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Family recreation Vs. college tuition, My Favorite Vacation property story

I encourage you to use my third party stories to make your point about purchasing a vacation home.There is nothing more powerful than showing why others choose to make property purchases especially when their motivation is the time spend with family.

 

A young women , who is a client of mine, and I were talking shortly after her closing on a townhouse condominium (purchased as a vacation home). We got on the subject of college savings for our children, she told me this purchase was made instead of a college savings plan, after my initial shock she told me why. My client had paid for her own tuition to an Ivy League school where she studied law, she commented on the other students she met while in school and said the ones whose parents paid for their education fooled around didn't study much and a few had to take their bar exam several times- some never passing to practice law. In her mind the time she had with her childern now was much more important than saving for their education, and in fact they too would get more out of it if they had to pay for school. This was not a case of tough love though, this was truely her desire to spend time doing recreational family things together. These memories she reasoned would be more important than working the extra hours so she could write checks to a college years from now. The time in the Car, on the slopes or hiking in the woods would be better for her childern than asking mom do you have to work late again today?

Our time together as parent & child is short and there are many lessons we can teach our children (one of those shouldn't be work is more important than them) but if we don't take the time to be together someone else is going to teach our children things we may not approve of. So take the time and don't worry about the money, you'll find away, and your kids will follow their calling what ever it is (mine wants to be a rock star!).

                       

                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

                    steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

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Comment balloon 15 commentsSteve Loynd • May 11 2008 09:30AM

Comments

Thanks for the insight. I think sometimes we lock in to much on the expectations of others and don't just ket life happen.

Posted by Greg Hampton, North Georgia Mountain Property,Blue Rid (Re/Max Around The Mountains) about 12 years ago

Thanks Greg, having high expectations for our Children is a great goal but being there to watch them achieve small victories is just as important. My mother never missed a hockey practice or a football game whether I was a starter or rode the bench.

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

Steve, that's one of the smartest ideas I've heard in a long time.  I'm a baby boomer, and every day I see others my age and older that have been hoarding money all their lives, worried about going into a nursing home or something.  I never had kids, but if I had, I would have put my money into something not only to have enjoyed when they WERE kids, but something to leave them with that has happy memories, instead of just money for someone to burn.  And you can't go wrong in the long run with most any real estate investment.  Good post!

Posted by Jan Chilton, Real Estate Marketing about 12 years ago

Jan, This Women was a single mother of three, she had a good income but to save for 3 and have one want to be a doctor, and other study art and a third not want to go to college.. doesn't it make more sense to be around to raise them and let them go the way they want.. with childhood memories to help guide them to the right path.Thanks for reading my post and your comments. Steve

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

Steve... In the picture above, the children in tubes going down a river... would this be in Warren NH?  It looks alot like a spot I've taken my sons to.  By the way, wish your mom a Happy Mother's Day... and you can let her know it is OK to take a day off every now and then.  It is good for the soul.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) about 12 years ago

Valerie, It the Pemigewasset river in Lincoln..But any tube trip in any town.. is worth the trip. Steve

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

Without a doubt this was a smart lady.  Without investing in our children while they are growing up it won't matter if we pay for their college or not.  In fact, as our client points out, very likely it could be in vain.

Posted by Nannette Turner, Online Marketing Home Ownership Advocate Specialis (Keller Williams Lynchburg) about 12 years ago

Steve- Things truly do happen for a reason. My husband and I have been talking about buying a vacation home. My husband seemed to angle from the perspective of your client. I was not completely there yet, but I think that this may have pushed me in the right direction!  Thanks

Posted by Dana Forster, Realtor, A Home 4Sale Inc, Va (AHome4Sale) about 12 years ago

Nannette..As Crosby , Stills nad Nash used to sing..teach your children well and the one they pick is the one they'll go by..thanks for your comment.. my son means the world to me and can tell yours do also! Steve

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

Dana.. My work here is done Just kidding!, The third party story is a great motivator you can tell buyers why you think they should buy, but a story of why someone else choose to make a similar purchase carriers more weight. Feel free to forward the referral fee for the sale, or at least post a photo of the new vacation home purchased Best of Luck and enjoy your time together, and the memories it will create..Steve

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

Steve, your client is right. I paid for my own way and I can tell you when there is your own money into something you want it to work out and you work harder. I have 5 kids and we have already told them we will not pay for all their college. We may help and their grand parents have started a little fund to help but they will pay the rest or get scholarships. I would rather spend time with my kids now than work myself to death to pay for their college. We have found that by having this conversation early they work harder and try to get better grades. OK all except for one!

Posted by Jason & Deanna about 12 years ago

Jason & Deanna..This is truely a meaningful post for me - My son only wants to play music (at this moment in time) and as a high school freshman he doesn't know what he wants in a higher education and It wouldn't mean as much if I write the checks.. my parents didn't do it for me, so my paying for my own college was important in becoming a productive adult (or semi-productive anyway).. good luck with the KIDS.. Steve

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

One thing that I didn't catch in this post or the comments, and the direction I thought you were going to go with it initially, is that if they sell the vacation home when the kid is ready to go to college, the tuition is paid for.  So they get to use it as a family, and still have college money when the time comes.  I know a Realtor that preaches buying a rental property every time a family has a baby and it is done as a savings account. 

Posted by Joanne Hanson, Summit County, Colorado Realtor (Coldwell Banker Colorado Rockies Real Estate) about 12 years ago

Joanne , not a bad idea and have had buyers report that as their motivation, but in this case I'm reporting on an actual story I found interesting.. great point for those that do want to save for school.

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) about 12 years ago

  My Rock Star to Be!, sweet 15 / wild hair and plays a mean guitar..dad (Steve L)

Posted by Steve Loynd, 800-926-5653, White Mountains NH ( Alpine Lakes Real Estate Inc., ) almost 12 years ago

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