if you have been following you will know we have 3 by now. Off course we could not know back then how many children we would get, but we kind of roughly knew that a minimum was 2, and that 3 was probably more likely. Hence the vacation home hunting resulted in a signature back then.

For a long time, we actually just paid down the mortgage we initially had on the property, but last year we took out a new mortgage of 120k USD, as mentioned in earlier blog posts. With a 30 year duration and 5 year refinancing, it is almost free, bar the contribution of 0.6%. In monthly fixed costs the property is roughly 200 USD.

Hence vacation times are basically free now for the little minimal5 family. I believe the economical term is convenience yield.

Evaluating the investment and running cost against the alternative – a week vacation somewhere in Southern Europe which would most likely be somewhere between 3-4K USD for the entire family this investment is an investment that keeps on giving, and will for the next many years.

As a final note, I might add that in the ever pursuit of keeping cost down, off course we rent the estate out in the weeks where we do not utilize it our selves. Thank you airbnb for you services. This covers roughly the monthly fixed costs.

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