Tell me what you think of a pied-à-terre

[Anonymous]

Anonymous wrote:We had one in Logan when we lived in the ‘burbs. It was cool. Eventually we sold our place in the ‘burbs and move into DC permanently. The ‘burbs are hell if you don’t have kids.

Say ‘burbs again and then you will officially sound cool.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. You left out the convenience factor. Who wants to make reservations, check in, check out, and pack every time?

And on the flip side, who wants to deal with maintenance and furnishing?

[Anonymous]

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

Own or rent?

[Anonymous]

I think it makes sense if you have a place you visit often. If my children move as adults to a city that is more than a few hours away, it would be nice to have a studio or 1bd condo in that city so we could pop in when we want without being a burden - but maybe Air B&B it other times.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

Own or rent?

Renting for now but it seems likely we will buy when something comes available in our building. 🤞

[Anonymous]

Anonymous wrote:We had one in Logan when we lived in the ‘burbs. It was cool. Eventually we sold our place in the ‘burbs and move into DC permanently. The ‘burbs are hell if you don’t have kids.

Amen!

[Anonymous]

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. Having your own place has its value AND its monetary value also appreciates with time. Money going to hotels is going down the drain.

[Anonymous]

You can keep it stocked so you don't need to pack every time you have to stay for work or if you are in town for a social/entertainment event and don't want to drive back to boonies at night. It can be a peaceful hideaway when you or wife needs some peace from family to work or unwind. Adds interest to marital life as well, get kids a baby sitter and hang out in town like your old selves.

[Anonymous]

A lot of the units in my building are used this way. I’m halfway there. It is amazing if you can afford it. If you don’t travel a ton, it is hard to understand. But it is a huge help if it is forever many. Most people here use them for work. But in NYC they are used like summer houses more; makes visits much easier. If you the expense would be stressful, it probably isn’t for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. You left out the convenience factor. Who wants to make reservations, check in, check out, and pack every time?

And on the flip side, who wants to deal with maintenance and furnishing?

Furnishing is basically one time and managing a tiny condo isn't much work.

[Anonymous]

You can permanently move there once an empty nester, can sell or rent out big house, for income or for inheritance.

[Anonymous]

College kids can stay for college, internships or jobs in DC.

[Anonymous]

Anonymous wrote:College kids can stay for college, internships or jobs in DC.

Don’t do this. I hated this when I was dating. There are few things less appealing than a young man living in a condo daddy bought for him that they are all pretending is an investment or a pied a terre. If you have a girl it’s probably less damaging but it’s still bad.

[Anonymous]

Anonymous wrote:I’d love to have one in Miami

too far unless you go there for a month at a time

[Anonymous]

Anonymous wrote:

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. You left out the convenience factor. Who wants to make reservations, check in, check out, and pack every time?

Depends on how frequently you go and for how long. Obviously if you go once a quarter for a weekend or even a week, then hotel may be a much cheaper and more convenient option than responsibility of ownership, maintenance, fees, etc. If you need a "base" and go frequently for work or stay for longer periods of time, and your family also uses it then it may make sense. If you have limited time off and school aged kids you may prioritize going to different locations for vacation vs. a burden of property ownership esp. in a place like NYC where short term rentals are near impossible.