Yippee. I’m going on vacation in a few days.
Well, sort of.
I’m planning on spending the weekend at my friends’ [tag-tec]vacation home[/tag-tec] in Hickman County, which is about 50 miles from Nashville.
And yes, it is one of the most fun things I do.
They’ve got a restored log house; 3 bedrooms, 2 and ½ baths, kitchen with granite and gas grill(indoor).
Did I mention they also have their own small lake stocked full of foot long catfish and some extra bass?
Who wouldn’t want that?
Last, but not least, there’s the giant satellite TV just in case guests should get bored with all that nature.
(I have to admit I had never actually seen stars before I went down there. I didn’t know they could be so bright at night).
So here’s the question…
Should we all rush out and buy our dream [tag-self]vacation homes[/tag-self] now?
Not so fast, according to one of those practical no- nonsense articles from the Wall Street Journal.
We have to consider all the hidden costs first.
Kenneth A. Kamen, president of Princeton, N.J.-based Mercadien Asset Management, states you have to figure all the hidden costs, plus add another 10% to 15%.
Sorry, but there’s more.
My friends had a lot of difficulty getting insurance for the property. Insurance typically will cost about 50% more than a regular homeowner’s policy.
Location is another factor. Isn’t that always true with real estate anyway?
Especially when your little haven [tag-ice]vacation home[/tag-ice] is located near- you guessed it- a state prison.
But it’s a medium security prison, or so we’re told. Ironically it’s named after my great-great grandfather, Peter Turney, who was a governor of Tennessee during the 1890’s.
It isn’t as well known as some of the other infamous Tennessee prisons such as Brushy Mountain, but a prison is a prison as far as your next buyers may be concerned.
Still, the area is very heavily guarded and may be one of the safest places in the state. That’s a fact. But it’s the perception of the facts that will make or break a future sale.