Would you move your family into an extended stay hotel IF..
it meant in two years you could pay cash for a house? We were recently offered a unique opportunity to have 3 connecting rooms in an extended stay hotel with all utilities and room paid PLUS two salaries a week. I have done the math and this would mean we could put enough money aside to pay cash for a house in 2 years. They have given us two weeks to decide. Would you do it?
By the way you have described it, why not. Of course you haven't mentioned any negative aspects of the situation. So, I say go for it.
Boy it really would be tempting and an adventure that will make wonderful memories for the kids. Peeples, I would be very tempted if it is in a nice area and the kids have things to do.
I think the deciding factor is being able to actually "own" your home. We just paid off our house and I have to say, it is the most secure feeling to know we will have a roof over our heads. If it's good for the kids - go for it.
It is in an awesome area and they wouldn't even have to change schools. We're just trying to figure out if moving them in a hotel is "healthy". Owning a home outright does sound wonderful! Thanks
If you are altogether and they are still in school with access to friends and a normal life, I see no problems.
Let's examine this the opposite way. What if something were to happen outside of your control that prevented you from buying that house in 2 years. So, looking at it from that perspective, would it still be worth it? In other words, what if it wasn't guaranteed that you will have the house. What would be the opportunity that should come of this experience at that point? Would it be still worth it to your family if it all became for nothing?
I basically did this while living overseas. I didn't have kids, so that's a big difference right there, but it wasn't that bad. While it's a little inconvenient at first (no washer/dryer, smaller living space) my wife and I saved money as well. By the time we got back to the US and in a place to have a house, we realized we could actually cut back a lot of our spending due to our downsized lifestyle overseas. I think it's a good idea!
We've done just that for about two years, and we have a friend and her husband who have done it - all for various reasons. I LOVED it. My husband is a software engineer and we sold our house and hit the road for the free lance contract jobs in 2004. We stayed in an apt. in S. Carolina, but then went the Extended Stay route in Pittsburgh, PA, Louisville, KY, and Lake Forest CA. If you have children, it might be more difficult if they are not home-schooled.
I did my writing and ran my business (shipping highlighter tape and our educational software right from the hotel). We even had our little dog, Scooter with us. On the weekends, we got to explore the new cities and go on little tours. (We saw how downtown Pittsburgh was developed on a "duck tour," visited the beautiful state parks, etc.) Actually, I wrote one of my best essays in Pittsburgh and recorded it for podiobooks. PLUS, I worked on a short story and submitted it to an actor whose agent was seriously considering it. (Another story). In Kentucky, we visited the beautiful horse ranches, saw how a Louisville Slugger Bat was made, and had lovely dinners on the waterfront. It was a great experience and to tell you the truth, that's why we're selling our house again - to hit the road with contract jobs, even in our 60s. We did end up buying an RV because it does get a little old in a hotel, and found a WONDERFUL RV resort at Newport Beach (Newport Dunes) and stayed there for 6 months at a time for about 6 years before buying this condo which we're now selling, just to get "on the road again". Our experience was one of the best of my life. We even had a Christmas tree and made Thanksgiving dinner in our Extended Stay. It's not for everyone, but suited us wonderfully. All Good Wishes, Billie
It sounds like a sweet deal as you've described it. If the hotel starts to feel pent-in, just remind yourself of the light at the end of the tunnel!
Would I do it? In a second. Enough room for everyone. Still together as a family and that kind if bright hope at the end? I'd JUMP on it. I have been in a circumstance for the past couple of months that an opportunity like this would have saved my life.
I was a manager of an extended stay at one point several years ago and for me personally, I did not enjoy staying at the hotel on nights when I had to. People were allowed to press the call button at any time - to check in, complain, whatever and I would get woken up or bothered at odd times pretty regularly. If it's a chain that has desk help around the clock, or if you are just there to do maintenance, it might not be so bad, but if you are living there to manage the place in its entirety, keep in mind that everything comes with a price.
In our hotel, there was crime even though it was in a good neighborhood. The criminal elements using the hotel moved in from other areas. It's not like moving into an actual neighborhood. A lot of transients. This is something to consider with very small kids. Also, it's hard to relax if you are on call all the time. It's hard to make plans because you might get called in or away. It wasn't worth it to me, I gave it up after a year.
I certainly don't want to discourage you! It's a good opportunity to save up some money and it's only a couple of years, so consider it, but it will be a definite adjustment.
Not trying to rain on your parade seriously! I just wanted to provide another side of the experience. Something else to consider - if you have bad staff that call off all the time, get used to cleaning rooms and doing all sorts of functions without notice.
Christin, Peeples, I woke up at 3 am this morning worrying about my comment. (I hadn't realized Peeps, that you had children). We were transient those years, and so are the other people in the hotel. That becomes a consideration for children.
These are def. things we are thinking about and these are the concerns that make us worry if it will be a "healthy experience for the kids. All things we are going to have to give serious thought to! Thanks
It sounds like something I would do - how did you find out about the opportunity. Especially to save money for a great investment in the future. Why not? Enjoy life. Take a chance and see where it takes you.
Oh heck yes I would in a heart beat. ! I actually like Motels and I would probably not want to leave. I once figured that in old age it would be cheaper to live in a motel with free breakfast or even two meals as Drury Inn does, they have laundry, change the linens, mini fridge, micro wave than to live in a nursing home if I was well enough to not need complete care. They'll check on you daily (maid service) they'll call an ambulance if you need it and you have cable TV and a local phone. Some even have a shuttle. Gotta love it!
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