Originally Posted by
wolfeman131
Make no mistakes about it, a second home is an EXPENSE. You can convince yourself and/or justify anything you purchase and I did the same as you are thinking with the purchase of our lakehouse. Based on an appraisal done last year when we refinanced, I have lost 10% from the purchase price. Additionally, I have put time, energy and money into various improvements. We've also purchased many toys that are all depreciating every day that they sit.
So, unless we again see the heyday of real estate, consider a lakehouse an investment in family & friends and great memories. NOTHING MORE may come of it and, for us, that is OK.