Not having a second / vacation home makes me feel poor & depressed. Anyone else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do people generally keep homeowner's insurance for 2nd homes (inherited)?

Uh, yes? Why wouldn't you?

I know folks that don't. Cost prohibitive, etc.

[Anonymous]

Since I am on DCUM an anonymous, I will admit that it sounds dreamy to be in Colorado or the outer banks like some people i "see" online.

Then I remember that I would rather pay off my one mortgage far more quickly rather than maintain a second home.
Mr. Money Mustache has a good essay on this:
https://www.mrmoneymustache.com/2013/08/18/reader-case-study-the-black-hole-second-home/

I followed his advice and fixed up my home (pared down decorations, did a bathroom redo, fixed up porches, bought comfy chairs, etc., got cable) and basically made my home more like a home I would like to escape to.

I still occasionally wish I had a view of the water, but if it's a serious priority, I could sell my house and buy one with a view of one of our many bodies of water near me.

[Anonymous]

Naaa I don’t feel poor at all. While my coworkers are enjoying their shitty beach homes, I am enjoying my yearly vacations overseas, sometimes several times a year.

[Anonymous]

Anonymous wrote:Naaa I don’t feel poor at all. While my coworkers are enjoying their shitty beach homes, I am enjoying my yearly vacations overseas, sometimes several times a year.

Lots of people have beach homes and travel on vacation overseas more than once a year.

[Anonymous]

Anonymous wrote:Naaa I don’t feel poor at all. While my coworkers are enjoying their shitty beach homes, I am enjoying my yearly vacations overseas, sometimes several times a year.

Pretty much this. Most folks have either a lake house or beach house (that's not quite on the beach). Whenever I hear them say that they went to their 2nd home to get away for the 2309483rd time, I think, man, that must get old.

It sounds nice, but driving 3 hours 2-3 times per month sounds like a grind to me to rough it a bit.

If I could afford a super nice house right on the water, ok, that's different, but most DCUMrs aren't that lucky.

[Anonymous]

just came back from a week at the beach. It was fun, it was a splurge but after a week I was done. I would get sick of driving several hours each weekend just to spend two nights at the beach and then rushing back. Even now, during COVID, it would be nice to work there, but after a couple of weeks it would feel just as confining as our rowhouse. and I agree with the PP, I can barely stand the upkeep on our one house. It was such a relief to be able to just walk away from the rental--there were ants that are clearly a perennial problem, we left our bikes outside for a couple nights and they rusted, you can imagine how quickly you have to repair and replace every bit of that house. Oh, and we left just as the hurricane was headed our way.

There are a million great rentals out there, you could rent for a sold month or two every year and it would be more economical than owning. Plus no headache!

[Anonymous]

Not at all appealing to me as we have a big primary home and I’d rather travel. But everyone’s different and that’s okay. OP, there’s no point feeling jealous. If you want a second home then discuss it with your spouse and figure it out.

[Anonymous]

Anonymous wrote:just came back from a week at the beach. It was fun, it was a splurge but after a week I was done. I would get sick of driving several hours each weekend just to spend two nights at the beach and then rushing back. Even now, during COVID, it would be nice to work there, but after a couple of weeks it would feel just as confining as our rowhouse. and I agree with the PP, I can barely stand the upkeep on our one house. It was such a relief to be able to just walk away from the rental--there were ants that are clearly a perennial problem, we left our bikes outside for a couple nights and they rusted, you can imagine how quickly you have to repair and replace every bit of that house. Oh, and we left just as the hurricane was headed our way.

There are a million great rentals out there, you could rent for a sold month or two every year and it would be more economical than owning. Plus no headache!

Most people who have a place will go Thursday to Monday and be in DC midweek. Avoid all the traffic and are generally able to work remotely on Monday and Friday, but still enjoy their place.

[Anonymous]

I have one. Bought 7 years ago, first few years did winter tenant at reduced rent nine months a year. Last summer I had I did not sleep one night in it. Did go a few times. But just to beach, park car in unit. It was on VRBO so did not want to sleep in beds etc.

We then rented it year round in 2018. I have no access to it. I have not even seen it in two years.

Not complaining I paid cash and rent is $1,500 positive cash flow each month.

[Anonymous]

Here's the thing - people will always have more stuff than you. I knew a family who had a beach home and a lake home, boats at both, etc. One of their friends at the bach also had a ski condo in Aspen, and it made them insane. Another had a couple of small planes at their own hanger and a fly-in ski house.

It's all relative. Kids can have fun with 2 large sticks and balled up newspaper. This desire for more stuff is Amaerican and dumb.

[Anonymous]

I'm 41, when I was little my parents bought a house at Deep Creek Lake, fixed it up over the years. They sold it 2 years ago. After 2000 I hardly ever went there. I watched the amount of maintenance needed. I KNOW the back end involved in "owning" a "second" home. In fact over the years up there lots of people appeared, then were gone in year or two, not 30 year folks like my parents. To me it isnt worth it; but if its your thing, great.

BUT, dont pine over something that is a ton of work and time consuming, and long-term very costly. Yes, theres more cost involved than just getting a hotel somewhere (even quite often).

I mean, I'd really like to have a butler...but I dont spend my days sorry that it probably will never happen. Actually butler/driver/cook, but hey.....Mr Belvedere is dead right?

[Anonymous]

Anonymous wrote:Here's the thing - people will always have more stuff than you. I knew a family who had a beach home and a lake home, boats at both, etc. One of their friends at the bach also had a ski condo in Aspen, and it made them insane. Another had a couple of small planes at their own hanger and a fly-in ski house.

It's all relative. Kids can have fun with 2 large sticks and balled up newspaper. This desire for more stuff is Amaerican and dumb.

I know! They're like cats.....get them a sweet new toy and they want to play with the box!


Pfffffft fly in ski house....please. You havent arrived until you have a fly-in brothel.

[Anonymous]

I just walked around the house where I’m staying in the Outer Banks, looking at all the required maintenance and some minor storm damage, and thought to myself, “wow am I glad I don’t own this place!”

[Anonymous]

Anonymous wrote:I really wonder about our future when these are the existential problems people are experiencing.

?
Even Soviet era peasants had dachas in the countryside. It's not privileged or, wait for it, RACIST, to have an escape hatch out of city life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:None of my siblings nor I have a second home and we can’t imagine wanting one given how infrequently we would use one. It would sit empty 90% of the time unless we rented it out but I don’t like the idea of strangers living in my home. My parents didn’t have a second home until they turned 60 and retired. Where we live the summer is really nice so leaving doesn’t make any sense.

So what? It's there when you want it and forces you to build equity instead of blowing money of trips and whatever else. If second homes were really such money pits nobody would have them. They obviously a wise way to save and build assets, while also offering an enjoyable escape when needed.

Shill.