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Valued Contributor
Posts: 676
Registered: ‎03-09-2010

Do you have a 2nd home?

[ Edited ]

I do not mean this to be a nosy ?

 

I would love to have a beach home someday...(sigh...)😉

 

My questions really are...

 

1)  What is a good distance between homes...As in , easy to travel to?

 

2)  Better to have a house, condo, apartment?

 

3)  Good idea (or not) to buy w/ friends, relatives...share costs?

 

4)  Better to own, or also rent out to others, for income?

 

Thanks for any ideas, suggestions, information you may be willing to share!

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Respected Contributor
Posts: 3,278
Registered: ‎03-13-2010

Re: Do you have a 2nd home?

 Just be sure the PROPERTY taxes are cheap.  High Prop taxes can force you right out of the market.

 

"The less you respond to negative people, the more peaceful your life will become."
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Respected Contributor
Posts: 2,977
Registered: ‎05-09-2010

Re: Do you have a 2nd home?

We do not have a second home, and I never want one.  Husband on the other hand wants something in the north GA, TN, or NC area.  Not me.  Too far to travel from where we are, and I don't think we will use it as much as we would like to.  I want all my stuff in one place and to be able to vacation wherever suits my fancy, and to not feel like we HAVE to go to the vacation home just because we have it, when I would like to try someplace new.

Always remember that you are absolutely unique. Just like everyone else. Margaret Mead
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Respected Contributor
Posts: 2,977
Registered: ‎05-09-2010

Re: Do you have a 2nd home?

One other thing -- years ago 4 sets of me relatives bought a mobile home near the lake as a vacation get away.  One person was in charge of paying the bills.  Well others thought he was not doing something right and spoke up.  It cost a rift between them for years.

 

One party had to move out of state and sold their part to others.  Eventually it was sold and the remaining people got their own separate places.  I would be very wary and careful about investing in a vacation home with other people.  You may not have the same goals in mind for the place as far as renting it or not, how much to invest to fix it up, or even just how to decorate it, etc.

Always remember that you are absolutely unique. Just like everyone else. Margaret Mead
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Esteemed Contributor
Posts: 7,387
Registered: ‎03-27-2010

Re: Do you have a 2nd home?

The answers to these questions will be subjective and the answers depend upon your priorities and circumstances. When you are ready to eventually buy your beach home, even your answers may be different.  However, the property tax will probably continue to be a major consideration for all of us. 

 

 

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Honored Contributor
Posts: 11,020
Registered: ‎03-13-2010

Re: Do you have a 2nd home?

I'd rather have investments that pay ME.

♥Surface of the Sun♥
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Trusted Contributor
Posts: 1,663
Registered: ‎05-15-2014

Re: Do you have a 2nd home?

I couldn't be bothered with a second home.  I too would rather spend the money on vacationing where I want to go and not have to go to the  "vacation house".   Never mind the extra furnishings and extra maintenence it would incur.   And I also would never go in on something that major with other people, you would just be asking for trouble.

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Respected Contributor
Posts: 3,502
Registered: ‎05-22-2014

Re: Do you have a 2nd home?

No.  Never a desire.  

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Respected Contributor
Posts: 3,772
Registered: ‎04-10-2012

Re: Do you have a 2nd home?

We sold ours ....got to be a lot of work and stress to maintain a long distance property, especially now that we are retired. Now our second home is one on wheels . 😁

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Contributor
Posts: 30
Registered: ‎11-08-2015

Re: Do you have a 2nd home?

Are you enjoying having a motor home?

How much work and espense has it been to maintain?