Second home vs Larger home

[Anonymous]

We have two young kids and while we have enough space, we don’t have extra space.

We are making a decision on if we want to get a small second home at the lake, or purchase a larger home.

I love the idea of the memories that come with the lake and the family time. But, I also realize as my kids get older more space will be valuable.

We would be open to renting the lake house, especially as we anticipate our lives getting busier as the kids get older

Anyone else made this decision? Realize we are so lucky to be in this position

[Anonymous]

Will you be going to the lake for all weekends and vacations? What happens if you want to see something else or have sports commitments? We have neighbors with vacation property and when their kids were little we never saw them as they were always there and didn't build as much community with their regular neighbors. Now kids are in sports and they don't go as often. It's all a time and money trade off. I wouldn't get vacation property as I don't want to be tied to one place. Eventhough we often do a week vacation at the same place but we rent it and don't have to worry about maintenance etc.

[Anonymous]

Sigh. OP, why on earth would you buy a lake house to rent out at the expense of extra living space for your family?

What a hassle.

[Anonymous]

We bought a second home in DC and we rent our first home. Then we did it again and plan to gift these homes to our kids when they are older/ get married, etc… by the time the kids are 30, these homes will be fully paid (or almost fully paid).

[Anonymous]

Anonymous wrote:We bought a second home in DC and we rent our first home. Then we did it again and plan to gift these homes to our kids when they are older/ get married, etc… by the time the kids are 30, these homes will be fully paid (or almost fully paid).

But this is more work for you… as would the lake house especially if you rent it.

[Anonymous]

Anonymous wrote:Will you be going to the lake for all weekends and vacations? What happens if you want to see something else or have sports commitments? We have neighbors with vacation property and when their kids were little we never saw them as they were always there and didn't build as much community with their regular neighbors. Now kids are in sports and they don't go as often. It's all a time and money trade off. I wouldn't get vacation property as I don't want to be tied to one place. Eventhough we often do a week vacation at the same place but we rent it and don't have to worry about maintenance etc.

lol who cares about “building community with their regular neighbors?”

[Anonymous]

Anonymous wrote:We bought a second home in DC and we rent our first home. Then we did it again and plan to gift these homes to our kids when they are older/ get married, etc… by the time the kids are 30, these homes will be fully paid (or almost fully paid).

And what if your kids don’t want them? This is an odd flex.

[Anonymous]

What lake?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought a second home in DC and we rent our first home. Then we did it again and plan to gift these homes to our kids when they are older/ get married, etc… by the time the kids are 30, these homes will be fully paid (or almost fully paid).

And what if your kids don’t want them? This is an odd flex.

They can sell them or keep renting them. It is quite common in our culture to do this actually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Will you be going to the lake for all weekends and vacations? What happens if you want to see something else or have sports commitments? We have neighbors with vacation property and when their kids were little we never saw them as they were always there and didn't build as much community with their regular neighbors. Now kids are in sports and they don't go as often. It's all a time and money trade off. I wouldn't get vacation property as I don't want to be tied to one place. Eventhough we often do a week vacation at the same place but we rent it and don't have to worry about maintenance etc.

lol who cares about “building community with their regular neighbors?”

All the people on this site who complain that they have no friends, don't get invited to parties or sleepovers and are alone all weekends.

[Anonymous]

We almost bought a house on the water in Annapolis when our first was little. Since it was only 35-40 minutes away, we could have gone all the time and we loved the idea of the kids having memories there together. Now they are 11, 9, and 6 and I'm really glad we didn't. We are already so busy on weekend with sports and other kid activities and the kids want to stay in town to do things with their friends and have sleepovers, etc. I know we would never really go to Annapolis. Even in the summer, there is summer swim team and then sleepaway camp. I think we will revisit the plan when our youngest is in high school and we will use it more as a step toward retirement.

[Anonymous]

We bought a second home 90 minutes away, instead of upgrading our primary home. It has worked very well for us, but here are some things to consider:

The more kids you have, and the more sports they do, the harder it is to get away. We had 2 kids only one of whom did a sport, and not at a high level, so it didn’t impinge on us too much.

The further away it is the harder it is to make it work. 90 minutes is about the maximum you can do and still have it be worth going for one night, eg if you have a commitment on Friday night or Saturday morning.

If you have flexibility with WFH that can help a lot, especially once the kids are no longer an issue because they have left or can be left on their own.

[Anonymous]

Can't imagine the cost of a second vacation home is a good value after you include the cost of maintenance. Maybe back before the airbnb/wfh era you could get a good deal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We bought a second home in DC and we rent our first home. Then we did it again and plan to gift these homes to our kids when they are older/ get married, etc… by the time the kids are 30, these homes will be fully paid (or almost fully paid).

And what if your kids don’t want them? This is an odd flex.

They can sell them or keep renting them. It is quite common in our culture to do this actually.

Ok, but it’s also completely irrelevant to this thread.

[Anonymous]

A more comfortable primary home will improve your QOL more than a place you only get to occasionally.