History
In the early 1970s, my grandfather purchased land and built a two-bedroom vacation home in Fontana, Wisconsin. Unlike me, he was a carpenter and had the skills to build his own house. If you’ve never been to the area, Fontana is on the southwest end of Geneva Lake which is about 2 hours northwest of Chicago. The lake is about 8 miles long, 20 miles around, and up to 135 feet deep. It is the home to many historic Chicago family mansions - from the Wrigleys to the Pritzkers - and a weekend/summer retreat for many more.
While our family’s house is not “on the lake”, it’s about a mile away from The Abbey Resort, beach, restaurants, and playground. The Geneva Lake Shore Walking Path, which goes all the way around the lake, is only about ⅓ of a mile away. I’ve run/walked the path on many visits to Fontana. The trail is maintained by most of the lakefront homes, so each section is unique and scenic. In the summer and fall, you might have a canopy of trees while in the winter and spring, you get clear views of the quiet lake through the branches.
Memories
As a child, I remember going to the beach, walking the lakefront path with my grandmother, fishing with my grandfather, and of course, eating ice cream. Over the years, the house served as a home base for countless memories for my family and relatives. While my grandparents had passed years ago and far too young, my aunt and uncle, then parents took care of the home for the last 20 years.
10 years ago, we started making new memories with our own kids. Watching the 4th of July fireworks, beachgoing, pier jumping into the lake, playing games, enjoying ice cream, watching VHS tapes, and eating at Chuck's and Gordy’s were regular activities. One of my more memorable inexperienced parent moments was when we decided to take our 2-month-old daughter, Kate, on a 3-hour scenic boat tour on a 90-degree day. Our fellow passengers thought Kim and I were crazy, but we survived with only a few cries and no diaper changes. Stepping off the boat, we breathed a huge sigh of relief.
As memorable as our family’s time in Fontana was, it was time to say goodbye. My parents decided to sell the home. Last weekend, my parents, brother, sister, and families spent one final weekend together in the house my grandfather built before it is sold. We did many of the things that gave us joy together. My son, Ben, even had his ice cream in a cup, instead of a cone, because he said that’s how he had his first scoop years ago. (For those with food allergies, Frosty Moose in Williams Bay is allergy-friendly). And the nice thing about a cool 70-degree summer day is we had the beach mostly to ourselves. On the last trip, Ben asked, “Daddy, can I swim even though I don’t have my bathing suit?” “Sure thing bud, just tie your shorts extra tight.”
Time to Sell for a Better Balance
While not everyone has a home that five generations of your family enjoyed, you may have other things that you want or need to sell at some point. After all, we have a finite amount of resources to support our needs, goals, and experiences. Sometimes, we need to sell an appreciated asset to better balance our time, energy, risk, and money. For example, selling a second home could mean more time outside or visiting others instead of maintaining the second home. Or, you could gain a more diversified portfolio and secure future by selling the company stock. Either way, you’re trading one asset to have a better overall balance.
What I experienced last weekend was that an asset’s appreciation can be emotional or financial. The Fontana house appreciated more for my family and me because of our experiences and memories. The cost of selling this type of asset is a little bit of sadness - and I felt it more than I expected. The cost of selling a financial asset is usually income taxes - something we can quantify and plan for, but can be painful nonetheless. Neither price is enjoyable to pay. However, the better balance of time, energy, risk, and money should be worth it in the long run.
At the end of one family vacation, Kim bought a sign that hangs in our kitchen and says, ”Don’t cry because it’s over. Smile because it happened. - Dr. Seuss”. These are great words to remember when it comes time to say goodbye to a vacation, family home, or even appreciated company stock.