Do you have a second home?

[theplayerking]

 

For recreational rather than investment purposes. Do you go there it on weekends or seasonally? Do you use it and enjoy it as much as you thought you would? Or is it a money pit you regret? What issues have you had with maintenance, weather, security, etc. I’ve always fantasized about having a weekend house in the country, but it’s a huge commitment and would love to get other perspectives. 

 

[+ Charlie]

When I was much younger, my partner and I lived and worked in Philadelphia, where we owned a house, but I also owned a co-op apartment in Manhattan, where we had lived previously, because we went there so regularly that it was cheaper and more convenient to have our own place there whenever we wanted to go for a weekend or longer. In the early years of the AIDS epidemic, however, we stopped going to NYC so frequently, so I decided to sell the apartment and use the money to upgrade our full-time home in Philadelphia. The main problem with having two homes was that we had to have two of everything, and if we had only one, I often accidentally left it in the wrong residence.

Edited 7 hours ago by Charlie

[+ Vegas_Millennial]

When I was a teenager, my family had a second home for recreation.  In hindsight, the biggest downside was we never traveled anywhere new because we felt obligated to spend our vacation time in the second property, if only for monthly maintenance visits.

Based on my experience, I will never own a second property.  I will pay to rent a second place for a season if that's what I want, and then I can forget about the maintenance and maybe try someplace new after a few years without the hassle of putting the property up for sale when I tire of it.

Edited 23 hours ago by Vegas_Millennial

[jeezifonly]

The huzz and I live in a location where we have great weather, fairly handy access to beach, mountains, desert, entertainment, shopping, dining, museums and history, and we remodeled our house at the turn of the century (this one) so we wouldn't need a second one. 

We do escape to Maui for a couple weeks (we have a favorite unit in a favorite complex, if it's available, every couple of years) Couldn't afford to buy there, even combining family investing and getting rent for it between uses. 

[samhexum]

If I hadn't inherited the apartment I moved into when I was six months old when my mother died I'd be homeless and my second home would be a second cardboard box.

[+ PhileasFogg]

About a year ago, I bought a small place in the French Quarter to have an escape from rural Mississippi where I relocated to be close to my family.  The economics were easy - monthly costs of ownership (including flood insurance!) are less than a single weekend at my favorite hotel a couple blocks away - where I usually get one of their suites for entertaining frequent visitors that fly in.  Renovation should be complete in 30 days and I’ll start using it for weekend entertaining.   I think it’s anything but a money pit since the savings vs hotels will be 2-4k/month.  Ask me how I feel about it after a hurricane though 😏   Both @BeamerBikes and @jusmeinbr have seen it and can probably attest that it’s perfect for my purpose   

Ironically, my family is now chasing a job and relocating to New Orleans.  So this will become a transitional home while I look for something permanent there.   I will keep this little place as a getaway since it’s easy to entertain friends in the middle of the French Quarter (where Airbnb/VRBO is forbidden) and I can walk to everything (including groceries, pharmacy, bars, restaurants, theaters, etc)

To me, a house in the country sounds overwhelming.  Too many things to maintain from afar and too many things to go wrong.  Since this isn’t a market where real estate ownership is rewarded with assured appreciation in value, I look at every expenditure like this as needing to either make me cash flow equal to my securities or reduce my expenses. 

Edited 13 hours ago by PhileasFogg

[mike carey]

That makes perfect sense, @PhileasFogg. Aside from the bare financial analysis, there's an intangible value in having a place that you can use in a city (or area) you like to visit. It brings some certainty by being available. Of course, that only works if you can manage the finances comfortably, if it's even close, the accounting reality soon intervenes. I have my old family home, two hours from Canberra, and I like having it to go to for breaks, or just to be there for a while. But I do keep reassessing it from both a practicality and a financial point of view.

[+ purplekow]

When I enjoyed skiing, I rented a ski house for the season.  When I enjoyed the beach, I rented a seasonal beach house.  The cost was a bit onerous at the time, but having a house at either of those places would have been much more costly.  Then there is the upkeep of such a house and taxes and other expenses.  I do like the guarantee of having a place to go with a known expense, but I feel as though I can get than same convenience with a seasonal rental. 

However, finding a seasonal rental was not fun and the landlords I had were not actually renter friendly.  When I left at the end of the season, getting a deposit back was an undertaking and usually led to confrontations and negotiations you do not have when you own a place.  

[+ Pensant]

I have a second home on an island NW of Seattle where I escape the heat and humidity. I’ve been going back and forth for 11 years. I also spend Januaries here. As @purplekowmentioned, I have duplicated everything in the vacation house, so I just travel with a small computer carry-on. It’s my own private Avalon.

Edited 9 hours ago by Pensant

[DenverDad]

Kind of - my extended family has a condo in one of the Colorado ski towns that I can use anytime if it isn't being already booked by family or Airbnb clients.  Since I'm the closet "owner" to the property, if there is an emergency, I'm on the hook to drive over to help resolve it.

[+ sniper]

As a single person who is not at all handy, I couldn't justify the expense.

[MikeBiDude]

My second home is spelled b-o-a-t (note NOT the boat in my avatar) and even with my partners the cost per use does NOT pencil out. But, I’ve been on the ocean one way or another on boats since birth, would be hard for me to give up. But, it’s on the list!

[+ poolboy48220]

Growing up the neighbors had a tiny cottage in northern Michigan, we stayed there a couple times. We never did have a second place of our own, nor do I or any of my sisters (even the one married to a rich lawyer) as an adult.

[Luv2play]

I grew up having a family cottage on a nice lake 2 hours north of Montreal in the Laurentian mountains. So it was in my DNA to get a cottage of my own when I grew up. 
My opportunity to get one happened when three gay friends bought 2 cottages in the country and a third property next door became available. 
So I took the plunge at 40 and acquired my own escape from the city.

After my friends died of AIDs I sold my place because it just didn’t feel the same there with all the memories of the fun times we had had for 6 years.

A few years later I acquired a share of my father’s cottage when he went into a retirement home. That lasted 13 years. By the time we decided to sell, I was ready to give up cottage life. But I still miss some aspects like being able to swim just outside and go boating, including sailing.