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Respected Contributor
Posts: 2,926
Registered: β€Ž09-12-2010

Re: Do you have a 2nd home?

DH and I bought a 2nd home some years ago. The house was in the same small town where he and his sons leased hunting land every year. The house was almost 100 years old and we bought it in 2008 so it was very cheap. Fast forward through the next 10 years: since it was over 2 hours away, we had to hire someone to mow the 1 1/2 acres weekly every spring, summer and fall ($200/month). Taxes were fairly low, but insurance was high because of the age of the house. The roof started leaking, so my stepsons took vacation time to put new shingles on it, and of course there were utility bills every month.

 

While this home was old and probably needed more maintenance than newer homes, you need to be prepared for problems and whether or not you can fix them yourself or will need to hire someone else to do it. Hubby's health is not very good and his sons did not want to take on the home themselves (even though we were going to just give it to them). We sold the house a couple of years ago - a good decision for us. Owning a 2nd home is not always all that glamorous!

Esteemed Contributor
Posts: 6,569
Registered: β€Ž06-25-2012

Re: Do you have a 2nd home?

We permanently moved into our "2nd home". Years ago we found a lake front fixer upper in upper Michigan. Four years ago we tore it down and rebuilt a lovely cottage. My dh decided to retire so we sold our home and moved up to our "oasis". Dreams really do come true! Heart

"Pure Michigan"
Honored Contributor
Posts: 31,445
Registered: β€Ž03-09-2010

Re: Do you have a 2nd home?

[ Edited ]

@barb40 wrote:

I do not mean this to be a nosy ?

 

I would love to have a beach home someday...(sigh...)πŸ˜‰

 

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!


 

 

@barb40 

 

yes, we do......at the delmarva beaches.....definitely one of my happy places.

 

1. it is easy to travel to.....at least for me. about a 3 hour drive. less in the off season, sometimes longer in the summer season.

 

2. we have a condo in a high rise building. we did not consider a single house at all. we wanted a lot of amenities and security.

 

3. we did not purchase with friends or family, although we did consider it briefly.

 

4. we rented it for a number of years until we got tired of doing it. advantages are that renting provides an income, even after it pays off all of the monthly bills and fees. we no longer rent it now (except for 3 weeks out of the year to long time friends) because i enjoy using it more all year long. it is peaceful during the off season and a great place to relax and enjoy the sun during the in season. i just came back from there actually yesterday. i have been doing some maintenance stuff and purchasing a few new appliances.

 

one of the best investments we ever made and a chance to get away at a moments notice without having to plan ahead. i have definitely been spending a lot more time there than years ago. it does not stop us from traveling to other places we want to visit.

Christmas will always be as long as we stand heart to heart and hand in hand. - Dr. Seuss
Respected Contributor
Posts: 2,639
Registered: β€Ž03-13-2010

Re: Do you have a 2nd home?

No and I don't want one.  I love the beach but after about a week there I'm ready to move on.  A second home is too much work and expense.

Honored Contributor
Posts: 9,334
Registered: β€Ž07-09-2011

Re: Do you have a 2nd home?

[ Edited ]

 


@barb40 wrote:

I do not mean this to be a nosy ?

 

I would love to have a beach home someday...(sigh...)πŸ˜‰

 

My questions really are...

 

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

 

75 miles / 90 min optimal for me, else it’s a chore to get there

 

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

 

Had a large houseboat @ 15 years.  

 

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

 

Would NEVER consider this.

 

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

 

Owned.  

 

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


 

"Animals are not my whole world, but they have made my world whole" ~ Roger Caras
Respected Contributor
Posts: 4,983
Registered: β€Ž08-19-2014

Re: Do you have a 2nd home?

  No but DH & I are looking to buy a condo in Florida where we would eventually like to spend part of the winter.I love New York but winters are becoming difficult.

Respected Contributor
Posts: 4,174
Registered: β€Ž03-14-2010

Re: Do you have a 2nd home?

The past 40+ years my husband has been a member of a hunting camp.

 

It is a group of 12 men and each year they have dues that hopefully cover the upkeep of the house for the year. My husband has been treasurer for about 30 of those years. 

 

#1 Insurance - tough to get. Since no one lives in the house, it can be tough to get insurance. The cabin is empty most of the time.

 

#2 Maintenance - one weekend a year they have a work weekend. They have replaced the roof, put in all new windows, resided the house, put on a new deck, replaced the flooring in the kitchen, replaced all appliances, installed new heater and installed a new shower and toilet.

 

#3 Distance it is 4 hours away. So I think that is a big reason that the cabin is not used as much.

 

#4 Utilities - they have a great guy that picks up their trash when needed. And they also have a wonderful neighbor that will mow their grass on a regular basis during spring, summer and fall.

 

Being a group of 12 through the years there has been some disagreements. One guy acted like the cabin was only his. He would invite his boss to stay for weeks, he would bring his friends up and stay for weeks. But they got him to stop acting like the cabin is only his (or they think they have). Then another guy would bring up a lady friend on weekends. Because of the mountains in back of the cabin there is no cell phone reception. So he knew his wife could not reach him. He was kicked out of the group.

 

The guys are getting older. And the "President" recently died (he was 60 years old). So the dynamic of the cabin is evolving.

 

But I really think that cabin is quite a bond for the guys. They all enjoy going there and they also enjoy each others company. It is well worth it for them. And the house was built in the 1950's and is solid. Not sure who built it but it was built to last. And it has. 

Valued Contributor
Posts: 691
Registered: β€Ž07-18-2015

Re: Do you have a 2nd home?

I did have a second home,( a condo) only 8 minutes from where I live. The plan was to sell my home and move to the condo. It had a pool, exercise room and a spectacular view. But, the people who lived up stairs over me, had a leak and it FLOODED my condo. Not once , but twice in a few months. I sold it .I will never buy a condo again.Woman Sad

Respected Contributor
Posts: 2,457
Registered: β€Ž08-13-2010

Re: Do you have a 2nd home?

My g/f had a condo down the shore she loved it her husband wanted his own house he hated the condo, sold condo got a house. It's alot of money to maintain just like a main house, 1 hour away but with traffic it's 2hrs away, they buy groceries & cart them down because shore groceries are more expensive, many people will become your friends for a free stay, winter they hardly go down most stores are closed for the season, also she spends so much time cleaning & cooking. Be ready to drive down waiting for a plumper or repair person. I would rent a furnished place for a month to get a feel. I am the type to just go to a hotel for a few nights relax & come back to my house refreshed, but that is me. 

Esteemed Contributor
Posts: 6,387
Registered: β€Ž03-13-2010

Re: Do you have a 2nd home?

[ Edited ]

 

I have two homes and one is near the beach, but neither are vacation homes.  One is a condo in NYC and the other is a house in Long Island, in the Hamptons.  I pretty much split my time between the two.

 

The answers to your questions really depend on individual preferences, but here are my thoughts:

 

1. You said you want "easy to travel to", so keep in mind that a lot depends on season,, traffic, etc.  It also depends on how much you like to drive (if driving would be your mode of transportation). I love to drive and have no problem driving a few hours, but a lot of people might not feel that way. Only you can determine how much of a distance would feel easy for you.  And if this is going to be a vacation home you probably don't want to use up too much vacation time getting there and back.

 

2.  House, condo, or apartment depends on your budget, if you want to be responsible for your own landscaping, etc, how much room you need/want, if you want to be close to neighbors or more far away, etc.  There are different options in different areas, so you might or might not have much of a choice.  You also should keep in mind that you'll want to be sure it's safe and maintained during the time you're not there.  That's harder with a house.

 

3.  I would be cautious about owning or renting with other people unless I knew them very well and had already spent significant amounts of time with them.  I've heard lots of stories about people going in together with it not ending well.

 

4.  I've never considered renting either of my homes out, but I wouldn't be inclined to do that.  Again, that's a personal preference.  I don't like the idea of people staying in my home without me being there.   But I have a close friend in San Francisco who travels a lot and rents her house out all the time with no issues ever.  If it's going to be vacant a lot of the time, it could be a good source of income.

 

I can't think of any other advice for you right now, but please ask if you have any other questions!  :-)